Forgiving means it's no longer revenue the Federal government will receive back in the future.
Do you think that you will now be paying the forgiven debt? Will your taxes change because of this?
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Biden is about to commit an impeachable offense
- Thread starter Mike_Jones
- Start date
Do you think that you will now be paying the forgiven debt? Will your taxes change because of this?
My point wasn't about taxes going up or down. But yeah, let's toss another $T+ into the debt bucket.
Debt is dropping as we speak like everytime the Dems have to clean up the Republicans mess.
I could be wildly misunderstanding this but isn't this pretty much just a renegotiation of loan terms but on a nationwide scale? Loan renegotiations happen all the time.
You know who always seems to win? The banks and the Congressmen who are in their pockets.
You know who always seems to win? The banks and the Congressmen who are in their pockets.
I think the idea is right and something needs to be done but at best this is only a step in the right direction. Kinda like Obamacare was.
As far as I know it does nothing to address why student loans are a problem and/or protect future generations from getting caught in the same predatory trap.
We need to keep in mind that kids come out of grade school and unless they’re privileged are told that taking on these loans is completely normal and if they complete school they’ll have great paying jobs and pay them off in no time. Talk about “grooming” it’s literally what our society and education grooms kids to do. Going into massive debt to go to college isn’t frowned upon by our society and education system, it’s promoted and celebrated. It’s literally what kids are groomed to think that they’re supposed to do and thats a problem that needs to change. Taking out student loans should not be likened to an 18yr old running amok with their first credit card which is the way many opponents of student loan forgiveness come off.
As I’ve said here before, my gf has massive student loans. She’s never missed a payment and has done everything according to the schedule her loan officers have set out for her and she’s never paid a penny of the principal. She now earns a bit more than $125k annually so doesn’t qualify for this forgiveness unless we were to get married. But the taxes of the remainder of the loan and my tax hit if we were to file jointly would far outweigh the $10k she’d save. Even though it won’t help us, I still support it.
Explains how you got your F in school.
Read, idiot. I paid for my education. Now I'm being forced to pay for your education while wrecking America's educational system.
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Wrong. This is not the government's money. The money is loaned out by banks and savings institutions. There is no ability of the government to "forgive" anything.
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except they just did. so how come you're not whining about the $400 billion in forgiven PPP loans?
PPP loans were mandated constitutionally by congress, and so was the PPP loan forgiveness program.
https://www.masslive.com/politics/2020/08/ppp-loan-forgiveness-is-emerging-in-covid-stimulus-bill.html
In addition, getting a PPP loasn forgiven requires satisfying requirements:
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness
Neither of these things is true of Biden's unilateral student loan "forgiveness" program.
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Apparently you are correct. Some of these loans now come directly from the federal government. It changed from when I was involved. In these cases "forgiveness" would apply.
This doesn't change the fact that I paid for my education, but BidenThug will confiscate my money to pay for your education. Pay for your own education, and stop ruining our education system.
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so what? a bunch of people got something for nothing - about one million loans went to companies with one employee (the owner). and the program was rife with abuse. a loan is a loan is a loan - and a forgiven loan is a giveaway. and let's face it, you are only complaining because Biden did it.
Did you take out any PPPs? Getting them forgiven was a joke.
I sent my social # in, and wala - they were forgiven. no one asked what i spent the money - in fact I havent spent any of it yet.
I had two of them, legitimately that were probably a fraction of what most people got illegitimately and I bet the process for forgiveness was the same for each. it was a tremendously mishandled program.
I agree.
That's the real problem.
And the predatory lender for the overwhelming majority of student loans is the Federal Government/taxpayer.
And this giveaway will do NOTHING to solve that - it will only keep it going.
Why is the President not doing anything about it?
Why do you think the President isn't doing anything about that?
So why isn't the administration doing anything about it?
Simply forgiving some student loans doesn't even amount to a band-aid on the problem.
So what's the deal?