Additional Discussion on Loan Repayment Programs
A couple weeks ago, I came across an article by Elie Mystal, the editor of abovethelaw.com, offering some alternative ideas on how to cope with the crushing student loan debt that I (and many of my cohorts) are dealing with right now.
Today, Elie was on a clip from FoxNews, making a case for changing the interest rate to 0% for government students loans. The UK just recently made a decision to do this, and Elie argues that it was a good one. By releasing some of the pressure on college/post-college graduates, you're enabling them to help increase the consumer spending needed to jump start the economy. On the front end, knowing that your debt isn't going to include excessive interest will (ideally) motivate more students to consider bettering themselves through higher education. In regards to law school grads, lower loan debt could mean more grads would be willing to take jobs in the public sector--I know from personal experience that some really great public defenders and prosecutors have left government work to go to the private sector just so they can afford to have a family...a complete travesty, in my opinion.
If you're one of those unfortunate souls up to your eyeballs in debt, take a moment, write to your senator/representative and ask that they consider some alternatives to make repayment of student loans or manageable. While you're at it (and you are or care about a prosecutor, district attorney, or public defender), ask them where they are with appropriations for the John R. Justice Prosecutors and Public Defenders Act--it was passed last August and I haven't heard peep about its status. The more law students and attorneys make their voices heard, the better chance we have for seeing some changes.
Today, Elie was on a clip from FoxNews, making a case for changing the interest rate to 0% for government students loans. The UK just recently made a decision to do this, and Elie argues that it was a good one. By releasing some of the pressure on college/post-college graduates, you're enabling them to help increase the consumer spending needed to jump start the economy. On the front end, knowing that your debt isn't going to include excessive interest will (ideally) motivate more students to consider bettering themselves through higher education. In regards to law school grads, lower loan debt could mean more grads would be willing to take jobs in the public sector--I know from personal experience that some really great public defenders and prosecutors have left government work to go to the private sector just so they can afford to have a family...a complete travesty, in my opinion.
If you're one of those unfortunate souls up to your eyeballs in debt, take a moment, write to your senator/representative and ask that they consider some alternatives to make repayment of student loans or manageable. While you're at it (and you are or care about a prosecutor, district attorney, or public defender), ask them where they are with appropriations for the John R. Justice Prosecutors and Public Defenders Act--it was passed last August and I haven't heard peep about its status. The more law students and attorneys make their voices heard, the better chance we have for seeing some changes.
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