ENTRY 10: Loan Forgiveness Program an Example of Federal Trick-or-Treat
1. Summary of article – what is article about? (brief – do not tell the entire story)
CNBC's article by Annie Nova is a brief exposition on the terror that the Federal Loan Forgiveness program turned out to be for many, many people. The program that was enacted in 2007 was designed to forgive the loans of those who served in the public capacity for ten years and made one hundred and twenty on-time payments toward their loan. in 2017 the first patch of people who thought they qualified applied. The shocker came when only 96 of the 30,000+ people that applied had their loan forgiven. The article went on to share the experience of two people's loans were not forgiven. One story is of an authored professor and the other of a librarian. The professor found out that his payments and time were invalid because of the payment schedule he had been on. There are many to choose from but only 5 qualify (1 of those 5 would see the payee fully paying back their loans within the 10 years). The 55-year-old librarian found out that her family federal education loan did not qualify. There are in fact many federal education loans that don't qualify. The information was not easily available in times past and the 10th year found the majority of people finding out that they either did not qualify at all or had to look to 2027 as the year of their freedom.
CNBC's article by Annie Nova is a brief exposition on the terror that the Federal Loan Forgiveness program turned out to be for many, many people. The program that was enacted in 2007 was designed to forgive the loans of those who served in the public capacity for ten years and made one hundred and twenty on-time payments toward their loan. in 2017 the first patch of people who thought they qualified applied. The shocker came when only 96 of the 30,000+ people that applied had their loan forgiven. The article went on to share the experience of two people's loans were not forgiven. One story is of an authored professor and the other of a librarian. The professor found out that his payments and time were invalid because of the payment schedule he had been on. There are many to choose from but only 5 qualify (1 of those 5 would see the payee fully paying back their loans within the 10 years). The 55-year-old librarian found out that her family federal education loan did not qualify. There are in fact many federal education loans that don't qualify. The information was not easily available in times past and the 10th year found the majority of people finding out that they either did not qualify at all or had to look to 2027 as the year of their freedom.
2. How does the story relate to oppression/discrimination?
This instance and the overall student loan situation is a classic example of oppression. The education bureau of the government has turned into a bank. They are protecting the lenders and financial institutions instead of thier students. These large institutions make money off of people staying in the system. There is no incentive for them to forgive the loans. This situation is oppressing the professionals and keeping the keys of freedom at least another 10 years away. This results in money staying in the hands of those who already have plenty and keeps it out of the hands of those who could use it to get their future off the ground.
This instance and the overall student loan situation is a classic example of oppression. The education bureau of the government has turned into a bank. They are protecting the lenders and financial institutions instead of thier students. These large institutions make money off of people staying in the system. There is no incentive for them to forgive the loans. This situation is oppressing the professionals and keeping the keys of freedom at least another 10 years away. This results in money staying in the hands of those who already have plenty and keeps it out of the hands of those who could use it to get their future off the ground.
3. Who is oppressed?
Public servants. People who have worked for the government in some capacity for 10 years or more who have student loans.
Public servants. People who have worked for the government in some capacity for 10 years or more who have student loans.
4. Who is oppressing?
The Federal Education Bureau and the financial institutions that it backs.
The Federal Education Bureau and the financial institutions that it backs.
5. How are they oppressed? What type of oppression/discrimination is involved (individual, organization, structural, make argument for other types)?
This structured and well organization oppression. It happens under the guise of enabling the less financially well off to attend college but keeps them locked in chains to their debt lenders, the federal government, for decades. It's legal, the papers are signed, the government sanctions it and does little if nothing to stop and regulate it. But it is not ethical and it must be fixed if this and the next generation are going to have the freedom to create and grow! The student loan debt is over half a billion more than the combined credit card debt of the country. It is out of control, the organization must be fixed, the structure, restructured.
This structured and well organization oppression. It happens under the guise of enabling the less financially well off to attend college but keeps them locked in chains to their debt lenders, the federal government, for decades. It's legal, the papers are signed, the government sanctions it and does little if nothing to stop and regulate it. But it is not ethical and it must be fixed if this and the next generation are going to have the freedom to create and grow! The student loan debt is over half a billion more than the combined credit card debt of the country. It is out of control, the organization must be fixed, the structure, restructured.
6. Explore the significance in our society. What are the implications for this oppression? What does this say about the values of our society?
This shows how the United States has placed a halo of importance upon a college education. The government did not protect this education system and greedy individuals exploited it. After it was out of control the government wanted its share of the cake and simply took over. The three biggest values that it shows are that number one; money is king, and the more you have, the more power you have. The more someone owns you, the more power you have over them. with 44 million in debt to a single department of the government, that is a massive power misallocation. The second principle is that the American people value education even if it is to thier own detriment. The third is an unbalanced system for education choices. Many other developed countries place value upon trade schools and apprenticeships. This is not so in the U.S. If this were fixed more students could choose a trade that better suits them and avoid this terrible system altogether.
This shows how the United States has placed a halo of importance upon a college education. The government did not protect this education system and greedy individuals exploited it. After it was out of control the government wanted its share of the cake and simply took over. The three biggest values that it shows are that number one; money is king, and the more you have, the more power you have. The more someone owns you, the more power you have over them. with 44 million in debt to a single department of the government, that is a massive power misallocation. The second principle is that the American people value education even if it is to thier own detriment. The third is an unbalanced system for education choices. Many other developed countries place value upon trade schools and apprenticeships. This is not so in the U.S. If this were fixed more students could choose a trade that better suits them and avoid this terrible system altogether.
7. What was your personal reaction? Explore thoroughly. What aspects(s) of your own socialization has led you to this reaction?
I am personally bothered by this. I fear for a family member who is counting on their large loans being forgiven in a few years. I think it is ridiculous that the system is so convoluted that people don't know the right way to go about getting something so important done. I know that there will always be a few who ignore the details and reap the consequences but the numbers speak for themselves, there is a clearly a problem with the system. I am very grateful for my situation and being so fortunate to be able to pursue a self-funded bachelor debt free. This is such a blessing! I think that the government should be there to serve the people, not rip them off. This is why I am so strongly opposed to how it currently is.
I am personally bothered by this. I fear for a family member who is counting on their large loans being forgiven in a few years. I think it is ridiculous that the system is so convoluted that people don't know the right way to go about getting something so important done. I know that there will always be a few who ignore the details and reap the consequences but the numbers speak for themselves, there is a clearly a problem with the system. I am very grateful for my situation and being so fortunate to be able to pursue a self-funded bachelor debt free. This is such a blessing! I think that the government should be there to serve the people, not rip them off. This is why I am so strongly opposed to how it currently is.
8. What did you learn?
Through researching this story I learned how the government is systematically oppressing people. I have learned throughout my educational jounrey that a college education benefits both the person who recieved the education and also the rest of people in society. By making the burden of debt so extreme, I fear that they will lower the numbers of people who attend and in turn hurt the society.
Through researching this story I learned how the government is systematically oppressing people. I have learned throughout my educational jounrey that a college education benefits both the person who recieved the education and also the rest of people in society. By making the burden of debt so extreme, I fear that they will lower the numbers of people who attend and in turn hurt the society.
9. How do you think the media represents this story?
The media brew up when this happened and told the story. All across popular media, they were telling the story. I think they could have told more about how the government's side of things. I am always in favor of hearing both sides of the story.
The media brew up when this happened and told the story. All across popular media, they were telling the story. I think they could have told more about how the government's side of things. I am always in favor of hearing both sides of the story.
10. What was your source?
My source was the CNBC website. You can view it by clicking here: https://www.cnbc.com/2018/10/10/heres-what-can-go-wrong-on-your-way-to-student-loan-forgiveness.html
My source was the CNBC website. You can view it by clicking here: https://www.cnbc.com/2018/10/10/heres-what-can-go-wrong-on-your-way-to-student-loan-forgiveness.html
Comments
Post a Comment