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Unless something has changed recently, student loan debtors do eventually have to pay back their government student loans. For those who worked and contributed toward their Social Security, retire, and begin collecting it, the government will reduce your SS benefit by up to 15% a month to collect the money you owe.
There are some tax deductions you can take advantage of by not paying student loans back, but my concern would be the interest accruing for 30 years would offset any tax advantages. But hey, why not roll the dice, I have no idea where this will end. I have a friend who has 3 kids (adults now), he took out student loans for as much and as long as he could, for each of them, and never paid them back. He was surprise when his SS check was reduced more than $300 a month to repay his government debt. That was about 5 years ago.
Parents don't get a tax break on kids just because. Kids are expensive and child labor laws prevent me from sending my child to work to recoup some of those expenses. The tax relief on parents is necessary and someone without children should not be entitle to the benefit as they have only themselves as dependents.
At a minimum you should be able to understand that parents have it pretty hard and the minimal tax break they get is well deserved. Moral obligations aside, you should understand that if the government won't allow me to send my kid to work then I should be able to write off the expenses that I incur due to having said child. It's no different than if the government shut down a business due to COVID and gave them PPP loans to cover payroll while they are out of operation.
I predict there will be a huge investigation over the PPP loans. Billions of dollars of fraud and abuse.
Yes exactly. If they're going to forgive $50k of student loans, I want $50k of my mortgage forgiven too. Either everyone gets something forgiven or no one gets anything forgiven.
If they get forgiven, can I get a refund on my student loans that I paid off fully? It was more than $50K.
If they get forgiven, can I get a refund on my student loans that I paid off fully? It was more than $50K.
If someone gets their CC debt discharged in Bankruptcy, can I get a portion of my CC payments back? I mean its only fair....
If people are ok with bubba getting to walk away from having to pay for his big screen tvs and vacations to gatlinburg... why cant a struggling college grad get some relief from their student loans?
If they get forgiven, can I get a refund on my student loans that I paid off fully? It was more than $50K.
I'm going to guess no and I don't think that's right. Many people have paid them off and struggled to do so.
Or on the other hand maybe people didn't take out on a loan struggled that way. Either way something about this just stinks and I hope it doesn't happen.
I'm going to guess no and I don't think that's right. Many people have paid them off and struggled to do so.
Or on the other hand maybe people didn't take out on a loan struggled that way. Either way something about this just stinks and I hope it doesn't happen.
Biden is not going to forgive student loans. They can't discharge on bankruptcy because of him. No way he changed his mind which says pay those loans you took out. No free ride.
I think there's a better chance of a world war 3 in Europe than Biden forgiving student debt. I'll be surprised if he even gives $10k
He needs to unpause it, it's costing tax payers millions of dollars a month and was at $100 million whenever the article I shared was written. We all have to eat that pause.
Looks like it’s possible Biden may extend the pause past May.
While I appreciate not having to pay for now, all these extensions make it a little difficult to plan for the long term. Either end the pause, or just forgive them already.
Agree, he needs to forgive something or unpause them. Make up his senile mind. It's costing taxpayers too much to keep pausing them, as you also said, it hurts everyone with loans for long term unless you've saved the payment money to pay it down when it restarts to try to bang out the balance.
Agree, he needs to forgive something or unpause them. Make up his senile mind. It's costing taxpayers too much to keep pausing them, as you also said, it hurts everyone with loans for long term unless you've saved the payment money to pay it down when it restarts to try to bang out the balance.
How is pausing student loans causing taxpayers money? That seems worse to be charging everyone than the people who actually owe money on their freaking loans.
How is pausing student loans causing taxpayers money? That seems worse to be charging everyone than the people who actually owe money on their freaking loans.
This country has big financial issues I tell ya.
Who do you think is going to have to eat that pause debt that was at $100 million as of that article I shared above? Taxpayers.
Anyone else worried what impact this will have on the markets and economy?
Over 40 million people haven't had to make student loan payments in nearly 2 years. People freaked out when their monthly child care act payments dried up, whats going to happen when inflation hits 10% and people have to start making those $500 student loan payments again?
I'm genuinely starting to get very worried.
I’ve been using this opportunity to pay principal. I’ve reduced my 170k to about 103 since COVId started. That would take a lifetime before because I was never getting to the principal.
I’m worried about going back to paying what I’m paying now while the number gets larger due to interest capitalization.
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