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He's at it again. Waving his magic pen Obama will now expand his student loan forgiveness scheme to potentially cover anyone with federal student loans. Repayment would be capped at 10% of monthly income with the entire balance forgiven after 20 years, ten if the borrower works in the non-profit sector.
Who is going to pay for all this forgiveness? I'll give you three guesses...
Well that is already US debt because the money was paid to the schools.
It's been said the middle class supports the poor and provides for the rich by being the consumer.
But there's only so much you can take from the middle class.
This plan is almost as sickening as Obamacare. Throughout my years at college I watched student after student subsidize their lifestyle with loans. They bought cars, partied on spring break in Florida, went on ski trips and ate at restaurants every night. Half of them never worked a summer in their life.
So now they will only have to pay 10% of their income which gives them another incentive not to work or go to school longer. And then after 20 years they can tell the bank to take their loan and stick it. Just like the losers that bought too much house and walked away from it all. Go figure...
This plan is almost as sickening as Obamacare. Throughout my years at college I watched student after student subsidize their lifestyle with loans. They bought cars, partied on spring break in Florida, went on ski trips and ate at restaurants every night. Half of them never worked a summer in their life.
So now they will only have to pay 10% of their income which gives them another incentive not to work or go to school longer. And then after 20 years they can tell the bank to take their loan and stick it. Just like the losers that bought too much house and walked away from it all. Go figure...
He's at it again. Waving his magic pen Obama will now expand his student loan forgiveness scheme to potentially cover anyone with federal student loans. Repayment would be capped at 10% of monthly income with the entire balance forgiven after 20 years, ten if the borrower works in the non-profit sector.
Who is going to pay for all this forgiveness? I'll give you three guesses...
Wait, so it is bad for the next generation of consumers (and workers) to have more disposable income?
Learn a bit about fiat currency. The government can delete the balance of any bill with one stroke of the keyboard. Money is all made up. It is just accounting and numbers on a computer. If more people could comprehend this, they may start demanding more basic human services (like health care) from their government.
Kat, there's a lot of "loopholes" in the student loan program and if one plays their cards right the student can get more money than what actual school expenses cost.
And then there is SNAP for college students..again if you know the loopholes.
I've seen a few myself recently so it can be done.
A student with family in The Woodlands should not be qualifying for these types of need based loans and programs but there are loopholes in the rules that allow it.
The Woodlands: very wealthy master planned community north of Houston. Median income is $98K.
What they're not telling you is this, and it's a whopper: After 10 years (public sector) and 20 years (private sector) the remaining student loan debt will be foregiven. However, the "forgiveness" will be considered income for income tax purposes. Therefore, for those who have significant amounts forgiven, there will be a major shock come April 15th. Higher tax brackets and very large tax bills are extremely likely. Will these folks be able to pay a $30K tax bill? If they couldn't pay their student loans off to begin with, i'd surmise they won't be able to pay the IRS either. Ironically, public sector employees are likely to be hit the hardest because 10 years is a pittance of time to pay down a loan at 10% of discretionary income.
It's a deal with devil. Cross your fingers and hope and pray that income in 10 or 20 years will be enough to allow such a huge IRS bill to be paid.
This plan is almost as sickening as Obamacare. Throughout my years at college I watched student after student subsidize their lifestyle with loans. They bought cars, partied on spring break in Florida, went on ski trips and ate at restaurants every night. Half of them never worked a summer in their life.
So now they will only have to pay 10% of their income which gives them another incentive not to work or go to school longer. And then after 20 years they can tell the bank to take their loan and stick it. Just like the losers that bought too much house and walked away from it all. Go figure...
I was just about to say that some liberal will pop in to tell you you're crazy and you didn't witness what you witnessed.
And right on queue, one rabidly liberal ideologue showed up and did just that!
You didn't see what you think you saw. Just ask this poster. She knows it all and you know nothing!
Quote:
Originally Posted by Katiana
Yeah, right.
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