Student loan 'Forgiveness",Too little to help anyone, just enough to make everyone angry

[actaeon277]

Only if they tax them at 100% for their 10 grand "gimme" will they learn that. "Here's your 10 grand for your student loan! Now give it back to pay your taxes on it." That's how it should work.

They still need to pay for those that don't have enough. So it should be up to everything they own.

 

[DoggyDaddy]

They still need to pay for those that don't have enough. So it should be up to everything they own.

No, they don't need to pay for anyone but themselves. Nobody should be responsible for someone else's debt. Period. Full stop.

 

[actaeon277]

No, they don't need to pay for anyone but themselves. Nobody should be responsible for someone else's debt. Period. Full stop.

Then we'd never have this problem.
Since we do...
take the money from the people that thought this was a good idea. All the money.

 

[DoggyDaddy]

Then we'd never have this problem.
Since we do...
take the money from the people that thought this was a good idea. All the money.

The 10K is only going to people with federal loans. So guess who that means... Where does the federal government get their money? I didn't agree to it. You didn't agree to it. Yet here we are.

 

[actaeon277]

 

[KG1]

The 10K is only going to people with federal loans. So guess who that means... Where does the federal government get their money? I didn't agree to it. You didn't agree to it. Yet here we are.

Has anyone seen my wallet?

 

[Hkindiana]

Instead of “I struggled so you should have to struggle,” try “I struggled and I’m so glad you don’t have to struggle like I did.”

As a recent graduate, I am thankful that this is coming - not even for myself, but for those who chose an education to give themselves and the lives of their families a better future. People would be able to pay off their debt if the interest rates weren’t so high, the cost of living and every day goods were increasing, and hourly wages or yearly income is so low.

It shouldn’t cost so much to get a state college education.

WOW, I hope you intended that in PURPLE.

 

[gregr]

MSN

$10,000 per.

Inflation not bad enough? Want a little help, but not enough to make a positive impact? Against "cancellation" in principle? This plan has something to make everyone disappointed. Can this administration do anything right?

These Einstein's signed a legally binding contract and took out a big-boy loan. They TOOK the money. They SPENT the damned money. THEY and ONLY they are liable to pay it back, NOT the U.S. taxpayer.

 

[tim87tr]

Instead of “I struggled so you should have to struggle,” try “I struggled and I’m so glad you don’t have to struggle like I did.”

As a recent graduate, I am thankful that this is coming - not even for myself, but for those who chose an education to give themselves and the lives of their families a better future. People would be able to pay off their debt if the interest rates weren’t so high, the cost of living and every day goods were increasing, and hourly wages or yearly income is so low.

It shouldn’t cost so much to get a state college education.

Unfortunately it's a vicious circle sponsored by Big Gov. As the student loans became much easier to acquire, the state colleges raised their tuitions. May have turned out to be a zero sum game.

In conjunction with this I'll add that many career paths with college degrees are not paying a living salary. I'd say a lot of this is intentional. Technical trades or a unique skillset looks like a good alternative in the future.

 

[DoggyDaddy]

WOW, I hope you intended that in PURPLE.

I just went to look for his original post and it's gone. Was he shootered?

 

[KG1]

I just went to look for his original post and it's gone. Was he shootered?

No I think "she" deleted it because she may have got the feeling that her opinion wouldn't be popular.

 

[oze]

Wait in til the recipients find out the debt relief is taxable! LOL!!!

Pretty sure that the $10 grand is not subject to federal taxes, in most cases. States vary.

 

[gregr]

Pretty sure that the $10 grand is not subject to federal taxes, in most cases. States vary.

Something like 47% of Americans don`t pay federal taxes, because they`re SO poor. Now a great many weasels are getting out of their student loan debt, which falls upon those of us who DO pay federal taxes. This crap has GOT to stop. There`s only so much those of us who actually PAY our way can bear..

 

[jamil]

So STEM students that are responsibly handling their debt and working with private lenders are not included, so only worthless degrees are getting bailed out…

I don’t know that one necessarily correlates that well with the other.

 

[mmpsteve]

EveryDayCarrie said:
People would be able to pay off their debt if the interest rates weren’t so high, the cost of living and every day goods were increasing, and hourly wages or yearly income is so low.

It shouldn’t cost so much to get a state college education.



OK, so I've highlighted the most important statement that you made. Here's the thing - Elections Have Consequences. Maybe consider spreading that to those whom you think might understand it.

20 months ago we lived in a whole different world, in terms of the economy, world events and societal dystopia.

The conditions you describe above didn't have to be. Your generation can be the difference going forward.

.

 

[gregr]

EveryDayCarrie said:
People would be able to pay off their debt if the interest rates weren’t so high, the cost of living and every day goods were increasing, and hourly wages or yearly income is so low.

It shouldn’t cost so much to get a state college education.



OK, so I've highlighted the most important statement that you made. Here's the thing - Elections Have Consequences. Maybe consider spreading that to those whom you think might understand it.

20 months ago we lived in a whole different world, in terms of the economy, world events and societal dystopia.

The conditions you describe above didn't have to be. Your generation can be the difference going forward.

.

More than anything else, the same lame arguments could be made regarding mortgage payments or anything else. IF you take out a loan, YOU pay it back. PERIOD.

 

[actaeon277]

And now they're coming down on Biden for discriminating against the non-elite.
Meaning, people not going to college/university.

 

[Tombs]

Here's how I'd solve the college debt situation:

1.) Establish a government bank/loan system
2.) Offer zero interest loans for degrees that are currently needed in the work force
3.) Make repayment of those loans function as an opt-in additional tax, that is only applied when making money off that degree
4.) Some sort of legal stipulation that would prevent someone from leaving the country before they pay back their loan

It helps everyone and improves the GDP of the country. It presents zero risk to the individual and drives people into needed fields. So you'd have far more qualified people entering the work force, taking up degrees that the market is demanding.

If you want a junk degree, have fun sorting out financing for it, as it doesn't benefit society.
It would also dramatically cut back on riff raff at colleges as nobody would be taking their quack courses.

 

[MCgrease08]

Something like 47% of Americans don`t pay federal taxes, because they`re SO poor. Now a great many weasels are getting out of their student loan debt, which falls upon those of us who DO pay federal taxes. This crap has GOT to stop. There`s only so much those of us who actually PAY our way can bear..

The bottom 50% of wage earners pay just 3% of the federal taxes. At least according to data from 2017 and published in 2020. I suspect it's only gotten worse since then.

Summary of the Latest Federal Income Tax Data, 2020 Update

The top 1 percent of taxpayers pay a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

taxfoundation.org

 

[Knight Rider]

Pretty sure that the $10 grand is not subject to federal taxes, in most cases. States vary.

If Your Student Loan Are Forgiven, Will You Owe Taxes on Them Next Year?

Widespread student loan forgiveness was announced for millions of borrowers. Here's what that means for next year's tax bill.

www.cnet.com

No tax on loan forgiveness thru 2025 according to CNET.