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At least an amount equal to what is being wiped out for student debt. Debt is debt, why are they unfairly targeting certain debt holders over others?
Because 1) Student loans are not dischargeable in bankruptcy. Other types of loans are.
2) Education is an intangible item that there is no way to reposess if defaulted on loan payments.
3) The disparity between the cost of an eductation (which has skyrocketed in the last 20 years) and entry level wages (which have remained largely flat in the last 20 years) is massive (no you can't compare today's loans to your experience from 1982), making it extremely difficult to afford both student loan payments and a rent payment (and have you seen what rents are like now?)
And lastly, 4) if a federal student loan is defaulted on, the government will still get their money from you eventually - they'll garnish your social security.
If it goes through, they'll be doing it to avert a future crisis of large numbers of elderly who are homeless and can't even afford to eat cat food from their remaining miniscule monthly SS payment.
Last edited by mcsangel2; 04-02-2021 at 02:36 PM..
I don't have student loan debt, AND I'm for others getting their student loans wiped out by any means necessary. Just because some of you struggled to pay your loans off, doesn't mean someone else should struggle like you did. If you're doing
well financially, you shouldn't be worried about the helping hand someone else may receive.
Why should I help someone else pay off the same debt I worked hard to pay off? They can sacrifice and put in their time as well. If you want t pay of someone's debt, go for it, but you have no right to tell me I have to. More proof that Americans are soft as jelly. China might as well attack now. We wouldn't stand a chance. People would be screaming "why should I die for freedom just because others did"?
Because 1) Student loans are not dischargeable in bankruptcy. Other types of loans are.
2) Education is an intangible item that there is no way to reposess if defaulted on loan payments.
3) The disparity between the cost of an eductation (which has skyrocketed in the last 20 years) and entry level wages (which have remained largely flat in the last 20 years) is massive (no you can't compare today's loans to your experience from 1982), making it extremely difficult to afford both student loan payments and a rent payment (and have you seen what rents are like now?)
And lastly, 4) if a federal student loan is defaulted on, the government will still get their money from you eventually - they'll garnish your social security.
If it goes through, they'll be doing it to avert a future crisis of large numbers of elderly who are homeless and can't even afford to eat cat food from their remaining miniscule monthly SS payment.
1. Student loans should be dischargeable in bankruptcy. Basically solves the problem.
2. Whether or not the use of the debt is for an intangible has nothing to do with debt forgiveness.
3. Control the cost of higher education than. Maybe all the pampered tenured professors need pay cuts.
4. Feds shouldn't be making loans in the first place.
The "student loan places" are the United States Government. The government cannot cancel private loans, only federal loans will be canceled. They have already shut off interest and payments on federal government student loans. He might be able to say that no interest will be change and no payments collected on the first $50,000 of every federal student loan. This would effectively cancel them at least as long as his EO remained in effect. It is possible they might come back someday, but that could happen in a lot of ways. Actually cancelled loans are considered income, so instead of making loan payments, everyone would owe taxes on $50,000 of income. For us that would be about $11,000. We would have to take out a loan to pay it. It would be worth doing so, even if the tax loan was at a higher interest rate than the student loan, because we would still have $39,000 cancelled. However this would give the government a nearly instant short term influx of cash.
Actually, not always, not anymore. PSLF loans that are forgiven are not taxed. And just a week or so ago, the legislature passed a law (or EO, or whatever, I don't remember) that said they would pause the tax on loan forgiveness programs for the next several years. The taxes usually applied to loans forgiven after 20 years of being on an IBR plan.
I can’t wait. He has six months to do it before I have to start repaying my loans again...
I’m voting for him twice next time!
I thought you’re joking until I looked at your location.
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