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Started By
Message
U.S. poised to forgive $108 billion in student debt
Posted on 11/30/16 at 10:38 am
Posted on 11/30/16 at 10:38 am
quote:
A GAO report offers the first full cost estimate of debt-relief programs
WASHINGTON—The federal government is on track to forgive at least $108 billion in student debt in coming years, according to a report that for the first time projects the full cost of plans that tie borrowers’ payments to their earnings.
The report, to be released on Wednesday by the Government Accountability Office, shows the Obama administration’s main strategy for helping student-loan borrowers is proving far more costly than previously thought. The report also presents a scathing review of the Education Department’s accounting methods, which have understated the costs of its various debt-relief plans by tens of billions of dollars.
The GAO estimates that $137 billion of that figure won’t be repaid. Most of it—$108 billion—will be forgiven because of borrowers fulfilling their obligations under income-driven repayment plans. The $108 billion only covers loans made through the current school year, however. The overall sum could continue to grow alongside enrollment increase.
LINK
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Posted on 11/30/16 at 10:40 am to RLDSC FAN
Another example of things going wrong when the government inserts itself into a private market.
Posted on 11/30/16 at 10:40 am to RLDSC FAN
Nothing like giving millennials even more of a reason to be a smarmy, entitled, worthless group of people
Posted on 11/30/16 at 10:40 am to RLDSC FAN
Will the snowflakes still be so damn angry at life and keep protesting everything now????
Posted on 11/30/16 at 10:41 am to RLDSC FAN
Are there provisions for retroactive forgiveness?
Posted on 11/30/16 at 10:42 am to RLDSC FAN
So this is only for current students?
Posted on 11/30/16 at 10:43 am to upgrayedd
I don't see a problem in investing in education for Americans. We, as a country, will see a higher ROI than spending 20 Billion in the Middle East fighting wars.
Posted on 11/30/16 at 10:43 am to upgrayedd
quote:
Nothing like giving millennials even more of a reason to be a smarmy, entitled, worthless group of people
and it just happens to be baby boomers handing this down to them.
Posted on 11/30/16 at 10:44 am to RLDSC FAN
quote:as I just finished paying back my $40k two months ago. This country is fricked. No one takes accountability for anything anymore
U.S. poised to forgive $108 billion in student debt
Posted on 11/30/16 at 10:44 am to RLDSC FAN
Government is getting more money back than it would if it didn't promise to forgive anything. Majority of the folks on the income driven plan wouldn't pay back their loans if there wasn't an incentive, imho tbqh fwiw
This post was edited on 11/30/16 at 10:48 am
Posted on 11/30/16 at 10:45 am to upgrayedd
quote:
Nothing like giving millennials even more of a reason to be a smarmy, entitled, worthless group of peopl
Don't loose too much sleep over it. They will spend the rest of their lives bailing out boomer pensions, social security and Medicare. You are winning.
Posted on 11/30/16 at 10:45 am to AUCE05
Agreed on a partial repayment plan but not the free college for all scenario.
Posted on 11/30/16 at 10:46 am to RLDSC FAN
quote:
Most of it—$108 billion—will be forgiven because of borrowers fulfilling their obligations under income-driven repayment plans.
But don't borrowers have to pay tax on the forgiven portion of the loan? So, it isn't truly "forgiven" entirely.
This post was edited on 11/30/16 at 10:48 am
Posted on 11/30/16 at 10:47 am to AUCE05
Would be better off just investing directly in education rather than this fricked up system that has lead to education costs spiraling upward.
Sounds remarkably similar to the ACA.
Sounds remarkably similar to the ACA.
Posted on 11/30/16 at 10:48 am to RLDSC FAN
Are they going to issue refunds to those of us who actually paid for their education?
What the frick?
What the frick?
Posted on 11/30/16 at 10:49 am to AUCE05
quote:
I don't see a problem in investing in education for Americans. We, as a country, will see a higher ROI than spending 20 Billion in the Middle East fighting wars.
That's bullshite.
There are a couple problems here.
1. The cost of college is way too high because they're run by bloated govt bureaucracies so most of the problem lies with the govt itself.
2. Paying for some retard to get a degree in art history or gender studies is not an investment. It's pissing away taxpayer money.
Posted on 11/30/16 at 10:49 am to Boudreaux35
quote:
Are they going to issue refunds to those of us who actually paid for their education?
What the frick?
no, being responsible gets you nothing other than a good night's rest.
Posted on 11/30/16 at 10:49 am to CorporateTiger
Hopefully it will be degree specific. Medical, Engineering, etc. Art and Business majors need not apply.
Posted on 11/30/16 at 10:50 am to hombreman9
quote:
Don't loose too much sleep over it. They will spend the rest of their lives bailing out boomer pensions, social security and Medicare.
Just like the next generation will spending the rest of their lives bailing them out when they are older. That's the way the cycle works.
Posted on 11/30/16 at 10:50 am to RLDSC FAN
I just went back to school and had to take out a small amount in student loans (to cover what my work tuition reimbursement didn't cover). Won't graduate till February. So I won't have to pay that back now?
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