Background: The Best in Class loan debacle has left more than 4,000 Kentucky educators paying off loans they expected would be forgiven by the Student Loan People. One key issue is whether the Student Loan People really made that promise, or whether it consistently told borrowers that the program could be canceled at any time.
On January 11, 2005, KHEAA issued a report on Student Benefits from the Student Loan People: FY 2003-2004. You can download the full document here, but check out the sample to the left.
"Interest is forgiven at the end of each academic year" surely describes a program expected to last.
"Up to 20% of the loan can be forgiven each year" also sounds precisely like an ongoing program.
"Teachers can eliminate their entire student loan debt" comes with no warnings at all that the program itself might not last for the five years in question.
Yes, it was a promise. Yes, it was reasonable for teachers to rely on it. Yes, the only reasonable thing now, the only decent thing left, is for the rest of us to make sure the promise is kept.