From scrambling retirement nest eggs to making housing foreclosures more prevalent than Starbucks on a Seattle street corner, the economic downturn has been a real, well, bitch. The latest to feel the wrath of the recession's iron fist? Student loan forgivingness programs.
According to an article in The New York Times, college graduates across the country find themselves financially strapped thanks to decreased funding of these programs. States such as California and Kentucky have turned to cutting student loan forgiveness initiatives to help balance a severely bloated state budget. Created as an incentive to lure students to embark in careers such as a special education teacher or public interest lawyer, the programs offer a chance for a highly discounted degree for giving back to the community.
While states have relied on nonprofit organizations to help foot the bill, the federal government continues to offer students a chance at a cheap education if they commit to teaching for five years in a low-income area. The loan forgiveness from the federal government, however, checks in at $17,500 - a small dent in the ever-rising cost of attending a four-year college or university. Simply put, more must be done to ensure the best and the brightest can be enticed to pursue careers in education and law that serve the interests of the masses.
Given America's current economic climate, our harsh reality ensures budget cuts will be made. Hell, few know better than UF students. But to dismiss student loan forgiveness programs as a money saving cure-all reflects an archaic ideology bound to breed ill-effects in the future.
