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Biden's Back Door Student Loan Forgiveness
Posted on 7/13/23 at 9:54 am
Posted on 7/13/23 at 9:54 am
Just got out of a webinar with Department of Education. Here's what Biden has planned to get around student loan forgiveness.
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.
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.
26
Posted on 7/13/23 at 9:56 am to anc
quote:
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
Methuselah is happy his student loans will be forgiven before he dies.
Posted on 7/13/23 at 9:57 am to anc
Sigh…
I shouldn’t have refinanced years ago when I did.
I shouldn’t have refinanced years ago when I did.
Posted on 7/13/23 at 9:58 am to anc
This should not hold up in court
Posted on 7/13/23 at 9:58 am to anc
Real life examples.
Jim went to engineering school and has $20,000 in loans. He has a nice $60,000 salary. His required payment will be $113 for up to 18 years.
Mary went to gender studies school and got $100,000 in loans. She works as a barista at Starbucks and makes $20,000. She will never have to make a payment as long as her income is not over $32,800.
They know what they are doing.
Jim went to engineering school and has $20,000 in loans. He has a nice $60,000 salary. His required payment will be $113 for up to 18 years.
Mary went to gender studies school and got $100,000 in loans. She works as a barista at Starbucks and makes $20,000. She will never have to make a payment as long as her income is not over $32,800.
They know what they are doing.
This post was edited on 7/13/23 at 10:02 am
Posted on 7/13/23 at 9:59 am to anc
quote:
No interest if payments are made on time. (Includes $0 payments in scenario above)
I 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.
Posted on 7/13/23 at 9:59 am to anc
quote:
No interest if payments are made on time. (Includes $0 payments in scenario above)
Only one I'm willing to listen to.
Screw the rest. You borrow money. You pay it back. All the other noise is bullshite. Pretty simple.
This is simply buying votes.
Just imagine borrowing $60,000 from a bank and expect not to pay it back. Just ridiculous.
This post was edited on 7/13/23 at 10:02 am
Posted on 7/13/23 at 10:00 am to anc
quote:
She will never have to make a payment as long as her income is not over $32,800.
But the loan will never be forgiven, either.
Posted on 7/13/23 at 10:00 am to Indefatigable
quote:
I 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.
Yep. I've always said 1% for responsible borrowers would be fine. I'm okay with 0%.
Posted on 7/13/23 at 10:00 am to Indefatigable
quote:
I 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.
I can't remember what my interest rate was back in the 90s, but I do seem to remember it being extremely low.. maybe around 2-3%?
My last semester at Auburn in '96 was around $2200
Now the cost is over $12000 per semester.
Same product. Same degree. Higher education (well, all education) has gotten ridiculous.
This post was edited on 7/13/23 at 11:14 am
Posted on 7/13/23 at 10:00 am to SlowFlowPro
quote:
But the loan will never be forgiven, either.
Makes for a good democrat voter for their entire life, doesn't it?
Posted on 7/13/23 at 10:03 am to anc
It’s funny because interest free loans and 30 year terms would be very generous.
Yet these idiots will still whine about how they can’t pay their bills and continue to demand full forgiveness.
Yet these idiots will still whine about how they can’t pay their bills and continue to demand full forgiveness.
Posted on 7/13/23 at 10:04 am to i am dan
quote:
I can't remember what my interest rate was back in the 90s, but I do seem to remember it being extremely low.. maybe around 2-3%?
There are some in the 5-7% range.
Posted on 7/13/23 at 10:04 am to anc
so, how should I spend my refund since I paid my shite off decades ago?
Posted on 7/13/23 at 10:09 am to anc
Who can’t pay a $12000 loan back after 10 years? Thats $100 a month
Posted on 7/13/23 at 10:10 am to anc
quote:
Biden's Back Door
I thought that was Kamala bent over.
Posted on 7/13/23 at 10:12 am to anc
it will go back to the courts
i dont know why obama thinks he's so clever. the courts have crushed his agendas when it hits federal courts.
i dont know why obama thinks he's so clever. the courts have crushed his agendas when it hits federal courts.
Posted on 7/13/23 at 10:13 am to anc
quote:So if you owe 100k, your debt will be cancelled after you die
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.
Posted on 7/13/23 at 10:44 am to anc
quote:
Biden's Back Door
A thread title that caused me to throw up in my mouth a little.
Posted on 7/13/23 at 10:51 am to anc
quote:
No interest if payments are made on time.
Yes please. That’s all I’m asking for. At the very least, lower it significantly.
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