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Started By
Message
re: Student loan relief contributing to 27% jump in projected federal budget deficit
Posted on 6/20/24 at 9:41 am to stout
Posted on 6/20/24 at 9:41 am to stout
My daughter is part of a program for school teacher where if they teach math, science, or special ed in a Title I school, then they will get $17,500 in student loans forgiven. THIS is an incentive-based program to get teachers in lower-income schools.
I hate all of this loan "forgiveness" crap, but this is part of a program that has been in place as law (approved by Congress) since the 90s.
She has had to deal with kids with virtually no parental support for five years now...she has earned this loan "forgiveness."
I hate all of this loan "forgiveness" crap, but this is part of a program that has been in place as law (approved by Congress) since the 90s.
She has had to deal with kids with virtually no parental support for five years now...she has earned this loan "forgiveness."
1
Posted on 6/20/24 at 9:42 am to gasbaw
quote:
I'm hoping to be forgiven in a few months. Spent 10 years in a government job making less money to qualify.
Why not take the higher paying job in the private industry and pay the loan back?
My guess is you have a Bullsh*te degree.
Posted on 6/20/24 at 10:15 am to stout
I get what you're saying with this contribution to the debt and I agree it's all BS. I do have a couple of opinions on in it...
1) My family has paid MUCH more into a failed tax program. I look at it as we got a tax return for the first time in over two decades.
2) What are we supposed to do? I didn't notice an option to decline.
3) We fully expect this debet to be reapplied and probably with expectations to be made current, with penalties, so we've continued to save each payment to prepare.. 
1) My family has paid MUCH more into a failed tax program. I look at it as we got a tax return for the first time in over two decades.
2) What are we supposed to do? I didn't notice an option to decline.
3) We fully expect this debet to be reapplied and probably with expectations to be made current, with penalties, so we've continued to save each payment to prepare.
. 
Posted on 6/20/24 at 10:16 am to stout
quote:I mean maybe but who takes out over 100k in debt to be a government worker
I have had this argument before. Say you take a $10K yearly pay cut vs the private sector but in the end you get $100K forgiven then you didn't take a pay cut at all.
Posted on 6/20/24 at 10:19 am to Bjorn Cyborg
quote:
They are forgiving many loans that are outside this program.
Which ones?
The only other ones I’ve seen mentioned are those that have been on repayment plans for 20 years, which offer forgiveness after that long.
Posted on 6/20/24 at 10:20 am to Bjorn Cyborg
quote:
They are forgiving many loans that are outside this program.
Which?
It's certainly the vast majority. There are other small Congressional acts that permit forgiveness (I think there was something specific for the defunct for-profit colleges, for example.)
The maturity of this program started in 2017-2018, which had an initial disaster (b/c that's what government does) and is just starting to get the process flowing. So it's just getting started and will continue to go until the law is repealed (which will create some due process issues for those already in the program which may prevent it from just stopping immediately).
Posted on 6/20/24 at 10:22 am to udtiger
quote:
Seems to me that the Executive cannot, on its own, take actions that materially increase the public debt.
Well there are Congressional laws for this stuff, this time at least.
Posted on 6/20/24 at 10:27 am to Pelican fan99
quote:
I mean maybe but who takes out over 100k in debt to be a government worker
The program was meant to primarily attract graduates with STEM, advanced, or professional degrees like engineers, accountants, lawyers etc that otherwise wouldn't work in government or the non-profit world due to lower pay levels. It just so happens to also bring along those with meh degrees.
The PSLF program requires the loans to be consolidated back into direct lending so the US government "forgives" debt it holds. Basically it's a write off (loss of revenues) vs an expenditure requiring an appropriation by Congress.
Posted on 6/20/24 at 10:36 am to Indefatigable
quote:
Sounds idiotic to me,
As I said, some people have the character to do that, some don't. "Legal" and "ethical" aren't equivalent for some folks, myself included.
Posted on 6/20/24 at 10:41 am to Flats
quote:
As I said, some people have the character to do that, some don't. "Legal" and "ethical" aren't equivalent for some folks, myself included.
This reminds me of the Leftists sniping at Ayn Rand for using Medicare
Posted on 6/20/24 at 11:01 am to SlowFlowPro
quote:
This reminds me of the Leftists sniping at Ayn Rand for using Medicare
How?
Posted on 6/20/24 at 11:02 am to stout
The vast majority on here do not even know how inflation works.
Posted on 6/20/24 at 11:04 am to Flats
Well in both cases they were put into a paradigm they did not create, made choices pursuant to the rules, and then had the option to receive benefits.
It's similar to the arguments about means testing Social Security.
It's similar to the arguments about means testing Social Security.
Posted on 6/20/24 at 11:07 am to stout
Brainiac congressman James Clyburn says the American people are not paying for student loan forgiveness.....the government is. 
Posted on 6/20/24 at 11:09 am to stout
Wow. Who knew that buying votes with tax dollars would cost money?
Posted on 6/20/24 at 11:10 am to SlowFlowPro
quote:
made choices pursuant to the rules,
That seems to be in question here. I don't care about this enough to dive into the details, but the administration keeps announcing this forgiveness as something new and unexpected, leading me to believe they're, ah, interpreting the rules to add as many people as possible.
That's a lot different than someone who, 10 years ago, agreed to loan forgiveness in exchange for working in BFE La. In that case nobody would be "hoping" for loan forgiveness, it would be essentially a contract both sides agreed to a decade ago.
Posted on 6/20/24 at 11:11 am to Pelican fan99
quote:
Biden hasn't actually forgiven student loan debt he just uses already in place programs and takes credit for it
The US has $35 trillion in debt and is adding another $2 trillion in 2024, there shouldn't be any student loan forgiveness with the exception of maybe those who served in the military and those who have degrees that have been deemed critical for the economy (mainly STEM) and those people should be heavy scrutinized before any loan is forgiven.
Posted on 6/20/24 at 11:19 am to Flats
quote:
but the administration keeps announcing this forgiveness as something new and unexpected, leading me to believe they're
They’re just trying to buy votes because they know most people won’t read articles, just the headlines. Much like this thread where people are assuming it’s random loans being forgiven & not those that agreed to a program 10+ years ago to have them forgiven.
Posted on 6/20/24 at 11:24 am to whoa
quote:
Much like this thread where people are assuming it’s random loans being forgiven & not those that agreed to a program 10+ years ago to have them forgiven.
Maybe they think that because that's what the program has apparently morphed into.
https://studentaid.gov/debt-relief-announcement
There are all sorts of instructions there about people applying for debt forgiveness for loans they already have. That doesn't sound like an agreement reached 10 years ago to me.
Posted on 6/20/24 at 11:30 am to Flats
When is the Biden Harris Administration going to provide relief to the mortgage on my house?
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