Law School...public interest forgiveness scams...forgive main street

I’m 45…
50k in student loans.
First loan taken 1993.
Wife has another 150k in student loans.

Filed bankruptcy in 2012, tried to keep house for 5 years after 2007, the government refinance was a joke wrapped in smoke and mirrors. Bought house in 2007 literally months before recession, for 400k was worth 200k, by no fault of mine. Job market crashed. No one I know of successfully negotiated the government refinance program, because of its ‘fairness’ to banks there was little incentive to, as you had to pay almost all of 400k back on a house worth 200k.

I literally walked out of a house that I owed 400k on and the next day someone walked in who only paid 200k for it. Only people who couldn’t buy it for 200k was me or my immediate family. Somehow unfair to banks to reduce principal, even though Wall Street deregulation was to blame.

Couldn’t discharge student loans in bankruptcy.

I am a public defender but because I am a ‘contract’ PD I’m not eligible for the forgiveness plans. I’ve also created a legal services program which once again is not eligible.

Wife has been on the ten years forgiveness program, have to make 120 contiguous payments, if your work is in the special category. They keep trying to screw her, canceling the autopay, misapplying the payment, she nearly has to call once a month to make sure payments are applied properly.

The ‘fairness’ forgiveness programs don’t work, their attempt at picking certain professions for forgiveness doesn’t work, is not fair and is oddly incentivizing what politicians deem ‘worthy’ through arbitrary distinctions.

I and many I know would hire more employees for work in small businesses on Main Street in small towns, if not saddled by student loan debt. It is a tax on poor families that want to get ahead, and has a detrimental effect on the economy.

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