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Started By
Message
re: Biden's Back Door Student Loan Forgiveness
Posted on 7/13/23 at 1:08 pm to Indefatigable
Posted on 7/13/23 at 1:08 pm to Indefatigable
The government as an institution cannot legally charge interest. It's all B.S. Tell the kids you have to pay back the principal and remove all interest. Solved.
2
Posted on 7/13/23 at 1:09 pm to anc
I would settle for this on one condition, the federal government no longer makes student loans. It reverts to the private sector and becomes risk based. Otherwise this just reinforces bad behavior.
Watch universities payrolls and tuition drop like a rock when the gravy train dries up.
Watch universities payrolls and tuition drop like a rock when the gravy train dries up.
Posted on 7/13/23 at 1:17 pm to Indefatigable
quote:
don't really have a problem with this one. The rate on student loans from the government shouldn't be as high as they are
You’re making a strong case for why the federal government should not be in the student loan business. It’s a catastrophe!
Posted on 7/13/23 at 2:24 pm to immobileman
quote:A lot of tax payers would disagree.
The government as an institution cannot legally charge interest.
Posted on 7/13/23 at 2:27 pm to Indefatigable
quote:Should be a lot higher given the default rate and length of payback period. With rising rates, student loans is some of the cheapest money you can get these days.
The rate on student loans from the government shouldn't be as high as they are.
Posted on 7/13/23 at 2:30 pm to Nosevens
quote:
This should not hold up in court
Other than the $0 payments part based on income, this is EXACTLY what Republicans should have been proposing all along. Opposing this would be very foolish.
Posted on 7/13/23 at 2:37 pm to anc
quote:
No payments required for those who earn less than 225% of federal poverty line ($32,800 currently) - up from $22000 now.
I am assuming this would get adjusted every year. Also, do they consider the income for the household or just the individual?
Kick out a few kids and that federal poverty level can be $30k, which means as long as you make less than $67.5k no more student loans.
Posted on 7/13/23 at 2:40 pm to anc
A rose by any other name... 
Posted on 7/13/23 at 2:43 pm to anc
Phrasing...please.
Posted on 7/13/23 at 2:45 pm to anc
It’s still 10% of grad loans. I plugged my numbers in and I’d save like $90 a month. Not nothing but not back door forgiveness for grad students who have high incomes.
Posted on 7/13/23 at 2:48 pm to anc
quote:
No interest if payments are made on time.
If the loan is provided with taxpayer dollars, who pays the interest on those taxes being borrowed for this program? Oh right, TAXPAYERS. So we get to pay taxes on the taxes we already paid...how benevolent of fedgov...
This post was edited on 7/13/23 at 2:49 pm
Posted on 7/13/23 at 2:49 pm to immobileman
quote:
The government as an institution cannot legally charge interest
You should tell the IRS that.
Posted on 7/13/23 at 3:12 pm to Mickey Goldmill
quote:
Of course I did, and I will pay it back according to those terms. Not coming from a wealthy family, student loans were my only option to pay for law school. Obviously, I’d prefer a lower interest rate.
Too bad Hillary or Pelosi didnt birth you.
Posted on 7/13/23 at 3:13 pm to BugAC
The IRS is not a part of the Federal Government. They are the enforcers of the illegal Federal Reserve.
Government is not for profit, therefore interest its illegal.
We the People do not know enough.
Government is not for profit, therefore interest its illegal.
We the People do not know enough.
Posted on 7/13/23 at 3:14 pm to anc
quote:
It's called the SAVE Plan and it will replace the current Income-Driven Repayment Plans. All borrowers will be eligible
No payments required for those who earn less than 225% of federal poverty line ($32,800 currently) - up from $22000 now.
No interest if payments are made on time. (Includes $0 payments in scenario above)
Payments capped at 5% of discretionary income (down from 10%)
Borrowers with balances of $12,000 or less will get loans canceled after 10 years. For every $1,000 over this, cancellation will come after additional year.
Once again, the Progressive skanks in charge are rewarding poor decision making, which defines most of their base.
Borrow money, get a good degree, make great money? PAY IT BACK
Get a stupid degree, can't find a job? DONT WORRY, YOUR PEDO IN CHIEF GOT YOUR BACK
Posted on 7/13/23 at 3:25 pm to anc
this is why the value of college sucks and gets worse every year.
Posted on 7/13/23 at 3:30 pm to Nosevens
quote:
hile it may be in the scope of a program to pick the administrations fumble I cannot see how one argues that it legitimately is legal.
The point is that, if GOP fights it, there will be consequences for them
quote:
Borrow money, get a good degree, make great money? PAY IT BACK
Get a stupid degree, can't find a job? DONT WORRY, YOUR PEDO IN CHIEF GOT YOUR BACK
Government doesn’t exactly work for those who don’t need it
This post was edited on 7/13/23 at 3:33 pm
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