Biden forgives $10,000 of student loan debt for millions of debtors

[UncleMark]

What we do now is to demand credentials for things that probably do not need it. For the vast majority of jobs, a college education should be something undertaken as a personal growth step that you take to differentiate yourself once employed, not as a barrier to entry ro begin with.

Preach it my friend.

One thing I hear those doing the hiring say is that a degree shows the prospect can make a commitment, work through challenges, set goals, yada yada yada..

How about -- if they're interviewing someone with a bunch of student loan debt -- it also showing that they don't have any concept of money or any realistic expectations about early earning potential or that they can't have a nice car and a house for a number of years and will be unhappy when that reality hits them between the eyes?

 

[Aloha Hoosier]

Now that the estimates are that the price tag is could be a trillion bucks, without any Congressional involvement or improvement at all, who is for this boondoggle for the deadbeats among us? I think the courts will kill this program, but it's not a certainty. It should be.

Yes, I still have zero sympathy for any of the college loan debt deadbeats that want the rest of us to pay off their college loans.

 

[anon_6hv78pr714xta]

Now that the estimates are that the price tag is could be a trillion bucks, without any Congressional involvement or improvement at all, who is for this boondoggle for the deadbeats among us? I think the courts will kill this program, but it's not a certainty. It should be.

Yes, I still have zero sympathy for any of the college loan debt deadbeats that want the rest of us to pay off their college loans.

The problem is standing. No one might be able to challenge it in court

 

[Aloha Hoosier]

The problem is standing. No one might be able to challenge it in court

Every taxpayer should have standing.

 

[Joe_Hoopsier]

Every taxpayer should have standing.

Have I wandered into the fVcking twilite zone?
I've been out for 4 hours and WTF happened? Geezzz.

 

[UncleMark]

Yes, I still have zero sympathy for any of the college loan debt deadbeats that want the rest of us to pay off their college loans.

David Brooks said he was fine with the 20K for Pell Grant recipients but no more than that. I think that's a good middle ground.

 

[Joe_Hoopsier]

David Brooks said he was fine with the 20K for Pell Grant recipients but no more than that. I think that's a good middle ground.

Have we figured out yet how this $10 or $20K work? Is it the next $10 that don't have to pay, but then the balance picks up after (ohhh maybe 2024 elections, just a guess) . Or do payments continue, well I mean right after they ACTUALLY FVCKING start again at $40 less a month?
Just how do my payments on this "forgiveness" of unemployed lawyers and ancient underwater colors art majors work? I'd like to know.

 

[anon_6hv78pr714xta]

Every taxpayer should have standing.

That's not the law. You need an injury in fact, caused by the govt. action, and specialized injury--that is it's particular to you, not just a taxpayer injury. Courts are pretty clear on this. They don't want to hear every single policy dispute out there.

 

[Aloha Hoosier]

David Brooks said he was fine with the 20K for Pell Grant recipients but no more than that. I think that's a good middle ground.

There is no good middle ground. The purse strings are held by the House and the President can’t spend money unless it’s authorized and appropriated by the House and then by the Senate. The idea that a President can decide on his own to spend up to a trillion bucks is ludicrous.

 

[UncleMark]

There is no good middle ground. The purse strings are held by the House and the President can’t spend money unless it’s authorized and appropriated by the House and then by the Senate. The idea that a President can decide on his own to spend up to a trillion bucks ludicrous.

Fine. My point was on the loan forgiveness policy, not it's potential illegality.

I think the problem is complicated, and the schools themselves should shoulder a large portion of the responsibility. Many unsophisticated students were sold a bill of goods.

 

[Joe_Hoopsier]

Fine. My point was on the loan forgiveness policy, not it's potential illegality.

I think the problem is complicated, and the schools themselves should shoulder a large portion of the responsibility. Many unsophisticated students were sold a bill of goods.

Who created the climate that schools could get away with charging unsupported fees and delivering a subpar product that they are not just being "forgiven" from?
Nice attempt to poll that ball back HALF way up the hill. The schools aint the problem, they're one of the pawns in this game that YOU and I are forced to pay for.

 

[mcmurtry66]

Lock this

 

[UncleMark]

Lock this

Now you're just stirring up shit. I could lock you out of this thread if you like. Would that help?

 

[Crayfish57]

Lock this

Best thing to do

 

[Bulk VanderHuge]

Now you're just stirring up shit. I could lock you out of this thread if you like. Would that help?

That's what she said.

 

[jet812]

Fine. My point was on the loan forgiveness policy, not it's potential illegality.

I think the problem is complicated, and the schools themselves should shoulder a large portion of the responsibility. Many unsophisticated students were sold a bill of goods.

So if someone overpays for a house, the
Realtor or seller should be held responsible?

 

[UncleMark]

So if someone overpays for a house, the
Realtor or seller should be held responsible?

Only if they had convinced the buyer that the only way he could ever get ahead in life was to buy the house, and that it would be more than worth it in the end.

 

[mcmurtry66]

Beatin a dead horse with this one. Let's lock it

 

[UncleMark]

Beatin a dead horse with this one. Let's lock it

This was funny the first time or two, but now it's just dumb.

 

[mcmurtry66]

This was funny the first time or two, but now it's just dumb.

I can't stop

 

[Sope Creek]

This was funny the first time or two, but now it's just dumb.

Actually . . . he does have kind of a point. Most threads have a shelf-life that's much shorter than we realize.

 

[jet812]

Only if they had convinced the buyer that the only way he could ever get ahead in life was to buy the house, and that it would be more than worth it in the end.

How do colleges do that? I certainly wasn’t misled. This, to me, is the single biggest difference in ideals between political groups, wheter it be poverty, crime, education debt, & on & on. Some folks just don’t value accountability. It’s always someone else’s fault.

 

[VanPastorMan]

Biden cancels $10,000 in federal student loan debt for most borrowers

President Joe Biden announced he will forgive $10,000 in federal student debt for most borrowers.

www.cnbc.com

1. How does he have the power to do this? Under what law or Constitutional provision?

2. Isn't he just buying the votes of rich suburbanites (with taxpayer money) to the detriment of the working class?

If I had student debt I would vote for him. My youngest son has some student debt so I better get him on it. Go Biden!!!!!!

 

[Crayfish57]

If I had student debt I would vote for him. My youngest son has some student debt so I better get him on it. Go Biden!!!!!!

That is all this is 100% buying votes with taxpayer money. He should be up for impeachment right after the election.

 

[Sope Creek]

That is all this is 100% buying votes with taxpayer money. He should be up for impeachment right after the election.

You mean like tax cuts? That kind of buying votes with taxpayer money?

 

[Crayfish57]

You mean like tax cuts? That kind of buying votes with taxpayer money?

Totally different but nice try. Closer to Obama's free cell phone program and affordable care act.Anything Democrats can do to get poor people to vote for them.

 

[Sope Creek]

Totally different but nice try. Closer to Obama's free cell phone program and affordable care act.Anything Democrats can do to get poor people to vote for them.

Nice try yourself. Tax cuts for "everybody" in the guise of "less government" while borrowing to pay for the cuts is fraud. Flat out fraud. And you're buying it.

Ain't too bright, are you?

 

[Crayfish57]

Nice try yourself. Tax cuts for "everybody" in the guise of "less government" while borrowing to pay for the cuts is fraud. Flat out fraud. And you're buying it.

Ain't too bright, are you?

To get a tax cut you actually have to earn an income vs free stuff from the govt. I am staying away from your insults. It only serves to show your lack of intelligence.

 

[Marvin the Martian]

Totally different but nice try. Closer to Obama's free cell phone program and affordable care act.Anything Democrats can do to get poor people to vote for them.

The free phones started with Reagan, expanded to cell phones by Bush 43. In fact Obama required proof of income to qualify, so he tightened the rules. So that Reagan, doing anything to get poor people to vote for him.

Lifeline (FCC program) - Wikipedia

en.m.wikipedia.org

The Truth About Lifeline & “Obama Phones” | National Lifeline Association

www.nalalifeline.org

 

[snarlcakes]

You mean like tax cuts? That kind of buying votes with taxpayer money?

The government taking less of someone’s money isn’t the same thing.

 

[stollcpa]

My roommate in college received a pell grant. His dad was a farmer and his mother a school teacher. They were divorced and his father could show zero income. Not all are from the bottom end of the spectrum.

There was a program I think called 21st Century. You could apply in Junior High based on need. If you qualified and stayed out of trouble you got a grant for four years of college that paid everything. The crazy thing was it didn’t matter if the parents showed $1M income when your were a senior. You got the money based on parents income in Junior High. I know farmers that legally manipulated their profit the years their kids applied. All you had to do was prepay expenses, buy equipment to depreciate or defer grain sales to the following year. Might be the worst program ever for legal abuse.

 

[Bulk VanderHuge]

There was a program I think called 21st Century. You could apply in Junior High based on need. If you qualified and stayed out of trouble you got a grant for four years of college that paid everything. The crazy thing was it didn’t matter if the parents showed $1M income when your were a senior. You got the money based on parents income in Junior High. I know farmers that legally manipulated their profit the years their kids applied. All you had to do was prepay expenses, buy equipment to depreciate or defer grain sales to the following year. Might be the worst program ever for legal abuse.

So, would you say that because some people misused it, 21st Century Scholar was a bad program?

 

[UncleMark]

I know farmers that legally manipulated their profit the years their kids applied. All you had to do was prepay expenses, buy equipment to depreciate or defer grain sales to the following year. Might be the worst program ever for legal abuse.

Probably got some good advice from a sharp CPA on how to pull that off.

 

[Lucy01]

There was a program I think called 21st Century. You could apply in Junior High based on need. If you qualified and stayed out of trouble you got a grant for four years of college that paid everything. The crazy thing was it didn’t matter if the parents showed $1M income when your were a senior. You got the money based on parents income in Junior High. I know farmers that legally manipulated their profit the years their kids applied. All you had to do was prepay expenses, buy equipment to depreciate or defer grain sales to the following year. Might be the worst program ever for legal abuse.

But you used the magic word! Legal.

 

[stollcpa]

Probably got some good advice from a sharp CPA on how to pull that off.

PPP loans, this scholarship program and other issues are struggle sometimes. If it’s perfectly legal you have an obligation to your client.

I pushed many of my largest clients not to participate in PPP loans. I have several that didn’t participate.

 

[stollcpa]

So, would you say that because some people misused it, 21st Century Scholar was a bad program?

It’s a bad program if they don’t fix a gaping loophole.

I know kids who got the help that needed it. It was a great program for them.

 

[IUclover]

It’s a bad program if they don’t fix a gaping loophole.

I know kids who got the help that needed it. It was a great program for them.

They fixed it by doing an annual household income check after enrolling in the program. Can’t do anything about those who legally fudge numbers on their taxes though even if they aren’t really in need of the funds.

 

[Sope Creek]

The government taking less of someone’s money isn’t the same thing.

It is when the "less money taken" comes out of borrowed money that taxpayers have to pay back.

 

[stollcpa]

They fixed it by doing an annual household income check after enrolling in the program. Can’t do anything about those who legally fudge numbers on their taxes though even if they aren’t really in need of the funds.

You mean annual check every year in the program during college years? If so that would probable fix the problem. It’s pretty easy to fix income for one year but doing it every year from Junior High through College would be almost impossible.

 

[IUclover]

You mean annual check every year in the program during college years? If so that would probable fix the problem. It’s pretty easy to fix income for one year but doing it every year from Junior High through College would be almost impossible.

Yeah, they do an annual check when they enter college. I would hope some parents know they’re not going to qualify by that time.