Student Loan Income-Based Repayment Option

[Colly Wolly]

Government stepping in and masturbating with the invisible hand.

*Ahem*

Technically it would be a handjob - not masturbation.

But your point is well taken.

[doctorcoug]

Sure, but there is still a lot of masturbating going on.

[Hallelujah]

This is a bill passed by attorneys that didn't think twice about what they were doing.

I and practically every resident physician in the US of A works for a 501 (c)(3). So, suppose a cardiothoracic surrgery resident has 3-4 kids and 250k of debt. They spend 8 years in residency, graduate and work for a hospital for 2 years and then have all of their debt wiped clean? Utter stupidity. Also, who is paying for this nonsense?

With the loan repayment programs out there, I'll be out of debt before I have the 10 years under my belt. However, I have to start paying off my loans now, as opposed to having economic hardship deferment and forebearance. I live off of a tight salary. I would prefer to be able to put off these payments until after I'm done with residenc, even if it costs me more in the end because I'll pay significantly less, proportionately.

The great Kennedy, when this was brought up, said that physicians are an afterthought of a memory for lawmakers.

This seems like a nice program, bit it is going to be abused by sub-specialists, those that are going to be making 500k a year due to a flawed payment system. Government stepping in and masturbating with the invisible hand.

If you are making $500K, you wouldn't get any relief. Or am I misreading the law?

[statman]

If you are making $500K, you wouldn't get any relief. Or am I misreading the law?

Read what he wrote - all the time they spend GETTING their specialty, they are indeed employees of the hospitals - residents, learning their subspecialties and not really able to practice on their own, but employees nonetheless.

So they spend 8 or so years in residency, as low paid employees with very low payments, and then once they actually start making money, their 10 years are up and their entire debt forgiven.

[DU Ute]

I'm grateful that this program has been set up, but I'm afraid this will just drive up tuition even more. Every time they make it easier to get money to pay for school tuition skyrockets. Did it really become twice as expensive to provide a college education over the last few years when tuition doubled at some schools? No, there was just more money to be had and the market reacted accordingly.