A Way to Get Out of Paying for Your Loans?

Filed under: Featured Posts,The Third Shift |

A New Bill for College Students in Michigan

The Northwind, the NMU student paper, had a story this week called “Student loans may be forgiven.” Apparently the Michigan democratic Congressmen, Hansen Clarke, wants to make it a law that students can pay 10 percent of their pay checks for 10 years towards loans. After 120 payments the loans would be “forgiven.” There’s a cap around $45,000 for people who start after it is enacted,but no cap for those before. I’m sure there are other details about how it will work and figures about how most of the money will be paid back, but right now it doesn’t really make sense to me. Who’s going to pay for it? Or do the banks and schools not get their money? Does the government pay for it? Which government? The ones that’s $15 trillion dollars in dept? I don’t know. I need clarification.

Go check out the Northwind article.

Also check out the U.S. National Debt Clock, it’s pretty crazy!

Franklin on a Five

Five Dollar Bill

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One Response to A Way to Get Out of Paying for Your Loans?

  1. Interesting article… I too wonder how the Federal Government can just magically expunge one’s debt that is incurred without eventually reaping financial repercussions. It always causes me to murmur, “Uh-oh”, when I hear that the Federal government inposes itself in some area of society that the Constitution hasn’t delegated any authority for its involvement. = : (

    Mr. D
    April 10, 2012 at 12:00 pm
    Reply

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