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39. Eligible for the 20K. This would wipe out nearly 80% of my loan and could allow me to get it completely paid off before my 40th birthday. Damn right it helps me.
39. Eligible for the 20K. This would wipe out nearly 80% of my loan and could allow me to get it completely paid off before my 40th birthday. Damn right it helps me.
Muh taxes. My taxes pay for other people's crap, including yours. They're paying for Ukraine, Israel, PPE, airline bailouts, your SS/Medicare and roads that I don't use.
That's the thing. I am against this program and against the student loan pause, but that doesn't mean I would not take advantage of the law as it is written. I refuse to give the government more money than I'm legally required to.
I'm against this long of a pause. I agreed with Trump and at least one Biden pause but once jobs were open, loans should have restarted to force people back to work around the time government benefits stopped. It was time to resume everything but Biden kept pausing it. Now he's giving the credit which may not even be legal.
Quote:
Originally Posted by Marv95
39. Eligible for the 20K. This would wipe out nearly 80% of my loan and could allow me to get it completely paid off before my 40th birthday. Damn right it helps me.
Well congrats if it even happens because I'm seeing that Biden was not allowed to cancel student loan debt, so don't get happy just yet until the credit is on your account for long term. I wonder if they will claw any back?
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Originally Posted by Julio July
THANK YOU SO MUCH for pointing this out and breaking it down for all these ultra conservative (and often RACIST), everybody help yourself-type of folks. Racial disparities are REAL, and this is the type of stuff that privileged people and white people (aka the majority of America) who don't have to deal with any racial disparities in America often simply don't understand or often refuse to acknowledge. Yeah, "slavery ended 200 years ago," "Dr. King had a Dream," and "Barack Obama was president," but that doesn't change the fact that racial disparities and the economic gaps that come with them have always existed in America and CONTINUE to exist to this day. H*ll, White people had a 400 year head start in America and fight like h*ll overtly AND covertly to KEEP that advantage and to KEEP the disparity gap(s) wide, because they have always had white privilege in this country, they are ACCUSTOMED to having white privilege, and they don't ever want to lose their white privilege; even with a lot of the self-proclaimed liberal ones, threaten their white privilege and you will see a whole other side of them that they claimed didn't exist.
You think there is only white privilege? You don't think there is black privilege too? I have news for you. Watch the you tube video of two black people talking about white and black privilege. You can then say there is no black privilege.
There has been no white privilege for my father when he came over from Hungary in the late 50's. He couldn't even get a loan because he was an immigrant but he some how persisted, finally finding one lender who would give him a loan for his business.
He could not afford to send any of us to college. I went to vo-tech during 11th and 12th grade while my siblings worked in banks, getting sent to college by those banks, then moving up as they got degrees.
Work that out for an adult who is already on Social Security paying the minimum amount for her child's college loan. Remember that she'll already be paying for the rest of life, and will die before paying it off.
Well, in this case I'm a benefactor, for once, on this ruling. I paid off my first 4 years of loans.......but I returned to school in my 40's to further my degree program.
I didn't strategize this forgiveness, it just panned out this way this round.
So many people are resentful around me as if I had something directly to do with this...heck, I even voted conservatively.
Even my husband is grumpy and resentful.
I'm fairly certain this will come back to bite me in the arse as a capital gain or whatnot......
Mabey my degree program should have been in Economics.
Currently 13 states may treat the loan forgiveness as income for state income tax purposes. There would be no capital gain, of course.
I'm surprised you find someone around you resentful of you. That really makes no sense. We can disagree with what our President has done, and question how he has the legal authority to do it, but to be resentful of a given person such as yourself is not rational.
Well congrats if it even happens because I'm seeing that Biden was not allowed to cancel student loan debt, so don't get happy just yet until the credit is on your account for long term.
It isn't clear who could stop it. A court could, but it isn't clear who has standing to sue to stop it. It could be argued it is a violation of the separation of powers (only Congress has the power to appropriate funding) but it isn't clear who has standing to sue in federal court. One could argue Congress could, in theory, impeach the president for violation, but in the real world that isn't going to happen.
Exactly my thought. I went to a college that I could afford, even though I had admission from better ranking yet more expensive schools. While attending college, I worked anywhere from one to three part-time jobs, 20-50 hours a week depending on the semester workload, worked summers and winter breaks, cooked meals at home and often went hungry if I was short of money, lived within my means. I paid off my tuition debt within a year of graduating. There might be a small percentage of folks who couldn't finish college or couldn't find a job due to unplanned family or health reasons, or circumstances beyond their control, but for the vast majority of folks on student loans, why penalize people like me for the ones who spent beyond their means or had no clue what college was meant to be?
And rather than a loan forgiveness, why wouldn't the Treasury buy out the loan from the lender and have the students pay minimal or zero interest? It would be a relief for the payers, and a somewhat assurance the money would be recouped, as opposed to be a total write-off.
Totally agree that interest should have gone down to as low as 1%, I don't support stopped unless it's an older loan where someone's loan amount has tripled. Parent plus loans also should have interest go down.
The government should be allowed to make their money back plus a little interest, not make money on the students and parents.
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Originally Posted by jtab4994
OK thanks for telling me about Parent Plus loans. The idea that there is no limit is rather scary.
Also the idea that people who graduated 20+ years ago are still paying back student loans, is extremely scary. That means that with the College Hyperinflation of today, many people in their Teens and 20's now will be paying loans for 30+ years into the future, perhaps when they themselves are on Social Security.
Third scary thing that is just dawning on me: Rather than being happy for my sons that they can handle their own student loan payments by themselves, they may be suckers. Sure, they'll maybe get a $10k write-off but they and I will inevitably pay off everyone else's student loans, the way things are headed.
Going to college is supposed to help you financially, not hurt you. It seems like college is a scam.
I don't know how they are still paying those loans back because my son had $20k in loans 20 years ago between his loan and the parent plus loan. We paid them back within about 3 years. We made sure his loan was paid while he was in school with whatever we could afford on top of the $600 a month parent plus loan which back then I did not qualify for on my own, my hub had to co-sign for me.
I just posted this in another thread but will post it here for others who aren't familiar with parent plus loans. It's ridiculous this guy was able to get parent plus loans for 5 daughters, now owing $550k. He will die before paying them off.
There was an article last year that I just found on google about a 57 year old guy who had 5 daughters who went to college that he did parent plus loans for. He's bitter because the government kept giving him loans for these 5 girls without any concern for what his income was an if he could even pay it back. He now owes about $550k, his payment was $3,000 per month that he was having a hard time paying. He said he will not be able to retire any time soon. He's in for a rude awakening when the government garnishes that social security. He said the flaws with the federal student aid system makes it too easy for people to borrow money but too hard to pay it back with the interest rates.
He claims his kids went to schools in state or near state, they weren't expensive schools. Each kid took out about $20k in loans to invest in themselves. He does not say how much of a loan he originally took out for each kid that would give an idea of how much that $550k loan grew due to interest. It's totally crazy that he was just given the loan each time.
Reid Clark didn't expect to be providing for five children on just his income alone.
Clark was preparing to pay for his five kids' education as part of a two-income family, but he and his wife divorced in 2011. Just a few years later, when the children started going to college, he decided to turn to federal loans to finance their education himself. (Due to private circumstances, his ex-wife isn't contributing.)
...But now, he said, even though he makes a livable salary in healthcare sales, his retirement could very likely be pushed off because he chose to take on debt to prioritize his kids' futures.
...parent PLUS loans allowed him that opportunity. But he's "highly concerned" for his own financial future, and he blames high interest rates and lending practices that don't take into account the borrower's income, or change in income.
...one of the problems with parent PLUS loans is that because the amount parents receive is based on cost of attendance instead of how much the parents can actually afford, it can create a "dangerous mentality" that leads to increased borrowing.
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Originally Posted by Roselvr
click the arrow to go to my reply in the other thread
HARP relief for sub prime mortgages
PPP forgiveness for mostly fraudulent and politically connected business owners
Bus loads of migrants - illegal immigrants - being given free medical care, housing, food and education
and now - NYC taxi driver debt forgiveness - no income cap except saying an individual couldn't own more then 5 medallions - so millionaires basically.
And yet the jealousy and bitterness over student loan relief has permeated the media - even when it didn't do a thing to help the people over 55 who have been struggling at 8% interest with corrupt student loan administrators that managed to double and triple their original loan amounts between capitalized interest and debt collection fees.
SMH
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