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Books > Social sciences > Politics & government > Central government > Central government policies
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Repay As You Earn - The Flawed Government Program to Help Students Have Public Service Careers (Hardcover)
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Repay As You Earn - The Flawed Government Program to Help Students Have Public Service Careers (Hardcover)
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In 1993, Congress created a student loan repayment plan intended to
enable high-debt graduates to accept low-income, public service
jobs by reducing their loan payments and eventually forgiving part
of their debts. But this Congressional initiative only helps those
with catastrophically low incomes. It has failed to attract many
users because, as implemented through regulations of the U.S.
Department of Education, it requires payment over too long a period
(25 years before forgiveness). Many students go to graduate and
professional schools in pursuit of careers in public service. But
they often must borrow $100,000 or more to finance their education.
Their loan repayment obligations become so high that they can no
longer afford to follow their ideals, and they abandon their plans
to have public service careers and seek employment with
corporations or firms offering high salaries. The income-contingent
repayment plan should have appealed to would-be public interest
lawyers, who are among the graduates with the highest
debt-to-income ratios; but the plan has failed them, and Schrag
explores why and how the plan should be reformed, either by
Congress or by the federal administration.
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