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Glad, that our President and Congress wants to eliminate the student loan deduction.
The student loan deduction is in many ways a deduction for luxury foreign vacations for study purposes, deduction for living in luxurious apartments with resort amenities, deductions for several hundred a month latte, pastry and komboucha habits.
This isn't the 1990s anymore where university lived humble lifestyles. Now, many take out loans to live designer lifestyles to compete with very wealthy Chinese and Arab students.
Pell grants are more than enough to take care of the first two years of college. There is no reason why university students to have more than $5,000 in student loans anyway since the first two years can be pell grants at community college and the last two is basically 60 credits at $15,000 and pell grants max out at $11,500 for 2 years.
Oh well, looks like many of them don't even intend on paying it back anyway.
Can't wait until the garnishments start coming to these university graduates and they can't discharge the loans in bankruptcy. Hopefully, they won't be able deduct them anymore either!
The GOP tax plan also eliminates the $2500/year tax credit which was available for each year in college. Parents with a kid in college will get tax increase of $2500 extra taxes paid per year for each year their kid is in college. If they have 2 kids in college,that's $5000 more per year they are going to pay in federal taxes with the GOP plan.
You think a college education was costly before? It's going up by $2500/year with the new tax plan, whether your kid is in a cheap state community college, a public 4 year university or an expensive private college.
This is a tax increase on the middle class and upper middle class.
The student loan deduction is in many ways a deduction for luxury foreign vacations for study purposes, deduction for living in luxurious apartments with resort amenities, deductions for several hundred a month latte, pastry and komboucha habit
I didn't take a foreign vacation was until after I graduated from college and saved up money from my part time job. I backpacked staying at hostels, buying bread and making my own sandwhiches and hitchhiking through Europe. My luxuries was having a beer, I kid you not.
I didn't take a foreign vacation was until after I graduated from college and saved up money from my part time job. I backpacked staying at hostels, buying bread and making my own sandwhiches and hitchhiking through Europe. My luxuries was having a beer, I kid you not.
This guy watches too much tv.
The OP’s rant is entirely invalidated by the simple fact that gov-subsidized students loans can only be applied to tuition and on-campus housing....
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