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

[anon_mya1phvcpf5x4]

To me it's amazing how people think they don't need to honor their commitments. There's not a person on here that would just say forget it if someone borrow $25,000 from them and then decided it was a bad idea to borrow the money in the first place.
The first car I ever bought and got a loan on was a mistake from the beginning but I paid it off. My son-in-law had approximately $80,000 in student loans when he got out of school 10 years ago but he paid all of them off

There are a lot more issues than that. The ever increasing cost of going to college/grad school. The need for people to take that route so you can have doctors, NPs, lawyers and other professions that require people to take that schooling.

Federal student loans are immune from default with bankruptcy so there is very little risk involved. My suggestion wasn't about forgiving people from their loan, but about not tacking on interest on top of the loan.

Of course, they should also tackle the issue of tuition costs skyrocketing, especially at public universities that should be getting taxpayer money.

 

[anon_mlxxvlbug9dpa]

Wasn't aware of that. So limiting the payments to 5% and stopping them at 20 years could very well end up saving people a bunch of money, especially those with high debt and poor incomes.

Sure. So how do we get people from taking on a ton of debt and majoring in something worthless (from an income perspective)?

 

[Cortez88]

Mitch Daniels has tried to keep costs down at Purdue and frozen tuition for several years. Purdue is not very glamorous, but I think he has been on the right track. He also has been working on virtual learning, reducing the time it takes to obtain degrees. Mitch's approach is to try to reduce the cost of education.

I agree with all this and think Mitch has done a great job. My only caveat is that Purdue has had an increasing foreign student enrollment. That class of international students has carried some extra water on the cost front. The down side is that they also take up seats that could have gone to Indiana kids.

 

[mcmurtry66]

Wasn't aware of that. So limiting the payments to 5% and stopping them at 20 years could very well end up saving people a bunch of money, especially those with high debt and poor incomes.

Hey my kid has one of these shitty acer laptops. She's super rough with stuff. It stopped charging. How do I know if it's the computer or the ac adapter? The computer is on but when you plug in the adapter it's no longer charging

 

[larsIU]

So how do we get people from taking on a ton of debt and majoring in something worthless (from an income perspective)?

I mean, we used to call it the School for Pissing Education Away.

But then again, I was a liberal arts major b/c you didn't have to attend class.

 

[UncleMark]

Sure. So how do we get people from taking on a ton of debt and majoring in something worthless (from an income perspective)?

No private schools, no out of state tuition, and put the schools on the note.

 

[UncleMark]

Hey my kid has one of these shitty acer laptops. She's super rough with stuff. It stopped charging. How do I know if it's the computer or the ac adapter? The computer is on but when you plug in the adapter it's no longer charging

Is the charger plug loose when it's plugged in? Can you wiggle it?

 

[mcmurtry66]

Is the charger plug loose when it's plugged in? Can you wiggle it?

Feels same as always. Charger isn't hot

 

[mcmurtry66]

Is the charger plug loose when it's plugged in? Can you wiggle it?

I'm just going to order a new charger and see what happens

 

[Joe_Hoopsier]

Wasn't aware of that. So limiting the payments to 5% and stopping them at 20 years could very well end up saving people a bunch of money, especially those with high debt and poor incomes.

So it's just another back door to make public funded college. By god you can't out cheat DC. Why even try anymore?

 

[Bill4411]

I agree with all this and think Mitch has done a great job. My only caveat is that Purdue has had an increasing foreign student enrollment. That class of international students has carried some extra water on the cost front. The down side is that they also take up seats that could have gone to Indiana kids.

I'm not sure how much you will like the next president of Purdue, Mung Chiang, as he is originally from China: he's very well educated but not who you would normally see as the leader of a traditional land grant college.

 

[anon_6hv78pr714xta]

I'm just going to order a new charger and see what happens

Or don't buy a shitty Acer. Pony up for a MacBook, cheapskate. : )

 

[mcmurtry66]

Or don't buy a shitty Acer. Pony up for a MacBook, cheapskate. : )

Not a chance in hell with this kid.

 

[JamieDimonsBalls]

Am I missing that this extends into the future? I haven't read that borrowers in 2030 will get $10,000 foregiveness. Maybe the articles are incomplete?

It's already been happening, so it's far from one time. And with all of the left's rallying around the concept and the GOP screwing the pooch on mid-terms, why wouldn't a reasonable person expect this to continue?

 

[Marvin the Martian]

It's all forgiven after 20 years anyway. 10 years if you work in the public sector.

To play devil's advocate, much of these outstanding loans will never be repaid anyways. As they say, you can't get blood from a stone.

Not entirely. It is only forgiven for those on income-based loan repayment plans. So Zuckerberg's kids will probably have a hard time qualifying as there are income restrictions. But for those that do qualify, if one is in good standing on their repayments after 20 years, whatever remains is paid off.

 

[JamieDimonsBalls]

Or don't buy a shitty Acer. Pony up for a MacBook, cheapskate. : )

Unless you are in a design field, there is literally no reason to overpay for a Macbook.

 

[mcmurtry66]

Not entirely. It is only forgiven for those on income-based loan repayment plans. So Zuckerberg's kids will probably have a hard time qualifying as there are income restrictions. But for those that do qualify, if one is in good standing on their repayments after 20 years, whatever remains is paid off.

A fraction of borrowers I'm sure

 

[Marvin the Martian]

It's already been happening, so it's far from one time. And with all of the left's rallying around the concept and the GOP screwing the pooch on mid-terms, why wouldn't a reasonable person expect this to continue?

GOP screwing the pooch, I was just reading a thread guaranteeing a GOP sweep in November.

I think you are a bit pessimistic on this, is seems highly probable the court will strike it down.

 

[aajohn2000]

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?

Not going to read every post in this thread, but it seems as though most everyone is not supportive of this? I feel like if the gov’t is going to allocate dollars to higher eductiaon, it should be focused toward lower income youth who cannot afford college but essentially provides a grant for them to attend school and the money is good so long as they fulfill their obligations, ie grades, attendance, etc etc. cancelling debt for people who signed up for it willingly and agreed to it is ludicrous. Now not only am I paying for my own kids education, but these people as well. Doesn’t seem right.

 

[Marvin the Martian]

A fraction of borrowers I'm sure

It has been very hard to qualify for the 10-year plan, under Trump most people applying for the 10-year were denied.

https://www.cnn.com/2019/09/05/politics/rejection-rates-public-student-loan-forgiveness-fix-trnd

 

[anon_mlxxvlbug9dpa]

No private schools, no out of state tuition, and put the schools on the note.

Not sure what you mean. I’d much rather there be private schools free of government influence and their whims than the inverse.

But yes I love the idea of putting the schools on the note.

 

[mcmurtry66]

Unless you are in a design field, there is literally no reason to overpay for a Macbook.

This kid ain't getting no MAC. She doesn't appreciate anything! She just wrecks shit and expects a replacement. She's WOKE!!!! They got her while I was at work. That school. She loves Joe Biden and hates Trump. She's Dem through and through. Doesn't appreciate what she has and expects others to pay for it. There's nothing I can do now. She's tainted! When we watch Queer Eye and Johnathan's new show I wear my great big red white and blue MAGA hat that a vendor in Licking Missouri sent me and I shout THESE COLORS DONT RUN!!!! she doesn't care. She just keeps on breaking shit and looking for replacements. MAGA isn't on the Tok and anything she wants is an Amazon away. She likes how things are going

 

[JamieDimonsBalls]

GOP screwing the pooch, I was just reading a thread guaranteeing a GOP sweep in November.

I think you are a bit pessimistic on this, is seems highly probable the court will strike it down.

That was prior to the SCOTUS disaster and Trump's negative impact. He's literally going to cost the GOP several senator and gubernatorial seats.

The GOP has lost the massive momentum it generated during the spring by distracting from the economic issues.

 

[JamieDimonsBalls]

Not sure what you mean. I’d much rather there be private schools free of government influence and their whims than the inverse.

But yes I love the idea of putting the schools on the note.

He's suggesting not allowing federal loans for private institutions.

 

[JamieDimonsBalls]

This kid ain't getting no MAC. She doesn't appreciate anything! She just wrecks shit and expects a replacement. She's WOKE!!!! They got her while I was at work. That school. She loves Joe Biden and hates Trump. She's Dem through and through. Doesn't appreciate what she has and expects others to pay for it. There's nothing I can do now. She's tainted! When we watch Queer Eye and Johnathan's new show I wear my great big red white and blue MAGA hat that a vendor in Licking Missouri sent me and I shout THESE COLORS DONT RUN!!!! she doesn't care. She just keeps on breaking shit and looking for replacements. MAGA isn't on the Tok and anything she wants is an Amazon away

That was one wild paragraph

 

[anon_mlxxvlbug9dpa]

This kid ain't getting no MAC. She doesn't appreciate anything! She just wrecks shit and expects a replacement. She's WOKE!!!! They got her while I was at work. That school. She loves Joe Biden and hates Trump. She's Dem through and through. Doesn't appreciate what she has and expects others to pay for it. There's nothing I can do now. She's tainted! When we watch Queer Eye and Johnathan's new show I wear my great big red white and blue MAGA hat that a vendor in Licking Missouri sent me and I shout THESE COLORS DONT RUN!!!! she doesn't care. She just keeps on breaking shit and looking for replacements. MAGA isn't on the Tok and anything she wants is an Amazon away. She likes how things are going

Are you drinking before noon?

 

[anon_mlxxvlbug9dpa]

He's suggesting not allowing federal loans for private institutions.

Gotcha. I completely agree with that.

 

[hoosboot]

Not a chance in hell with this kid.

Do you also buy her Toughskins jeans from Sears? 🤣

 

[mcmurtry66]

Do you also buy her Toughskins jeans from Sears? 🤣

Hahaha. A size too big

 

[hoosboot]

Unless you are in a design field, there is literally no reason to overpay for a Macbook.

You're definitely right about a design field, but I'd add media production to that as well. PCs suck in that space.

And I find that Macbooks last a ton longer than PC laptops, certainly the cheapies. We always have both on hand for work and the PCs tend to last about four years before they are hopelessly bogged down while many of the Macbooks go eight to ten years.

I think the challenge from mcm's perspective would be getting the laptop to eight years in one piece. :>)

 

[Marvin the Martian]

That was prior to the SCOTUS disaster and Trump's negative impact. He's literally going to cost the GOP several senator and gubernatorial seats.

The GOP has lost the massive momentum it generated during the spring by distracting from the economic issues.

They will take the House, that's pretty much idiot-proof. But the Senate will be a problem. They could still do it, not since the Italians fought their last war has there been a group better at snatching defeat from the jaws of victory as the Democratic Party.

There is way too much time left to have a good idea, gas prices could rocket or collapse. Russia could win, or lose. But I would bet money on the GOP taking the House. Right now, I wouldn't bet on the Senate but I would say the Democrats are likely to come out at least 50-50.

 

[CO. Hoosier]

Hey @stollcpa . Wouldn’t debt forgiveness be taxable income? No wonder Biden wants 87 thousand more IRS agents.

 

[JamieDimonsBalls]

You're definitely right about a design field, but I'd add media production to that as well. PCs suck in that space.

And I find that Macbooks last a ton longer than PC laptops, certainly the cheapies. We always have both on hand for work and the PCs tend to last about four years before they are hopelessly bogged down while many of the Macbooks go eight to ten years.

I think the challenge from mcm's perspective would be getting the laptop to eight years in one piece. :>)

Good point, we should expand it broadly to the Arts.

I have a Macbook from 2009 that still runs okay. So does my Dell laptop from 2003. Obviously neither is fast enough in today's age, but they work.

But, think about it, you can buy 3 cheap laptops for every Macbook, so you can upgrade every 2 years and still come out ahead financially IMO.

 

[Marvin the Martian]

Hey @stollcpa . Wouldn’t debt forgiveness be taxable income? No wonder Biden wants 87 thousand more IRS agents.

It normally is, and might be for some states, but congress has actually made student load forgiveness non-taxable through 2025 in the American Rescue Plan. https://www.forbes.com/advisor/taxe...Owe State Taxes,they follow federal tax rules.

 

[JamieDimonsBalls]

Are you drinking before noon?

McM

 

[Bowlmania]

This kid ain't getting no MAC. She doesn't appreciate anything! She just wrecks shit and expects a replacement. She's WOKE!!!! They got her while I was at work. That school. She loves Joe Biden and hates Trump. She's Dem through and through. Doesn't appreciate what she has and expects others to pay for it. There's nothing I can do now. She's tainted! When we watch Queer Eye and Johnathan's new show I wear my great big red white and blue MAGA hat that a vendor in Licking Missouri sent me and I shout THESE COLORS DONT RUN!!!! she doesn't care. She just keeps on breaking shit and looking for replacements. MAGA isn't on the Tok and anything she wants is an Amazon away. She likes how things are going

Great post!

Surprised to read you're raising a "free cheese" kid! Sounds like she's been indoctrinated at school. Hopefully, though, she's not into virtue signaling, or paid paternity leave for slackers like Mayor/Secretary Pete.

November is coming, but at least she can't vote yet. But your stoker can. Is she fueling this ideology?

 

[anon_mlxxvlbug9dpa]

Is she fueling this ideology?

very likely social media - mastered by troll farms and The CCP

 

[anon_mya1phvcpf5x4]

The uproar about student loan forgiveness from the GOP is nothing but politics.

Marjorie Taylor Greene says student-loan forgiveness is 'completely unfair' despite the fact her company had loans worth $183,504 forgiven

Data shows that Marjorie Taylor Greene's company, Taylor Commercial, Inc., had $183,504 in Paycheck Protection Program loans forgiven.

www.businessinsider.com

MTG is in an uproar saying how unfair it is for taxpayers that don't have student loans.

Was she in an uproar when her company had their loan forgiven? That would be unfair to all the people that had a company but didn't have a loan that was forgiven. Or unfair to people that didn't even have a company. I'm sure we all could have used $183,000+ dollars.

If you go down that road, then it is unfair for people without kids to pay taxes that go to schools. People pay taxes and never do all of the taxes go to things that they benefit from personally.

Did MTG just recently change her mind on whether or not it is fair for loans to be forgiven or is she just playing politics to get followers to be mad at the dems for doing it?

 

[anon_mlxxvlbug9dpa]

The uproar about student loan forgiveness from the GOP is nothing but politics.

Marjorie Taylor Greene says student-loan forgiveness is 'completely unfair' despite the fact her company had loans worth $183,504 forgiven

Data shows that Marjorie Taylor Greene's company, Taylor Commercial, Inc., had $183,504 in Paycheck Protection Program loans forgiven.

www.businessinsider.com

MTG is in an uproar saying how unfair it is for taxpayers that don't have student loans.

Was she in uproar when her company had their loan forgiven? That would be unfair to all the people that had a company but didn't have a loan that was forgiven. Or unfair to people that didn't even have a company.

If you go down that road, then it is unfair for people without kids to pay taxes that go to schools. People pay taxes and never do all of the taxes go to things that they benefit from personally.

Did MTG just recently change her mind on whether or not it is fair for loans to be forgiven or is she just playing politics to get followers to be mad at the dems for doing it?

Oh good. More business insider. You’re out of step with your smarter progressive colleagues here. That should tell you something. I know it doesn’t - so it’s no surprise you just wutabout from social media and BI crap.

 

[mcmurtry66]

Great post!

Surprised to read you're raising a "free cheese" kid! Sounds like she's been indoctrinated at school. Hopefully, though, she's not into virtue signaling, or paid paternity leave for slackers like Mayor/Secretary Pete.

November is coming, but at least she can't vote yet. But your stoker can. Is she fueling this ideology?

50/50 my stoker can name the president. But she'll virtue signal when the gram starts reminding people to vote and almost certainly cancel out my vote. Oh yes my daughter is very much indoctrinated. Fantastic school district - probably the best on the state with amazing resources but it's the motherland for woke people