Page 2 of 2 FirstFirst 12
Results 13 to 22 of 22

Thread: $300 billion Student-loan debt forgiveness

  1. #13

    Join Date
    Dec 2009
    Location
    Oregon
    Posts
    3,651

    Default Re: $300 billion Student-loan debt forgiveness

    Quote Originally Posted by rangerray View Post
    I donít think any President ought to be able to just summarily dole out taxpayer money that way.

    Why arenít people concerned about taking on so much debt anyway? Itís not my fault they made bad decisions.

    Many things in life arenít fair. I get that, but this problem (student debt) didnít just spring up due to the pandemic. It is a campaign promise being fulfilled right here before the elections.


    Scott Harrison
    Senatobia, MS

    I would ask a different question, why isn't public higher education affordable for the average citizen (those in the mid to 80th income percentiles) without requiring significant and often economically crippling loans at interest rates that are higher than rates for mortgages, cars and business loans as they were in the 50s, 60s and 70s?

  2.  
  3. #14

    Default Re: $300 billion Student-loan debt forgiveness

    Quote Originally Posted by Khotso View Post
    I would ask a different question, why isn't public higher education affordable for the average citizen
    I agree. Tuition has gone up exponentially faster than inflation. It's like medical expenses - if someone else is paying for it (insurance, govt.), the price just keeps going higher until it's insane! Maybe medical bills should be forgiven as well? It's all a ruse and we are the victims, but I digress.
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.

  4.  
  5. #15

    Join Date
    Oct 2004
    Location
    Orlando, FL
    Posts
    6,809
    Blog Entries
    1229

    Default Re: $300 billion Student-loan debt forgiveness

    I am pretty sure that loan forgiveness is taxable. So the Government shifts the burden to someone else (taxpayer) and taxes the student on the forgiven debt. Where is the downside to the
    Government? Heads I win, Tails you lose. And many students won't see it coming. They'll vote in November and likely find out after the fact that they have a big tax bill that the Government wants right now.

  6.  
  7. #16

    Join Date
    Mar 2006
    Location
    Raleigh, NC
    Posts
    3,419

    Lightbulb Re: $300 billion Student-loan debt forgiveness

    Here are a few things that are sad and funny in a stupid kinda way:

    • We have been basically living on my paycheck while the wife changes career paths. Not a hard thing to do in North Carolina, it would have been impossible in Kalefonea. Well, the wife has a little over $10K on her previous student loan. Once she passes these four CPA tests she will be on a high paying career path with lots of work opportunity in the area. So, we will get her loan wiped out by this fandango since our income is currently under the $125K - but, our income will be higher than the break point once she finds gainful employment. Too funny. Kinda sad that some GS-3 is on the hook for paying off my wife's loan, but there you go. Sad and stupid as I said.
    • I guess that education is worth nothing - since that is what people are willing to pay. Are future students going to actually pay their student loans, and if so - why?
    • And, this has been in the works for quite some time. This could not have been done if the Feds had not taken over the student loan program.
    Lookin' up at the 'G Fund'!!!

  8.  
  9. #17

    Default Re: $300 billion Student-loan debt forgiveness

    Here’s what President Biden’s student loan forgiveness means for your taxes

    Borrowers who will benefit from student loan forgiveness won’t need to worry about getting hit with a federal tax bill.

    But they may owe state taxes on the forgiven debt.

    Here’s what you need to know...
    https://www.cnbc.com/2022/08/24/here...chterm=taxable




    Quote Originally Posted by coolhand View Post
    I am pretty sure that loan forgiveness is taxable. So the Government shifts the burden to someone else (taxpayer) and taxes the student on the forgiven debt. Where is the downside to the
    Government? Heads I win, Tails you lose. And many students won't see it coming. They'll vote in November and likely find out after the fact that they have a big tax bill that the Government wants right now.
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.

  10.  
  11. #18

    Join Date
    Oct 2004
    Location
    Orlando, FL
    Posts
    6,809
    Blog Entries
    1229

    Default Re: $300 billion Student-loan debt forgiveness

    Quote Originally Posted by tsptalk View Post
    Hereís what President Bidenís student loan forgiveness means for your taxes



    https://www.cnbc.com/2022/08/24/here...chterm=taxable
    So, they waived it. Interesting.


  12.  
  13. #19

    Join Date
    Sep 2006
    Location
    Upstate NY
    Posts
    3,888
    Blog Entries
    46

    Default Re: $300 billion Student-loan debt forgiveness

    $10,000 is hardly life changing money. That's what, 1-2 years of debt repayment? How much is this really going to help individuals? Inflation from cutting Keystone Pipeline, the 3rd stimulus check, and now debt writeoffs are making it impossible for some to even buy food anymore. This doesn't help them one bit. Is this going to jump start those who haven't made payments for the past year into making payments again? I doubt it. Will colleges just raise prices because of this similar to how prices rose due to the first time home buyer credit and EV subsidies?

    Manchin gets snookered into some kind of green deal which the CBO says won't even being to lower the deficit until around 2027 and it will only be by $100B. That "savings" is completely negated with this Tammany Hall deal.

    CBO estimates that enacting this legislation would result in a net decrease in the deficit totaling $102 billion over the 2022-2031 period
    https://www.cbo.gov/publication/58366

    Capitalism is what we have in the US. Call it what you want, but it's brought the most amount of wealth to the most amount of people in history. Risk is a factor in capitalism. How many small businesses in your neighborhood had to close up shop after one year because they failed? Probably more than a few. They tried, they failed, they took on that risk and paid for it. Where has risk gone today?

    This doesn't compare to bailouts in 2008 either. The government ultimately made money off the loans given to the banks during that time.

    The cost of college needs a good hard look. Two places to start are the money brought in by major university athletics (Big 10, SEC, ACC, etc TV contracts) and amount of expensive research performed by tenured professors that add little to no value to society.

    It's still far from over. Don't forget, even though the MSM didn't cover it much, all those vaccine mandates got shot down and they were executive orders.

  14.  
  15. #20

    Default Re: $300 billion Student-loan debt forgiveness

    Quote Originally Posted by Khotso View Post
    I would ask a different question, why isn't public higher education affordable for the average citizen (those in the mid to 80th income percentiles) without requiring significant and often economically crippling loans at interest rates that are higher than rates for mortgages, cars and business loans as they were in the 50s, 60s and 70s?
    I think the answer to your question is right there.

  16.  
  17. #21

    Join Date
    Mar 2006
    Location
    Raleigh, NC
    Posts
    3,419

    Default Re: $300 billion Student-loan debt forgiveness

    Quote Originally Posted by Khotso View Post
    I would ask a different question, why isn't public higher education affordable for the average citizen (those in the mid to 80th income percentiles) without requiring significant and often economically crippling loans at interest rates that are higher than rates for mortgages, cars and business loans as they were in the 50s, 60s and 70s?
    I'll ask that question a different way: Why was my high school education better than that provided now? High school education is free... High school education was free...
    Lookin' up at the 'G Fund'!!!

  18.  
  19. #22

    Join Date
    Jul 2016
    Location
    Texas
    Posts
    2,278

    Default Re: $300 billion Student-loan debt forgiveness

    The SAGA continues... Biden forgives another $4.8 billion in federal student loan debt, but alternative relief plan hits a snag

    I never had a student loan and I don't have anything against the Government or Private Industry paying off a portion of employee's Student Loan as an employee benefit but I totally disagree with this this attempt to buy votes. Unfortunately the recipients don't feel any of the consequences of debt forgiveness if they don't have to pay taxes for what should be considered additional income.

    I'm sure there are "millions more saddled with ballooning federal student loans" when the Federal Government tells everyone you don't have to make any payment for 3-4 years. I wonder how many didn't make payments during that period (hoping for forgiveness) even when there income resumed or increase during same time period? Are we bailing out the students or the financial institutions? Trying to fix a problem they created?


    How come no one holds the universities/colleges responsible for graduating students that can't get decent jobs to pay back those student loans in a reasonable amount of time? Granted, not all students graduate & Student Loans are not for just used for Tuition & Books, but it encourages debt mentality that is so prevalent today.

    The only definite way to discharge Student Loans without paying it is to die (I wonder how much student debt has been wiped out from death since start of COVID). It use to be difficult if not impossible to get Student Loans discharged in Bankruptcy but the Biden administration has made changes to make that easier now, see Office of Public Affairs | Justice Department and Department of Education Announce a Fairer and More Accessible Bankruptcy Discharge Process for Student Loan Borrowers | United States Department of Justice

    I don't know why I still expect some degree financial responsibility from our government.

  20.  
Page 2 of 2 FirstFirst 12

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
S&P500 (C Fund) (delayed)
0 billion Student-loan debt forgiveness
(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)
0 billion Student-loan debt forgiveness
(Stockcharts.com Real-time)
EFA (I Fund) (delayed)
0 billion Student-loan debt forgiveness
(Stockcharts.com Real-time)
BND (F Fund) (delayed)
0 billion Student-loan debt forgiveness
(Stockcharts.com Real-time)

Yahoo Finance Realtime TSP Fund Tracking Index Quotes