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Started By
Message
re: White House set to cancel $10k of student loans
Posted on 5/27/22 at 7:55 am to wileyjones
Posted on 5/27/22 at 7:55 am to wileyjones
quote:
What about those who worked jobs to pay while in college?
You think they give a frick about you?
This is as big a "frick you" as anything for somebody who paid theirs back early.
0
Posted on 5/27/22 at 7:56 am to GreatLakesTiger24
quote:
i have a buddy who still has like 60k in student debt but i'm pretty sure he's making north of 130k. tough!
Sounds like it's probably worth it at least. But yea, the constant need to punish people that make good decisions and are successful sure gets old.
Posted on 5/27/22 at 7:56 am to bulldog95
quote:
I understood that if I signed and received a loan then I had to pay it back.
So did I, but I'm going to take the free money if I qualify. I wouldn't vote for it, but that part is out of my control.
You're acting like this is some universal thing.
Posted on 5/27/22 at 7:57 am to BurningHeart
Posted on 5/27/22 at 7:58 am to BurningHeart
You signed up for the loan...YOU should pay it back!!
Posted on 5/27/22 at 7:58 am to BurningHeart
Worked my arse off during school and after to pay mine off. I want a fricking refund. Infuriating!
Posted on 5/27/22 at 7:59 am to LNCHBOX
When you live in a place where its financially prudent to "divorce" your wife and start sending her mail to her parents, the system is fricked.
Posted on 5/27/22 at 8:04 am to go ta hell ole miss
quote:
There is an income limit cap of $125k, so if you make more than that they are not cancelling any of your debt.
What a horse shite number. This is pure pandering, voter marketing, and not tied to those for whom it would make sense (and I mean within the clown-world of debt-forgiveness, not sensical in the abstract) to forgive.
A couple making under $125k is the least likely to have high debt burden. This is a further attack on the middle class for partisan purposes. ETA: apparently this is wrong, if CNN is to be believed (hmmm). Not linking it, but they say:
quote:
Only about 18% of households with incomes above $125,000 have student debt.
I can't imagine this being true or unskewed in some way.
eta, here's the whole section from CNN art.
quote:
How many households could benefit?
About 19% of households that have total incomes below $125,000 have student loan debt, according to Matthew Chingos, vice president of education data and policy at the Urban Institute. He based the estimation on the 2019 Survey of Consumer Finances conducted by the Federal Reserve.
That means about 81% of households below the income threshold don't have student loan debt and would not see a benefit if Biden takes new action.
Most households would still not benefit even if the President did not put an income threshold in place. Only about 18% of households with incomes above $125,000 have student debt.
bold part is key
This post was edited on 5/27/22 at 8:08 am
Posted on 5/27/22 at 8:05 am to BurningHeart
People who used their loans/degrees to actually become productive taxpayers need not apply, of course
Posted on 5/27/22 at 8:10 am to McLemore
quote:
That means about 81% of households below the income threshold don't have student loan debt and would not see a benefit if Biden takes new action.
Most households would still not benefit even if the President did not put an income threshold in place. Only about 18% of households with incomes above $125,000 have student debt.
Sounds like that's a really small number and they should be included since they fund it via taxes. I fricking hate these people. $62.5k is pretty much nothing if you have kids
Posted on 5/27/22 at 8:11 am to BurningHeart
This won’t be inflationary.
Posted on 5/27/22 at 8:15 am to BurningHeart
If the rumors are true that he's pairing announcing the end to the payment moratorium at the same time as announcing $10k worth of forgiveness, I think it will be a political net loss for Biden and Democrats. Will be interesting to watch, either way.
Posted on 5/27/22 at 8:15 am to BurningHeart
Absolutely incredible. Wiping out debt does not happen in a vacuum.
Money borrowed is money owed and when it does not get paid back, there are repercussions. The ultimate lender gets shafted. Why does that not matter?
Money borrowed is money owed and when it does not get paid back, there are repercussions. The ultimate lender gets shafted. Why does that not matter?
Posted on 5/27/22 at 8:19 am to go ta hell ole miss
quote:
It won’t apply to anyone on the OT. There is an income limit cap of $125k, so if you make more than that they are not cancelling any of your debt.
Everyone on OT making 200k plus as a laborer or contractor worker lol
Posted on 5/27/22 at 8:20 am to BurningHeart
So, does that mean I get several thousand back? Since I’ve been paying?
I could use it to fight the increased inflation from this
I could use it to fight the increased inflation from this
Posted on 5/27/22 at 8:22 am to LNCHBOX
quote:
$62.5k is pretty much nothing if you have kids
truly. especially since my kids' staples have doubled or more in the past 6 months.
Posted on 5/27/22 at 8:22 am to Joshjrn
quote:
end to the payment moratorium
I cannot believe this is still a thing.
Posted on 5/27/22 at 8:23 am to Joshjrn
quote:do you mean the moratorium will not be extended (again) past 8/31 or whatever it is??
If the rumors are true that he's pairing announcing the end to the payment moratorium at the same time as announcing $10k worth of forgiveness, I think it will be a political net loss for Biden and Democrats.
Posted on 5/27/22 at 8:24 am to BurningHeart
If this happens, I would think there would be a shite ton of lawsuits for people who paid their loans off.
Posted on 5/27/22 at 8:24 am to thegreatboudini
quote:i thought they were going to keep it thru midterms and not cancel any debt tbh
I cannot believe this is still a thing.
eta: and run on cancellation
This post was edited on 5/27/22 at 8:24 am
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