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

[Route 45]

North Carolina says it will tax Biden's student-loan forgiveness, and 3 more states are likely to follow suit

Student-loan forgiveness is considered taxable income in North Carolina, the state's Department of Revenue said on Wednesday.

www.businessinsider.com

 

[JettaKnight]

North Carolina says it will tax Biden's student-loan forgiveness, and 3 more states are likely to follow suit

Student-loan forgiveness is considered taxable income in North Carolina, the state's Department of Revenue said on Wednesday.

www.businessinsider.com

Why not? Cancellation of debt is taxable.

 

[HoughMade]

Soooooo many people are acting like this is a done deal and they are just waiting on their checks.

It is far from.

Why do you think the deadline for applications is October 31 with "relief" coming at some uncertain time after that? What happens the week after the deadline?

The Democrats would rather have the argument that they "tried" to get loan forgiveness and "the mean old Republicans are trying to stop us" than they would to provide actual loan forgiveness.

There shall be lawsuits a-flyin'.

 

[Creedmoor]

IMO money just amplifies the person. If they aren't happy poor, they won't be happy rich. If they're assholes poor, they'll just be bigger assholes.

"We're America's worst nightmare—white trash with money" Roseanne Barr

 

[Ark]

Soooooo many people are acting like this is a done deal and they are just waiting on their checks.

It is far from.

Why do you think the deadline for applications is October 31 with "relief" coming at some uncertain time after that? What happens the week after the deadline?

The Democrats would rather have the argument that they "tried" to get loan forgiveness and "the mean old Republicans are trying to stop us" than they would to provide actual loan forgiveness.

There shall be lawsuits a-flyin'.

Do they even have applications live yet? Literally nothing was even in place for the announcement.

I'm leaning more and more toward this being a ploy and a rug pull coming later. The president can't actually sign a piece of paper and spend a trillion dollars. They're doing this to buy votes, then in late 2023 or early 2024 and court ruling will drop and the debt will come back and Democrats will scream and cry and how Republicans grinched everyone and they'll promise $50k in vote buying for the presidential election.

 

[HoughMade]

Do they even have applications live yet? Literally nothing was even in place for the announcement.

I have heard some things about people filling out applications and the due date, but frankly, maybe they are being scammed.

There will, inevitably, be lawsuits, but I hope a sane judge somewhere issues a TRO to prevent the debts from being "forgiven" until the authority to do this is determined. Otherwise, I fear that NO politician will actively support putting the debt back on these people and vote to ratify the plan even if a court says the EO is wrong.

Congress CAN do this.

 

[actaeon277]

So, since I'm paying for all these degrees, do I get to claim them for job applications?

 

[Ark]

I have heard some things about people filling out applications and the due date, but frankly, maybe they are being scammed.

There will, inevitably, be lawsuits, but I hope a sane judge somewhere issues a TRO to prevent the debts from being "forgiven" until the authority to do this is determined. Otherwise, I fear that NO politician will actively support putting the debt back on these people and vote to ratify the plan even if a court says the EO is wrong.

Congress CAN do this.

And that's the whole point: to force Republicans to play Scrooge and yank the presents out of the little boys and girls' hands. Which they'll never do, of course.

I'm a jackass too. I know it's bad for the country and it's a moral hazard, but I'll tuck tail and take the handout anyway, because I don't want to write that check to the feds anymore if i don't have to. The handout system expands because in the end people take it.

 

[HoughMade]

I'm a jackass too. I know it's bad for the country and it's a moral hazard, but I'll tuck tail and take the handout anyway, because I don't want to write that check to the feds anymore if i don't have to. The handout system expands because in the end people take it.

That's the "nice" thing about having mine paid off and already have put 2 of my kids through college debt free.

I can cling to the moral high ground even though I know very well I would have taken it.

 

[KLB]

That's the "nice" thing about having mine paid off and already have put 2 of my kids through college debt free.

I can cling to the moral high ground even though I know very well I would have taken it.

You'd be foolish not to.

 

[jamil]

The government bought the debt a long time ago. The lenders already have their money.

Lenders have their money. Schools have their money. The debt gets pushed out into the ether.

 

[KLB]

Lenders have their money. Schools have their money. The debt gets pushed out into the ether.

Instead of debt for the borrowers, it gets dropped in with the other 30+ trillion we already owe.

Congress should all be locked up for the way they have been pissing money away. Our debt is way out of hand at this point, and they show no signs of slowing down the spending.

 

[Firehawk]

I guess I don’t understand national dept. I mean I know what it is. But the government acts like it never needs to be paid back. Personal loans have consequences if they are not paid back to the point you can be denied borrowing anymore. Is the government free from consequences of endless borrowing and not paying it back?

 

[BigRed]

Congress should all be locked up for the way they have been pissing money away.

There is an understatement!

 

[KLB]

I guess I don’t understand national dept. I mean I know what it is. But the government acts like it never needs to be paid back. Personal loans have consequences if they are not paid back to the point you can be denied borrowing anymore. Is the government free from consequences of endless borrowing and not paying it back?

Well, the government is not who will suffer when it all comes crashing down, we are.

 

[GodFearinGunTotin]

Good.

 

[Onebad06vtx]

North Carolina says it will tax Biden's student-loan forgiveness, and 3 more states are likely to follow suit

Student-loan forgiveness is considered taxable income in North Carolina, the state's Department of Revenue said on Wednesday.

www.businessinsider.com

Oh there going to be taxed,so are We the people!
Everyone is going to pay for this crock of sh#t!

 

[SnoopLoggyDog]

Daughters were all excited that $10k of their collage debt was going to be forgiven. Then they read the fine print. No debt forgiveness until 10 years of payments have been made.

FACT SHEET: President Biden Announces Student Loan Relief for Borrowers Who Need It Most | The White House

A three-part plan delivers on President Biden’s promise to cancel $10,000 of student debt for low- to middle-income borrowers President Biden believes that a post-high school education should be a ticket to a middle-class life, but for too many, the cost of borrowing for college is a lifelong...

www.whitehouse.gov

 

[edwea]

View attachment 221816
Daughters were all excited that $10k of their collage debt was going to be forgiven. Then they read the fine print. No debt forgiveness until 10 years of payments have been made.

FACT SHEET: President Biden Announces Student Loan Relief for Borrowers Who Need It Most | The White House

A three-part plan delivers on President Biden’s promise to cancel $10,000 of student debt for low- to middle-income borrowers President Biden believes that a post-high school education should be a ticket to a middle-class life, but for too many, the cost of borrowing for college is a lifelong...

www.whitehouse.gov

I think this is something different. The public service loan forgiveness program has been around since Obama. I actually think it's a good program. As it relates to teachers, police, etc. Get a degree in a useful field, work in that field in an area that is in need of those people for 10 years (while making payments), remainder of loan forgiven (not transferred to the tax base).

 

[KLB]

remainder of loan forgiven (not transferred to the tax base).

How do you figure? It is a government loan of government dollars to an individual. Forgiving that loan adds to the deficit.