Armed Polite Society
Main Forums => Politics => Topic started by: K Frame on April 27, 2022, 11:47:30 AM
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I'll cancel the $120,000 student loan debt that you incurred for your degree in the Normative Conditions of Lesbionic Dance in Paleolithic Cross Dressing Societies
And would you hurry up with my fries? I have a cabinet meeting to get to...
https://www.cnbc.com/2022/04/27/administration-signals-student-loan-forgiveness-decision-may-come-soon.html
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Well he has to cancel it or extend it again. He sure can't make people start paying their own debt right before the midterms.
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If he does, any guesses on how many microseconds it will be before the tidal wave of lawsuits demanding compensation for loans properly repaid?
Brad
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If he does, any guesses on how many microseconds it will be before the tidal wave of lawsuits demanding compensation for loans properly repaid?
Brad
I'll be in on that lawsuit.
And I actually used my student loans to get a somewhat useful degree (History) and put my overall education to use rather quickly in building a career for myself.
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So... the president has the legal authority to cancel student loan debt? Is that true?
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If I was king, the federal student loans payment would be restarted in May with the income defined plans at 5% discretionary income and be raised 1% a year until it back to 10% under the original plans (in 5 years). Non income defined plans restarted at what the contract states.
I would continue to investigate and make the proper corrections to people's accounts that were under the forgiveness plans on IDR plans (20 or 25 years of payments equals forgiveness) or PSLF (10 years of payments while working gov, public ed or non-profit). This were laws passed by Congress and signed by a president.
I would investigate any of the 3rd party loan services, current or past and pursue any criminal or civil activities in which they were in violation of the laws. No bankruptcy protection allowed, if they were in fault company assets and management's personal assests will be seized to cover the loss to the feds. Fraud is fraud.
Then we go after higher ed.
Then we revamp the whole loan program so the amounts on can borrow are limited and only cover tuition, basic room/board and books, and need to work 15-20 week while in school. By tuition, I mean the tuition of an average public university actual tuition cost.
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So... the president has the legal authority to cancel student loan debt? Is that true?
Forbes has an article on that
https://www.forbes.com/sites/markkantrowitz/2022/03/23/biden-can-forgive-student-loans-by-issuing-new-regulations/?sh=688e04ac4140
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I would not accept "Unemployability" as a reason for loan forgiveness for people who borrowed money for a degree in Puppetry, Womyn's Studies, Theatrical Costuming, Medieval French Transgender Poetry, Normative Conditions of Lesbionic Dance in Paleolithic Cross Dressing Societies, or similar college/university programs.
And . . . I'd look seriously into government accreditation of institutions offering such degrees.
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You know, there's a big question here that no one is talking about, but someone damned well should (or if they have, I've certainly missed it).
At the point that this student load debt is "cancelled," does it become income for those whose loans are forgiven, and should they be required to pay income tax on that amount?
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You know, there's a big question here that no one is talking about, but someone damned well should (or if they have, I've certainly missed it).
At the point that this student load debt is "cancelled," does it become income for those whose loans are forgiven, and should they be required to pay income tax on that amount?
I am not a tax expert (RIP Scout) but from the IRS website:
irs.gov/taxtopics/tc431
EXCEPTIONS to Cancellation of Debt Income:
1. Amounts canceled as gifts, bequests, devises, or inheritances
2. Certain qualified student loans canceled under the loan provisions that the loans would be canceled if you work for a certain period of time in certain professions for a broad class of employers
3. Certain other education loan repayment or loan forgiveness programs to help provide health services in certain areas
4. Amounts of canceled debt that would be deductible if you, as a cash basis taxpayer, paid it
5. A qualified purchase price reduction given by the seller of property to the buyer
6. Any amounts discharged from certain federal, private or educational student loans
Amounts that meet the requirements for any of the following exclusions aren't included in income, even though they're cancellation of debt income.
I would expect that when the secretary redoes the regs she would insure the forgiven loans fit 2 or 6 above.
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You know, there's a big question here that no one is talking about, but someone damned well should (or if they have, I've certainly missed it).
At the point that this student load debt is "cancelled," does it become income for those whose loans are forgiven, and should they be required to pay income tax on that amount?
Right now, by law it is tax free income until sometime in 2025. After 2025 any forgiveness under the IDR plans is taxable, the PSLF is not.
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"2. Certain qualified student loans canceled under the loan provisions that the loans would be canceled if you work for a certain period of time in certain professions for a broad class of employers"
(https://i.kym-cdn.com/entries/icons/original/000/001/795/DingFriesAreDone.jpg)
Ding fries are done.
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Speaking to reporters at the White House Wednesday afternoon, Press Secretary Jen Psaki was asked about what the Biden administration is doing to combat inflation as costs on everyday items like food and energy continue to skyrocket.
In her answer, Psaki listed extending the moratorium on student loan repayments as a way the administration has eased the burden of inflation on American families.
Wait, wut?
https://townhall.com/tipsheet/katiepavlich/2022/04/27/white-house-claims-not-paying-student-loan-debt-helps-families-with-the-cost-of-inflation-n2606441
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The federal student loan program has been a disaster. It bears a large amount of responsibility for tuition inflation. When my parents went to school they paid tuition by working part time.
A few years ago I estimated what tuition would cost now for a four year degree if it had increased at the normal rate of inflation... it should total about $20,000.
When the purchase of a product is subsidized, it gets more expensive.
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(https://media.townhall.com/Townhall/Car/b/mrz042822dAPR20220428064504.jpg)
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When the purchase of a product is subsidized, it gets more expensive.
Subsidized and mandated in many cases. Increases in cost might have been a bug to begin with, but by now it's an intentional feature.
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I know how _some_ young people can have the government take care of their student loans...
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And decriminalized pot while you're at it.
If Joe Biden cancels student debt and decriminalized cannabis,
Dems will run the table in Nov.
— Pam Keith, Esq. (@PamKeithFL) April 28, 2022
https://twitchy.com/samj-3930/2022/04/29/beyond-parody-pam-keiths-super-genius-plan-for-how-dems-can-run-the-table-in-november-proves-they-really-are-doomed/
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If I were Biden I would try and cancel the student debt too. Maybe the only reason he hasn't done it is that he is waiting till closer to the election.
It is a terrible idea, but so are most Democratic ideas.
Screwing the country to buy votes is what the Democratic Party does best. And it is not like the Republicans will do anything to stop it.
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Let's turn that inflation up to 11.
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Then we revamp the whole loan program so the amounts on can borrow are limited and only cover tuition, basic room/board and books, and need to work 15-20 week while in school. By tuition, I mean the tuition of an average public university actual tuition cost. government was no longer involved nor guaranteeing them, banks had to underwrite the loans, and they were bankruptable.
FTFY
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Elizabeth Warren defends student loan bailouts by talking about bailing out college dropouts:
https://twitter.com/i/status/1522600224124022784
https://twitchy.com/sarahd-313035/2022/05/06/view-guest-elizabeth-warren-short-circuits-when-lindsey-granger-asks-her-about-reimbursement-for-people-who-paid-off-their-student-loans-video/
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She sure ignored the question. I wish someone would ask Biden if this is just go to be a one time thing before the midterms or is it free college for all going forward.
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Elizabeth Warren defends student loan bailouts by talking about bailing out college dropouts:
https://twitter.com/i/status/1522600224124022784
https://twitchy.com/sarahd-313035/2022/05/06/view-guest-elizabeth-warren-short-circuits-when-lindsey-granger-asks-her-about-reimbursement-for-people-who-paid-off-their-student-loans-video/
She's just still upset they took her image off the Land O'Lakes butter box
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10k each
$230 billion
And it sounds like everyone is upset including AOC
It’s not official till it’s official, but senior Biden officials tell @tylerpager & me the current plan is for Biden to cancel 10K in student debt per borrowerhttps://t.co/YWTBywoPcb
— Jeff Stein (@JStein_WaPo) May 27, 2022
https://twitchy.com/gregp-3534/2022/05/27/president-biden-will-reportedly-spend-230-billion-on-student-loan-relief-thats-not-enough-for-rep-ocasio-cortez/
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10k each
$230 billion
And it sounds like everyone is upset including AOC
https://twitchy.com/gregp-3534/2022/05/27/president-biden-will-reportedly-spend-230-billion-on-student-loan-relief-thats-not-enough-for-rep-ocasio-cortez/
Of course she's upset. AOC still owes $17,000 -- a piddling $10k only pays off less than 60 percent of it. She wants her debt paid off completely.
https://marketrealist.com/p/aoc-student-loan-debt/
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Pissing away $230 billion dollars without congressional approval.
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I still want to see a reporter with the balls to ask if this a onetime vote buy or what do they have planned for next year/
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Biden pretty much had to do something with this before the elections. It probably won’t save them from a shellacking but if they hadn’t it would have been even worse as tons of dem voters would have just stayed home. Still not right, but I don’t think continuing the pause on payments would have even twitched the needle.
One thing the Ds could have done that might have gotten even minimal R support would be to dramatically reduce interest rates when the pause ended. Lots of borrowers were having hard times making progress against the interest. Cap that at some income dependent rate that maxes out at like 8%. Low income people would pay little or nothing in interest, high income people would pay up to their current rate or 8% whichever is less. People in the middle would be, well, in the middle. That would satisfy (well, not really but bear with me) the Dems calling for relief and the Reps demanding people pay what they owe. With some class based “progressive” effects thrown in for good measure. Still wrong, but less wrong than outright forgiveness.
Nothing short of complete 100% forgiveness and all tuition paid for by the government going forward would shut up idiots like AOC. But the above would have been a shrewd move for the Rs that could have taken a lot of wind out of the Ds sails.
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I could have been talked into 0% interest but taking my tax money to pay someone else's debt just doesn't fly with me.