Monday, April 20, 2009

Best in Class, responsibility, and fine print (UPDATED)

The collapse of the "Best In Class" loan forgiveness program (described here) is a disaster we should learn from. I spent most of today trying to understand what happened.

Students thought they were being offered an incentive: borrow today, study the right things tomorrow, and we'll pay back your loans in future years. They have explained what they expected over and over, including here, here and here.

The Student Loan People can argue that they never made that promise. Press releases (here and here, for example) only invited people to apply for help with their current payments, with no promise about the future. Plus, the releases included a notice that:
Benefits may change or be canceled without notice, at any time, by operation of applicable laws or by The Student Loan People, for any reason at its sole discretion.
Legally, that probably covers them. Courts will likely accept the Loan People's argument that they could cut the program off at a moment's notice. [UPDATE: THIS IS NO LONGER MY VIEW, FOR REASONS SHOWN HERE, HERE, AND HERE.]

Morally, that doesn't cover it at all.

The borrowers were young adults part way through their education. The lenders were veteran professionals with fiscal and legal training on these issues. When they sent out the press releases, they used a smaller font for the disclaimer, literally relying on fine print. They put the disclaimer at the end of the releases, where any newspaper that was short on space would leave it out. They surely saw summaries like this one from Asbury that didn't say the program might vanish overnight.

The Student Loan People had options that could have prevented the debacle. They could have announced the program each year as a one-year program. They could have started all announcements with words like: "For 2003 and 2003 only, the Student Loan People will pay back up to 20% of the loans owed by people in the following situations. " They could have followed that with large print, bold print, underlined print, to say "There is absolutely no guarantee that we will offer to do this ever again. No one should borrow money expecting we will have this program in 2004."

One lesson here is for anyone borrowing money. If you don't get a written, signed promise about how it will be paid back, you don't have a deal. Look out for yourself. That's the the small lesson.

The big lesson is for anyone lending to students. Your job is to make your borrowers stronger and smarter by providing trustworthy information in ways that systematically discourage misunderstanding. Look out for others, especially those you were created to serve. The "Best in Class" program did not meet that duty of care. Future loan and loan payment programs need to do better than that, without excuses, and without fine print.

44 comments:

  1. Great article,it truly sums up the way we were lied to. A good attorney would probably state that the fine print would be passed by most reasonable people. What a shame that education continually gets the shaft. I expected to make low wages, but when I finally got the nerve to go back to school after 30 years, it was with the understanding that my tuition would not be an additional burden to my family. I am 56 years old and I love teaching, but if I can send a warning to others about trusting loan people, it will make me feel somewhat better.
    Ed Ginsburg

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  2. Susan, THANK YOU for taking time to make these points on behalf of those who have been hit with hardship over this situation. One major point that was not discussed which is legally wrong in my opinion is how the Student loan people guided many of us who had already graduated to file for academic forbearance.
    BEFORE they decided to pull the plug, KHESLC suggested we file for academic forbearance each year causing our loan totals to roll over and collect more interest. Not only did this make it more difficult for us by increasing totals, but it made them a great deal more money.
    I was specifically instructed over the phone to do so. I was told by a rep, "by doing this you will not have to make monthly payments, the interest will increase your loan total, but on the final year, it will all be forgiven anyway. I appreciate you taking time to help our cause.
    Fine print or not, many of us completed the agreement by graduating. You do not tell someone you will pay them 50.00 to mow your grass and after they finish the yard and come to the front door tell them, "Sorry, I forgot I don't have any money--I mumbled that to you as you were walking off--didn't you hear me?"
    Come on! We are not all just young adults. This entire fiasco had all of us fooled because it was completely and unethically misleading and the issue of rolling our totals through academic forbearance is one that is often overlooked in the argument.

    Jason Cox bird1554@yahoo.com

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  3. Thank you Susan.

    As an educated person, I understand the economy and a balanced budget are important. As an ethical person, I believe that when a promise is made, it should followed through to completion. I was very excited when I heard about the Best in Class program for special education teachers. It was too good to be true. Before jumping on the bandwagon, my husband contacted The Student Loan People and talked to them extensively about the program and asked many questions. He spoke with one of their representative for almost an hour to make sure he understood all aspects of the program.

    At the end of the conversation he was told that the benefits of the Best in Class program would always be available as long as I was teaching special education. We could even consolidate his loans in with my mine, he is also an educator, and as long as I continued to teach special education, they would forgive 20% a year. The phone operator even went on to talk about once we had children and they were in college, if I was still teaching special education, the Best in Class program would forgive those loans at a rate of 20% a year. Since we didn’t have any children yet (and the operator was made aware of this through the discussions), this led us to believe in the longevity of the program. This was guaranteed.

    Through these guarantees my husband and I decided to continue our education. We are now both doctoral students at EKU. Before we began this journey, one of the professors asked us how we would be able to afford to complete this program together. We explained to him the Best in Class program. He looked into it as well and was enthusiastic for us and even referred the program to other educators.

    Then the wind was knocked out of our sails when we received a letter that no new loans as of last summer would be eligible and that they would continue to do their best to support the program and the promises made before that time. Yes, we received a little over $900 of forgiveness, but not what was guaranteed. Now my husband and I face almost $700 a month in school loan payments. We have always been fiscally responsible. We pay all bills on time or early. We live within our means, but this additional unplanned for expense could be a breaking point for us. We would have made different educational choices if this program had not been guaranteed

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  4. I am a student that was mislead by the student loan people. I was promised that because I was becoming a Math teacher; my loans would be forgiven. Now I owe almost $30,000 in loans. As a teacher, I make okay money, but not enough money to pay back that kind of loan. My wife is also a teacher, and she also owes a large sum of money to the student loan people. I just think that it is unfair to promise something and then midway through, take it away. Thanks

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  5. The entire process of Best In Class program has been a major debacle. It is infuriating to know that I am now stuck with debt that I cannot pay each month or will pay for after I retire now. I am looking forward to getting an evening job to try to help for these payments. I would like to apologize to my future students for possibly the chance that I will be really tired and unprepared to teach them at their maximum potential. Thanks for enticing me into a profession that I cannot afford to work in now.

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  6. You know when you borrow you really talk to your school, fill out some forms online, sign some forms online, and never really talk to anyone from the lending organization. I was always under the impression that the student loan forgiveness was a state deal, so I figured it was as good as its word (ha). Anyway, I graduated debt free from undergrad, and went to grad school with the assumption that if I went into teaching my loans would be forgiven. I got burned on this deal and now have 25,000 in debt (which is not enough to qualify for a longer loan repayment).

    I think that the student loan industry is clearly in need of an over hauls - along with home loan industry. I think that a similar mind set that created ARMs and interest only housing loans led to these programs, which could be stopped at any time.

    I think face to face meetings with students should be manditory on any student loans and that any special deals like the Best in Class program should be clearly explained. I did not realize the complicated behind the scenes funding scheme, which lead to its collapse.

    Regardless of who is to blame, we all know who is going to pay... TEACHERS!

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  7. In taking out my loan,I relied on the student loan counselors at the university I would be attending. My husband and I asked questions for more than an hour before we decided to go ahead. I relied on the fact that this was a state program. I relied on the fact that my teacher friends were having their loans forgiven year after year. I relied on the time honored tradition of grandfathering in those who would be hurt by a sudden change in a law. I have a $35,000 loan which will cost me more than $70,000, including the interest, to repay. I feel a sense of outrage that this has been so badly managed and am sorry for the other responsible people who were also caught in this trap.

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  8. I am thankful for the opportunity to move into the teaching profession. I enjoy being a teacher. However, I have felt great anguish over the loss of the loan forgiveness program. Like others, I was lured with the promise of loan forgiveness--only to find the program cut before it could be repaid. The sad part is the very program that lured interested, qualified people into the teaching profession is forcing them out in order to repay their loans.

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  9. The blog is three months old today, and these are by far the most important comments we've received. I especially appreciate the detail about what was said, as opposed to printed. I wrote above that I thought the cancellation might be legally passable but morally unacceptable. These specifics mean I'll need to rethink the "legally passable" part. Thank you all, and please do keep the thoughts and experiences coming!

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  10. I am a middle-aged person who decided to change her profession on the back of the Student Loan People's promises. This article and blog are a great first step to justice.

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  11. I was debt free when I graduated from college with my bachelors degree. However, when I became a teacher, I went back to get my Masters degree--a requirement of all Kentucky teachers. Now, I have $30,000 in student loans that I did not have before thanks to Best in Class. I was told by The Student Loan People my loans would be forgiven after 5 years of teaching special education in Kentucky. I feel I have been taken advantage of and lied to by the state of Kentucky and the Student Loan People. A promise is a promise. If the government can afford to pay out billions to auto industries going broke and banks for default loans, WHY can they not at least pay off our student loans we were PROMISED?? This new financial burden makes me want to get out of the teaching field and discourage any and all who are even thinking about going into teaching.

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  12. I love my job as a Teacher of Exceptional Children. I would never have known the joy of teaching had I not believed in the stability of the "Best in Class" program. I believed what I was told and thought I read the information before I went back to earn a Masters in Special Education. I have been teaching 4 years at 2 different schools. I'm nontenured and Special Ed numbers are dropping in my present district. I may not have my contract renewed for the upcoming year. I worked for more than 30 years in another job before becoming a teacher. I received the 20% promised only the first year I taught. I face the possibility of no teaching position, no retirement, and the remainder of my loan to pay. I expected my loan to be repayed at 20% per year, just as I thought I had been promised. I feel betrayed by the "Best in Class" broken promise, yet I feel blessed to have experienced the joy of being a Teacher of Exceptional Children.

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  13. I have also been affected by this loan forgiveness program. I now face over $35,000 in debt, thanks to this program. I feel we as teachers have been tricked into taking out these loans and "promised" to have them forgiven, only to find out we must pay them back. I was given NO notice in the mail, phone, or by email that I would be required to start paying these loans back--only my statement for payment in the mail stating it was due during that time. What a slap in the face for Kentucky Educators!

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  14. Thank you for your efforts to educate others on the situation that we Kentucky teachers now face with the cancelation of this program.

    Despite the fine print (which I noticed and inquired about), I was lead to beleive by numerous people (including college advisors, staff, and current borrowers) that this program was solid and not going anywhere. I was also told so many differnet conflicting stories from the Student Loan People when I called to ask questions about the possiblity of the program being canceled. Every time that I called, I received a differnet reponse, until finally I was given a direct line to someone higher up who proved to be the only helpful one there. Here is my LONG story about how this has affected my life............

    As a single mother, this program was one of the main reasons that I chose to back to graduate school when I did. I had a bachelor’s degree in psychology and had planned to go to graduate school in that field. I decided to go back to graduate school in the area of speech language pathology/ special education so that I could make reasonable money on a school schedule so that I could still spend quality time with my daughter. The intense 3 year program required a full course load (15 hour of classes) with up to 40 hr/ week non-paying clinical hours. I didn’t think that I would be able to afford to go back until I discovered Best in Class. University advisors, Student Loan People, and other students assured me that it was a solid program without any catches. I was allotted $18,500 each year, which still proved to be not enough to cover rent, daycare, etc. The state does not help single mother’s pursuing a master’s degree, nor do graduate programs accept grants based on financial need. I was living below poverty level. I graduated in 2007 and received a wonderful job in a school system that I love. I only found out the Best in Class program had been terminated when I was denied a home loan due to the high amount of my student loan debt. Including undergraduate debt of $ 11,000 and private loans for graduate summer classes, my total debt is at about $85,000. I am in almost as bad of financial shape as I was before I started my job. I can barely afford my mortgage with a $750.00/ month student loan repayment. I had to expand my payment plan to 20 years which only lowered it to $539.00/ month in order to get the loan for my home. I am gaining interest at a rate of about $12.00 / day. Therefore of the $539.00/ month, $360.00 of that is going toward interest it had accrued FOR THAT MONTH ALONE! There is no possible solution to even put a dent in this debt that I can think of. I understand that the money ran out and apparently there was a disclaimer that benefits would apply as long as funds were available (which was not posted on many brochures), but so many of us were given false claims that we would get the money and that new borrowers were the ones that the "money available" disclaimer applied to . Many teachers are being forced to leave the school system (including myself) to go into higher paying fields or to companies that help with student loan debt.

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  15. I am regarding in regards to the lies told to me in reference to the Best In Class loan program for special education teachers in Kentucky.
    I returned to school as a non-traditional student (in my 40’s) to teach special education with the assurance that I would be taken care of as far as my education because I wanted to teach our Kentucky students that had special needs. NOW- I am a 50 year old single lady with a budget that is more than strict. Kentucky needed teachers to teach in my field. I love my field. This situation has placed so much stress on me. Why did they lie about the funding? How can they hold back from paying these loans? Our Kentucky teachers are required to get masters (other states do not)- We know what we are up against when we enter the field BUT being told that the loans would be paid for so not to worry and then do not follow through. PLEASE- Kentucky teachers need to have the funding returned. We need to enter our class rooms without they worry and stress. We need to be able to stick to our original budgets.
    Thank you

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  16. Thank you for posting this article. Many people are unaware of what has happened to the best in class benenfits. I hope that Kentucky lawmakers and legislatures see the importance of this program and what a great deal of Kentucky teachers this program affects. Many, many teachers have been put into a great financial burden and hardship all due to the fact that they were tricked and lied to in receiving these student loans. I am positive most of us would not have borrowed so much from the loans had we known we were to repay it someday. This is NOT what we signed up for! Kentucky needs to fulfil their end of the deal--repay the loans!

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  17. I am a special education teacher who was a part of the Best in Class forgiveness program. When I entered the program I was told that if I became a Special Education teacher and remained in that area of teaching, I would be able to receive 20% of my student loans paid back each year. The Best in Class Forgiveness program was the deciding factor in my professional career choice. Many people enrolled in programs and courses "in good faith" that their loans would be paid off. Eliminating this forgiveness program has placed many teachers in in desperate need of financial help, and many will be forced to take bankruptcy. Families are currently financially paralyzed by loans that were promised to be forgiven.

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  18. Thanks for the blog. It pretty much says it all. But we should not give them the benefit of the doubt. Even if they did have a disclaimer, they did exploit each of us and our situation and there probably are laws that protect us from this exploitation. I think each teacher should just bite the bullet and stop making payments until someone comes to our defense. If we all stopped making payments, then they will be forced to do something.

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  19. Thank you for writing the article about the Best in the Class situation. I took out the loan because I was told that it could help with the expense of sending 2 of my children to college. It seemed to be a win/win situation. I was a special education teacher having a difficult time with 2 children in college at the same time. I called about the program and was told that as long as my children attended a state university I could use this loan money for their tuition, repaying it through the 20% annual loan forgiveness program. I have taught special education for 18 years and knew that I would continue teaching the next 8 years; the time needed to work off the loan. I actually thought that the state recognized this as a wonderful opportunity for those of us who have dedicated our professional career to special education to get something in return. I would have never borrowed this money had I thought it was not secure. The person I spoke to said I was the perfect person for this loan. I will now have this loan long after my children graduate from school leaving my husband and I with a debt that we did not plan on having. What a shame. The whole thing is just so wrong.

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  20. Hoping there are a few more comments coming, I have a request. Folks above have said "I was told." I'd love to hear who did the telling?

    University financial aid staff?
    Teacher preparation program officials?
    Handouts?
    Websites?
    Student Loan People staff on the phone or in person?

    I completely believe you, so I'm only asking for the best specifics you can share.

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  21. There are common threads that run through each of our stories. I personally talked with a representative of KHESLC (summer 2003). The information I was given verbally sounds identical to what I'm reading from others. The bottom line is we (teachers) have been had. My question is... Who (if anyone) is going to stand up and fight for us? Many of us have sent emails and supported efforts to pass legislation which after all is said and done, I think really means nothing. I have never been one to complain about teacher salaries but it is an injustice to have a promise such as this broken. I am continuing to teach and fulfill my commitment in a state that recruited me through this loan forgiveness program.

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  22. I am having a very serious problem with the Student Loan People and the Best in Class loan repayment program.

    I am married and have four children. It’s my love of children and my desire to help my community that convinced me to change careers three years ago and become a science teacher.

    I spent over ten years in the computer industry; programming, setting up computer networks, and teaching adults how use computer software. When my employer went out of business, I decided to take a leap of faith and get my teaching certification.

    I had thought of switching careers in the past but it was always too expensive. This time the financial services people at Spalding University told me of the Best in Class loan repayment. I was told in no uncertain terms that my loans would be repaid because I was teaching math and science in public schools. I remember clearly asking “are you sure?” She said, “Yes” and handed me a Student Loan People brochure. I asked for clarification: “my loans will be paid off 20% a year, so in five years all the debt will be gone?” “She said “Yes, up to $50,000.” She told me I could borrow more if I filed a form about the cost of my children's daycare. I did not do that. I borrowed just enough money to pay tuition, books, and living expenses. I went to school full time so I could start teaching at Jefferson County Public Schools the following school year. By “living expenses” I mean my mortgage, medical bills, and groceries; I did not use the money for vacations or even entertainment. I even downsized to a smaller house with a smaller mortgage.

    I worked very hard to get my teaching certificate, even putting my family’s needs on hold temporarily, while I got started teaching. I can’t afford to repay these student loans. I would not have taken them if I were told the truth about a “possible” repayment. I could have worked elsewhere and went to school part time. I would have made different choices, but I was misled and I feel ripped off. Please help!

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  23. I too was told about the Best in Class program, and that benefits would be paid as long as I stayed in the field of special education. My husband also called and talked with the student loan people who explained that the program would be available. The only thing they conceded was that it may take more than 5 years, but as long as I kept my loans in forbearance and stayed in the field, it would be forgiven eventually. Therefore, I believed I could afford to go back to school, leaving a more financially sound career, and become a special education teacher. Now I am facing at least $300 a month for loans that I cannot afford when coupled with the pay cut I took to change professions! It is unbelievable that such an important profession and such important professionals are being so disregarded. Thank you Susan for your efforts. And additionally, I was advised by financial aid staff at my university, also officials in the education program, as well as others who had been recruited into the program and employees of the Student Loan People.

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  24. I want to thank you or writing this blog. I am an educator in Kentucky that went back to school to become a special education teacher. I was told that my loans would be paid back at a rate of 20% a year. This has not been the case. I am now facing a loan repayment that is beyond my financial means. I have filed for deferments and have been denied each time I apply. I am at a point that I don't know what else to do. Thanks for helping to draw more attention to our cause.

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  25. Thank you so much for keeping up with this and posting this on your blog. I am a special educator in Kentucky who went back to school mid-career to become a teacher. I incurred a lot of debt financing my Masters and Rank I. I was told that if I taught for 5 years in a low income school in a high need area such as special education that my loans would be forgiven 20% each year I taught until they were paid off. Not one time was I told that this may not happen. Now I am facing a $976.40 loan payment. I am waiting to see if I can get forbearance on the loan due to my not being able to make the payments. That is well over 20% of my gross monthly income. What am I to do? I have kept up my end of the bargain, I really need for the Best in Class People to have some class and live up to theirs.

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  26. Wow! It seems like we are not the only people trapped in the Best in Class (Titanic). My wife and I both bit the hook and hurriedly fininshed our degrees in Special Education due to the short lived promise of loan payback through the Best in Class program. We also expected to be able to make enough money to at least build on to our home and live comfortably doing something that we loved. Teaching children. Well we are teaching children and that part of the promise hasn't changed however everyhting that was promised sure has. Thanks to your efforts to make others aware of the plight of Kentucky teachers. Isn't it a shame that we can't trust someone who seems to have the "best" interest of teachers and students in mind. Now due to over $700.00 a month in loan repayment we can kiss our dream of building on to our home goodbye.

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  27. Three years ago, I left a better paying career with better benefits to become a Special Ed. teacher. I mostly became a Special Ed. teacher because I felt that I was called upon to do so. I was even more encouraged to pursue my teaching certificate because of the "free" education I would receive as a result of teaching in a high need area. I was encouraged to apply through The Student Loan People by my advisor at UofL. She gave me a list of financial help which included the Best in Class program.
    I have two small children to provide for and I go back into repayment of my loans this month. I am scared to death. I love teaching but I do not know how I will be able to pay my loan payment and take care of my family. Some of Kentucky's teachers were lied to. We need help! Thank you for this blog.

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  28. I have a name. I spoke upclose and personal with the Manager of Marketing Support and Special Projects Adviser, not once but three times. I still have her business card that she handed me in February 2006. I also spoke with her on the phone several times. I questioned her extensively when my husband and I, both science teachers, were receiving loans to continue our education and she assured me that the program was solvent and would be around to pay off our loans. One of my big questions was my eligibility. I am a gr. 1-8 certified teacher. She said, "As long as you are teaching science or math, you will receive principal reduction." The first application I filled out, simply asked which of the specific subjects I was teaching. The current application asks for specific math or science certification which I don't have.

    In addition, we were encouraged to take out Parent Plus loans to help our daughter complete her education. Now we are stuck with those loans which we were told would be repaid because we are teaching in a critical needs area.

    Many of the people involved are young and have many years of work ahead of them. My husband and I were hoping to retire soon, which no doubt will be delayed as we do not want to retire with these loans not being paid.

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  29. I've got three new posts up on this subject:

    http://prichblog.blogspot.com/2009/04/best-in-class-troubled-funding.html

    http://prichblog.blogspot.com/2009/04/best-in-class-money-we-owe.html

    http://prichblog.blogspot.com/2009/04/best-in-class-proof-they-promised.html

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  30. I first heard about the Best in Class (BIC) program while talking to a financial aid officer while following up on an application for financial aid. She told me that since I was a special education teacher that I could get 20% loan forgiveness for each year that I taught. I had never heard of the program, so I called KHEAA and I asked about getting an application for the program. What I was told was that I had it backward. I must borrow the money through the Student Loan People (SLP), teach for a year and then I apply for forgiveness in the spring of that year. No one at KHEAA warned me that the loan forgiveness promise could be withdrawn and I was not offered any pamphlets or additional information. I was told by KHEAA that in order for the money that I would borrow to be eligible, I must use the Student Loan People (SLP) and then I would receive 20% for each year that I taught. Many articles that describe BIC online did not have a disclaimer and I felt confident that since this was a government backed program, I would be safe to borrow. I contacted the Student Loan People and was told that I was eligible and I completed the application for a loan. I do not recall any paperwork for Best in Class that was completed prior to filing for the student loan with SLP. In the spring, I received the application for forgiveness and that was the first time that I saw a disclaimer. In reading about BIC on the SLP website I saw that the program was expanding to include other teaching fields, nursing and law, so I felt confident that the program was safe or they would not be expanding it to include these other professions. After two years of borrowing with BIC benefits, I was told that any new monies that I borrowed would not be eligible for BIC benefits but that my previous loans would continue to be forgiven. My experience with changes in government programs has been that current participants are “grandfathered in” and that we would not be subject to changes in the program. Now my husband and I are making payments on a $27,000 loan with @8% interest. We also have other student loans that will become due for payments shortly. BIC has been heavily promoted by SLP and their promotions almost always included “Thanks for all you do for the Commonwealth.” I would be curious to know answers to the following: How much profit has SLP made from the Best programs? Why did SLP continue to expand the programs into other professions instead of securing the future for the current borrowers? Why have we not heard anything more about the 80 million dollars that was taken from KHEAA in order to balance the state’s budget?

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  31. I am one of the many teachers that chose this career simply because I wanted to have a positive impact on our children and enjoy working with children. Although the presence or absence of the Best in Class program would not have affected my decision to teach, it sounded like an amazing benefit that could not be ignored. When I found information about the Best in Class program on the Student Loan People’s website, I interpreted the information as applicants would receive up to 20% loan forgiveness for a maximum of five years. In other words, I would be student loan free after five years of service. I, as well as my cohort classmates from Spalding, was absolutely convinced that we would be debt free after five years. Now after just three years, I have so much student loan debt that I haven't a clue when and if it will ever be paid in full!!!

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  32. My wife has a Best in Class loan and we have been repaying since February. We are able to make these payments right now because we have a 3 month emergency fund account but these payments are eating away at that cushion. If our family has an emergency (car breaks down, need new roof, furnace breaks) then we will have to make a choice of whether to pay our mortgage or pay our Best in Class payment. When I was younger, I borrowed money to go back to school to become a special education teacher at the age of 36. I participated in a loan forgiveness program at that time and my entire loan was cancelled. Last year, I applied for social security at age 62 and found out that I had lost 60% of my social security check because I had made that choice to become a special education teacher. I feel sorry for those Best in Class borrowers who have also changed careers and now have these huge payments while they are working. The sad part is that they will also take a financial hit when they apply for social security because KY teachers only receive 40% of the social security that they would normally receive. These borrowers were recruited to change careers and become teachers with the lure of loan forgiveness which has been taken away. When these same teachers reach retirement age, they will be penalized again. Shame on KY.

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  33. I had worked in education for almost 17 years as a FRYSC Coordinator. My children were in school and I wanted to be with them more so I looked to options to help me do this. Knowing that I loved working with children, becoming a special education teacher just made perfect sense to me. Unfortunately, I have now been misled by the Best in Teaching program and the government and have tens of thousands of debt to repay. This was my third college degree and if I did not think I was going to get what was promised to me....I would have had second thoughts about returning to school late in life. Thanks for the article about this unjustice. I am not a young person that was lied to, I am a 43 year old woman who still thinks when someone tells you they will be there for you...they mean it!!

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  34. I returned to college in 1999 as a "non-traditional" student-I was a 30 year old divorced mom with a 5 year old. I had wanted to be a teacher since I was a young child, but life got in the way and I had to take a different path. When I enrolled in classes to be a teacher I felt a strong pull to be a special education teacher, so this is what I am. I teach elementary students with moderate to severe disabilities and this will be my sixth year. I was two years into the education program when my advisor informed me of the "Best in Class" program. Well was I excited!! Here I am doing something I love and I will get help with these ENORMOUS student loans. Wrong! I have often joked in the past with my now 15 year old daughter about how she will have to go to college and get a high paying job so she can pay my student loans off--sadly this seems to be coming true. I really liked your article and what you had to say was right on. I just hope that something can be done. I have enormous debt and my credit is ruined due to The Student Loan People. I can only pay so much each month--it's not what they want and they call day and night and even on weekends. Can I call them and aggravate them about how they didn't fulfill their end of the bargain. That they are the reason I can't pay my bills? No it's a pain to go through all of the different prompts they have on their phone system. Thank you for listening to all of the people out there that have been scammed by these people.

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  35. I am a BIC borrower. I began with approx. $66,000 in student loans. I was lucky to have had approx. $40,000 forgiven. The sudden breaking of their promise has left me with $22K in debt. I actually feel FORTUNATE to have so little compared with others. I feel bad though, because I encouraged many other future educators to pursue their dream by using the Best In Class program. Now, many of them are now saddled down with enormous debts.

    I was not naive when I applied for the BIC. I like many others questioned the phone and via emamil with SLP NUMEROUS times..."Are you SURE the money will still be there?" I don't understand the need to lie to us if there was the remote POSSIBILITY there was no funds to cover their promises. Why did they take more and more of our applications, expanding the program to help other fields with no backup funds. How are they even still in business if this is how they operate it? I know that many people would not have used SLP as their loan provided if it weren't for the lure of repayment. Just keep your promises - please!

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  36. I attended the University of Louisville and they gave flyers to students promoting the best in class program. These flyers included all of the promises but no disclaimers. Students applying to the School of Education were directed to take their loans from the student loan people because of the supposed benefits of the program. I began teaching in Fall 2007 but when I tried to apply to get my loans covered they told me that I had to wait a calendar year and to put my loans into deferment until I was eligible. When I finally became eligible the program was gone and I had accrued hundreds of dollars in interest. I am truly shocked and disappointed in the way that myself and others were blatantly lied to. We choose to serve our state (which doesnt pay as well as others) in part because of this program and they snatched it out from under us. It's shameful.

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  37. I am also a victim of the Best in Class program, but in two different ways. One is as a special education teacher who believed the "too good to be true" promises made. The second way is that I worked at a college while getting my degree. I felt I was certain that the information I was given was accurate and it was a win/win situation for all of the students I worked with as well as myself. Now look at all of us....it is a disgrace and a big fat lie which no one will accept the responsibility for nor will they say they will fix.

    I am a single mom, first year teacher who took a pay cut to have a teaching career because I thought the opportunity had presented itself to me...the funding was available and I wouldn't have to worry about huge loan repayments if I taught for five years. I am devastated and feel totally betrayed and violated.

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  38. Thank you for looking into this situation. You ate absolutely right about the fine print. I myself was a young student who purposely went back to school to become a teacher. I was assured constantly by the loan people that this program is the best way to go, it was a safe and secure way to get loans that would get paid back if I held up my end of the deal. I have and continue to hold my end of the deal, what about them? I understand that there is a financial crisis going on, but because of this program not holding up, they have put not only myself but many other teachers in a serious financial crisis. We as teachers already do not get paid what we should and we go in knowing that, but to snatch away programs that allow for highly qualified teachers to go to school and become teachers is wrong. Will we have students who want to become teachers? We have a government that is bailing out companies with tax payers money,and the state who is using this bailout money. How about they should be using this money to help us like they said they would do! The state took money away from this program and now we as teachers are asking for it back. Do what you know is right or soon you may not have enough teachers who are highly qualified in this profession for long.

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  39. I am a current teacher who graduated with my bachelors in 2003. I had no debt at all. I went back to school because of the required masters degree which ended up putting me in debt by over $50,000. I am currently getting ready to have my first baby and at the same time I am just starting to have to repay my loans. I do not have the money to do this and I never thought I would have to. My husband and I have no idea how we are going to make things work with all this coming at once. We do not know how we are going to continue to make the large monthly payments. I was promised one thing and now we all are getting something different.

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  40. Thank you for exposing information concerning Best in Class loans, as well as, letting others know about the 90 million dollars that was taken from much needed recourses to increase the level of education in the state of Kentucky. This certainly emphasizes the value that is put on education. We at least still have our voting rights intact.We all must be diligent in our responsibilities to find bona fide governmental leaders who act in good faith, and without deceit.

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  41. To Whom It May Concern:

    Hello. My name is Michael. I decided four years ago to go back to college to get my masters in special education because colleges across the state recruited for online classes for special education degrees, there was a need for special education teachers, and I was under the impression that my loan would be paid back 20% each year for five years that I taught until my loan was paid off. From that point forward, the percentage of reduction has decreased to pretty much nothing. It looks like we are going to have to pay our own loan back since we were mislead by someone, but I don’t think anyone is really going to take the blame for it. I got my Special Education Degree, completed my KTIP, all of my evaluations have been really good, and I have taught for four years in Madison County. I lack one month and the first day of teaching the next school year to get my tenured and not have to be worried about being pink slipped because of budget cuts. I have loved and enjoyed my four years of teaching, but before I left school this past Friday, my principal pulled me to the side and told me that she was giving me my verbal pink slip because some person who worked at our school as a Guidance Counselor that has been working for KDE is coming back to our district. So, our Guidance Counselor has a Special Education Degree and she will be put in my spot, which puts me out of a job. I guess this is because of budget cuts, but I’m not for sure. I didn’t have, nor do I have now any way to pay off my loan. I am asking for your support to help people like me who have been put in this bad situation to help us pay off our student loans. I appreciate your time.

    Michael

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  42. Thank you for the opportunity to express our disappointment and our needs. Promise or no promise, that is not the question. We are teachers in need of assistance. Our government seems to be handing out money freely these days to everyone; so why not give it to people who are helping build the future? I too was in my late 30’s when I went back to school and now I have no hope of ever paying off these loans without the Best In Class Program. Anyone listening? We need your help.
    BT

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  43. We moved to KY. from FL.to be close to my wife's aging parents that needed assistance. I am a PE teacher with a background in alternative classrooms and have been teaching for 17 years. Seeing the need for special ed. and desiring tenture in Ky., I considered going back for my masters. I was happy to hear I could do so for "FREE" that all would be forgiven if I chose special ed instead of PE. Now over 27K in debt, we are devastated. My wife is who is nurse and was working part time to care for her parents is now unable to work at all. Her 78 y/o mother was diagnosed with stage 4 ovarian cancer last July and her 81 y/o dad diagnosed with Alzheimer's 2 months ago. We are trying to survive on my salary (already much less than FL) and now were hit with this debt. We borrowed the least amounts we could and we were encouraged to file for forebearance since it was all going to be repaid. We are both educated adults and feel duped by the so called small print. We would NEVER have even considered this option had we not been reassured repeatedly: "teach for 5 years in special ed and it will be paid back completely for you, it is your opportunity for a free masters". We had only gotten the undergraduate loans repaid about 5 years ago. We are completely crushed by this. And to more chagrin, we receive phones calls concerning repayment (even though we have been in contact with the student loan people and letters of the effect this is going to have on our credit.

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  44. I was told by the Student Loan People and college administration that my loan would be forgiven. They did tell me forgiveness for the loan would end July 2008. Now I am facing a $35,000 loan. Wow "education pays" huh?

    Patty Willis
    willisashland@windstream.net

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