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re: Pressures aligning on Biden, Democrats to forgive student loans
Posted on 1/12/22 at 8:10 am to Jbird
Posted on 1/12/22 at 8:10 am to Jbird
This is not the winning issue they think it is. Less than 40% of all Us citizens go to college. Despite the hysteria, the majority of that percentage doesn’t have crippling debt. This is a gift to a narrow segment of largely white, affluent millennials.
0
Posted on 1/12/22 at 8:13 am to Jbird
Lol so they are saying people voted for Biden strictly to have their student loans forgiven?
Jesus Christ. Inflation is 7% you fricking morons.
Jesus Christ. Inflation is 7% you fricking morons.
Posted on 1/12/22 at 8:14 am to Jbird
They are stuck in what I like to call the welfare trap. Once you create a new form of welfare, it will NEVER be canceled.
Once they suspended student loan payments, they will never be able to let them start back up again.
Once they suspended student loan payments, they will never be able to let them start back up again.
Posted on 1/12/22 at 8:15 am to dgnx6
quote:
so they are saying people voted for Biden strictly to have their student loans forgiven?
You don't believe they did?
I bet a pretty damn large number of young people pulled the lever for him based on this alone.
Posted on 1/12/22 at 8:18 am to Jbird
Borrow money, get an education, then default!
That's how you teach young people to be fiscally responsible!
F these idiots!
That's how you teach young people to be fiscally responsible!
F these idiots!
Posted on 1/12/22 at 8:24 am to DownshiftAndFloorIt
quote:
And what do we plan to do for all the people who went to work and paid theirs off early? This is about fairness, right? Seems us early payers deserve a little more than the non-payers, eh?
The dems will say this is equality because black people are to helpless to pay back loans. But the government created this. Black people have the highest percentage of all races with 60k+ in loans one year after they graduate.
quote:
Black and African American bachelor’s degree holders have an average $52,000 in student loan debt.
quote:
40% of Black graduates have student loan debt from graduate school while 22% of White college graduates have graduate school debt.
quote:
Over 50% of Black student borrowers report their net worth is less than they owe in student loan debt.
It didn’t have to be like this.
Posted on 1/12/22 at 8:25 am to DownshiftAndFloorIt
quote:
You don't believe they did? I bet a pretty damn large number of young people pulled the lever for him based on this alone.
No I’m just glad they are saying it out loud. That losers voted for him.
Posted on 1/12/22 at 8:26 am to Jbird
I think they could cut rates or make changes to the repayment schedule without forgiving the loans and not have it be taxable.
But a wholesale loan forgiveness is going to be a mean tax hit for some people. And this was a campaign promise that Biden backtracked on right away. He never intended to keep that promise.
Not sure what they plan to do for those of us that have paid it off. Probably nothing either way.
But a wholesale loan forgiveness is going to be a mean tax hit for some people. And this was a campaign promise that Biden backtracked on right away. He never intended to keep that promise.
Not sure what they plan to do for those of us that have paid it off. Probably nothing either way.
This post was edited on 1/12/22 at 8:28 am
Posted on 1/12/22 at 8:26 am to Jbird
The easiest/best remedy to student loans is to cut the interest. The interest is what is keeping the cycle going on payoffs.
Posted on 1/12/22 at 8:27 am to oldskule
This is going to happen. Ive worked in higher education for most of my career. Without going into the weeds, there is unbelievable pressure and lots of GOP lawmakers believe something is going to happen.
Here's what I think is going to happen.
1. Some sort of full on forgivable program without ties to public service employment. I think it will be 15 years instead of 10 and PSLF will stay 10.
2. If one graduates, the loans will be interest free. If you drop out, there will be interest and no opportunity for forgiveness.
3. If a borrower defaults, their 10/15 year clock restarts.
4. States will give incentives. For example, Mississippi currently offers $10,000 in loan forgiveness if you teach in a low income school district. I could see states offering incentives to live and work.
5. They will become dischargeable in bankruptcy.
Here's what I think is going to happen.
1. Some sort of full on forgivable program without ties to public service employment. I think it will be 15 years instead of 10 and PSLF will stay 10.
2. If one graduates, the loans will be interest free. If you drop out, there will be interest and no opportunity for forgiveness.
3. If a borrower defaults, their 10/15 year clock restarts.
4. States will give incentives. For example, Mississippi currently offers $10,000 in loan forgiveness if you teach in a low income school district. I could see states offering incentives to live and work.
5. They will become dischargeable in bankruptcy.
This post was edited on 1/12/22 at 8:28 am
Posted on 1/12/22 at 8:29 am to parrothead
quote:
The easiest/best remedy to student loans is to cut the interest. The interest is what is keeping the cycle going on payoffs.
Depending on what you have, interest might not start until 4 years after you graduate.
Anyone that graduated six years ago til now hasn’t owed shite yet. They should have been working to pay that off now.
How many people beyond that just stopped paying during this two year suspension? They should have been paying down that debt now.
This post was edited on 1/12/22 at 8:30 am
Posted on 1/12/22 at 8:32 am to dgnx6
quote:
They should have been paying down that debt now.
Why would anyone be paying zero interest debt in 2022?
Posted on 1/12/22 at 8:43 am to Jbird
Let me guess… Manchin will be 10% against it and at the last minute he’ll have a change of heart.
Posted on 1/12/22 at 8:50 am to Jbird
This is one of the few issues that I actually kind of agree with the Dem’s. While people shouldn’t have taken loans that they can’t afford to pay back it was and still is a predatory system that the government is a participant in targeting people from Kindergarten until their 20’s. While it is unfair for people to get loans forgiven the government shouldn’t have been in league with lenders to set people up for failure in the first place. No real good solution.
This post was edited on 1/12/22 at 10:29 am
Posted on 1/12/22 at 8:57 am to udtiger
quote:
I am sure these slack asses with the barista jobs will be able to pay the taxes on an extra $50k of income.
Would probably just cancel out their return
Posted on 1/12/22 at 9:21 am to WhiskeyThrottle
quote:
Yes, it will cause more harm on a national level than good on individual.
Can you explain how? I’m just trying to understand the issue better.
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