What is going on with student loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

Desperately trying to excuse your disgusting behavior. Shame on you deadbeats.

Maybe you and your rich friends are the real “deadbeats.”

[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.

Don’t you have anything better to do than to rant about “deadbeats” and “lowlifes” all day on a message board? How much government money have you taken?

[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.

So what? No one will be forced to repay the 10k. Announcement as soon as tomorrow!! Thank you, President Biden!

[Anonymous]

If they do offer forgiveness I wonder if it will be automatic or if you have to apply, and how you prove your income. It can make a difference if they are using a previous tax return and if it's based on AGI. You can really game the system by putting a lot of money into a 401k and then it doesn't count toward your AGI. For me if it is based on my current salary I would not qualify as being under $125k but if they use my last tax return or use AGI then I'd be fine. FTR I do think they should offer forgiveness but I don't think I should get it. Honestly if you are making a $125k AGI there is no reason you shouldn't be able to pay back $10k. If you're having trouble repaying your loans at that level $10k is probably not going to help much.

[Anonymous]

Anonymous wrote:If they do offer forgiveness I wonder if it will be automatic or if you have to apply, and how you prove your income. It can make a difference if they are using a previous tax return and if it's based on AGI. You can really game the system by putting a lot of money into a 401k and then it doesn't count toward your AGI. For me if it is based on my current salary I would not qualify as being under $125k but if they use my last tax return or use AGI then I'd be fine. FTR I do think they should offer forgiveness but I don't think I should get it. Honestly if you are making a $125k AGI there is no reason you shouldn't be able to pay back $10k. If you're having trouble repaying your loans at that level $10k is probably not going to help much.

In one of the articles the director said they have income information and are ready to forgive automatically if you have your income on file. So if that’s the case then yes it will be based on probably a few tax returns ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If they do offer forgiveness I wonder if it will be automatic or if you have to apply, and how you prove your income. It can make a difference if they are using a previous tax return and if it's based on AGI. You can really game the system by putting a lot of money into a 401k and then it doesn't count toward your AGI. For me if it is based on my current salary I would not qualify as being under $125k but if they use my last tax return or use AGI then I'd be fine. FTR I do think they should offer forgiveness but I don't think I should get it. Honestly if you are making a $125k AGI there is no reason you shouldn't be able to pay back $10k. If you're having trouble repaying your loans at that level $10k is probably not going to help much.

In one of the articles the director said they have income information and are ready to forgive automatically if you have your income on file. So if that’s the case then yes it will be based on probably a few tax returns ago.

Ah yeah that's weird because by now any income information they have is going to be pretty old. I think the last time I submitted was my 2018 tax return because I recertified at the end of 2019 or early 2020. I did see they plan to limit it to undergraduate loans which I think is good.

[Anonymous]

This old Wall Street POS says let the serfs jump through courthouse hoops and destroy their credit for 8 years — and have to disclose a bankruptcy for the rest of their life i.e. a scarlet letter terminally used against them. These people are truly evil. He helped his parasite banker buddies get even richer off the Great Recession scams — then he said nothing as filthy rich Harvard College took about $10 million in PPP.

[Anonymous]

A better solution would be a one time credit to all Americans to pay for school regardless of income. If you've attended you get it retro or you can use it to future. The problem is how can you only give it to poor people? What if the doctor was poor before?

[Anonymous]

its a sh*t show, just pay your damn bills. if you cant afford it, get off your butt and try to improve. this is how we do it! stop complaining about what you borrowed and have to pay back. dont put your faults on the tax payers!

[Anonymous]

It honestly feels like progressives have gotten punked with this whole student loans thing. I do think there are a lot of borrowers that need relief, but the advocates are demanding blanket forgiveness for everyone which makes it impossible to target those in need. I went to an expensive private university and there were a lot of people who took out six figure loans for undergrad programs in things like drama, that are just not likely to lead to a high paying career. We should not be incentivizing that which is what this does. There are genuine equity issues but there are also genuinely poor decisions that at least when I was in undergrad were not just a few isolated it cases, it seemed like kids in high school were getting the message that it's okay to take on that much debt so they can attend their dream school (expensive private universities). I'm much more sympathetic to people who went to community college or state schools and just don't make enough money to pay it off.

[Anonymous]

Anonymous wrote:A better solution would be a one time credit to all Americans to pay for school regardless of income. If you've attended you get it retro or you can use it to future. The problem is how can you only give it to poor people? What if the doctor was poor before?

This, exactly. My dh was poor before. He worked super hard to pay his way partially through college and grad school. Still came out with a mountain of debt. He paid it off early and worked like crazy to open a business. Now he isn't poor. So...we don't get it, I guess.

[Anonymous]

Anonymous wrote:It honestly feels like progressives have gotten punked with this whole student loans thing. I do think there are a lot of borrowers that need relief, but the advocates are demanding blanket forgiveness for everyone which makes it impossible to target those in need. I went to an expensive private university and there were a lot of people who took out six figure loans for undergrad programs in things like drama, that are just not likely to lead to a high paying career. We should not be incentivizing that which is what this does. There are genuine equity issues but there are also genuinely poor decisions that at least when I was in undergrad were not just a few isolated it cases, it seemed like kids in high school were getting the message that it's okay to take on that much debt so they can attend their dream school (expensive private universities). I'm much more sympathetic to people who went to community college or state schools and just don't make enough money to pay it off.

This is the fundamental issue in my mind. How do we value degrees that provide a wage that can pay back loans and how do we explain to others that some degrees cannot pay back a wage. A colleague's daughter is getting a degree in puppetry at a private school with a load of debt. I have zero sympathy but also don't want to walk the slippery slope of devaluing the arts.

[Anonymous]

Anonymous wrote:A better solution would be a one time credit to all Americans to pay for school regardless of income. If you've attended you get it retro or you can use it to future. The problem is how can you only give it to poor people? What if the doctor was poor before?

But...many did not attend because they didn't think they could afford it and didn't want to take out huge loans. They skipped college. What about them. There is no easy solution.

[Anonymous]

Anonymous wrote:https://www.newyorker.com/news/us-journal/the-aging-student-debtors-of-america?

They need to forgive these student loans for those who are seniors. There are 80 and 90 year olds who can’t pay it off.

How the hell do 80 and 90 year olds have student loans. College was so much cheaper when they were in college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:A better solution would be a one time credit to all Americans to pay for school regardless of income. If you've attended you get it retro or you can use it to future. The problem is how can you only give it to poor people? What if the doctor was poor before?

But...many did not attend because they didn't think they could afford it and didn't want to take out huge loans. They skipped college. What about them. There is no easy solution.

They can use it for future school if they choose to