Public Service Loan Forgiveness

This week, the Washington Post reported a synopsis of President Donald Trump’s first full education budget. One of the areas that caused some grumbling is the portion of the budget concerning the Public Service Loan Forgiveness Program.

CNN reported that hundreds of thousands of people are worried about the effect of this possible proposal. “The Public Service Loan Forgiveness Program promises to cancel any remaining student debt for those who work for the government or nonprofits if they have been making on-time payments for 10 years. Many teachers, public defenders, Peace Corps workers, and law enforcement officers fit the qualifications.” There are a large number of people, some who have made life changing decisions about where to work and what type of career to pursue, because of this stipulation- now they could be out of luck. The thousands of dollars in loan debt that they expected to be forgiven could now become a major burden.

 

As I read through these articles I was reminded about the Clever African’s recent postings on social security and retirement. One of the take away’s from these postings was that most people under the age of 45 do not expect social security to be a source of income in retirement. Current projections show that social security funding will run out in the year 2035. As a Clever African, you cannot rely on the government to aid you in your retirement; you must plan for it yourself!!

Napoleon Bonaparte has often been quoted to say, “If you want a thing done well, do it yourself.” When it comes to your finances, your future, your life, you must plan to be self-reliant! Any additional aid you receive, whether it is social security in retirement or the forgiveness of student loan debt, must be a bonus and not an essential need that you depend on. As a Clever African, Invest in you!

 

THE CLEVER AFRICAN: INVEST IN YOU
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Comments

    • Samosei
    • May 19, 2017

    Very Interesting.

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