What is going on with student loans?

[Anonymous]

Estimated sum of the $10k means tested is rumored to be around $125-150 billion — out of the nearly $2 trillion total sum of outstanding student loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just by looking at the theme of the tweets today, I have a hunch it’s going to be an executive order focusing on undergraduate debt — likely means tested. Plus you have to factor in Dr Jill Biden being a two year community college professor, where inner city and working class students often have $10k to $20k in federal loans, and over half never finished their program. And undergraduate caps are low, I think $30k max lifetime, not the obscene six-figure sums you see with master’s and professional degrees.

Dr Jill Biden has taught at:

Delaware Technical Community College
$9,000 median federal student loan total (before interest)
25% program completion rate

Northern Virginia Community College
$11,000 median federal student loan total (before interest)
25% program completion rate

Dr Biden personally has taught thousands of working class first-generation college students who never completed their program but are trapped in federal student loan debt. $9,000-11,000 quickly becomes $20,000+ after years of compounding interest and fees. It's impossible to pay off $20,000+ while stuck in a dead-end job.

It’s a shame she couldn’t teach better, then maybe they’d have better jobs.

[Anonymous]

Anonymous wrote:Estimated sum of the $10k means tested is rumored to be around $125-150 billion — out of the nearly $2 trillion total sum of outstanding student loans.

Prepare for the lawsuits... a completely arbitrary forgiveness like this will be challenged.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Estimated sum of the $10k means tested is rumored to be around $125-150 billion — out of the nearly $2 trillion total sum of outstanding student loans.

Prepare for the lawsuits... a completely arbitrary forgiveness like this will be challenged.

Just like his other executive orders that the Supreme Court ruled against.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Estimated sum of the $10k means tested is rumored to be around $125-150 billion — out of the nearly $2 trillion total sum of outstanding student loans.

Prepare for the lawsuits... a completely arbitrary forgiveness like this will be challenged.

There are a million things like this...child tax credits for example.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Estimated sum of the $10k means tested is rumored to be around $125-150 billion — out of the nearly $2 trillion total sum of outstanding student loans.

Prepare for the lawsuits... a completely arbitrary forgiveness like this will be challenged.

There are a million things like this...child tax credits for example.

Lol. Child tax credits are not debt forgiveness.

[Anonymous]

I wonder how they will verify income. It sounds like they will just use whatever is on file.

[Anonymous]

Anonymous wrote:I wonder how they will verify income. It sounds like they will just use whatever is on file.

Get ready to be audited.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I wonder how they will verify income. It sounds like they will just use whatever is on file.

Get ready to be audited.

Here's my W2.
Yearly income $72,489.
Done.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I wonder how they will verify income. It sounds like they will just use whatever is on file.

Get ready to be audited.

Audited for what? The tax information is linked to the recertification. The million dollar question is if they will ask people to recertify to get the forgiveness. Technically in order to do that they have to restart the the payments. But if they just forgive now without doing that it would be whatever is currently on file.

[Anonymous]

Anonymous wrote:Neoliberal hack and former president of Harvard is against student loan forgiveness. It begs the question why is he tweeting this? You GOP trolls are so convinced nothing is going to happen —doesn’t seem like it. It seems like rumor mill must be that Biden is seriously mulling something big.

Summers is a Wall Street henchman worth at least $50M. He was the architect of the banker “bailout” during and following the Great Recession. He’s a ghoul.

[Anonymous]

Anonymous wrote:I wonder how they will verify income. It sounds like they will just use whatever is on file.

Presumably the same way they verified if you qualified for the stimulus checks?

[Anonymous]

Anonymous wrote:The beggars are out today it would seem. Aren’t you people embarrassed that you can’t meet the debt obligation you signed up for and now are just thirsty for a handout? Disgusting lowlifes.

Did you say the same to all the businessmen who stole six- and seven figures in PPP just ‘cause?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I wonder how they will verify income. It sounds like they will just use whatever is on file.

Presumably the same way they verified if you qualified for the stimulus checks?

Right. It was wildly inaccurate. I’m a six figure earned at almost $200k and I got the full stimulus because they used like the 2019 tax return. Oh well.

[Anonymous]

Is the $10,000 forgiveness taxable? So, after taxes paid on it, really $7500 appx.