Biden’s plan to address student loans could be disasterous

Saltwater60

Saltwater60

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This makes little to no sense to me at all. We are on an income driven plan and we are up to $340/month now after it being $225 previously. If this is 10% of your discretionary income then that would mean we have a disposable income of $40,000/year. There is no way that can even be possible. We make together $139,000 gross. Nearly 40% of that goes to taxes. So we’re left with around $80,000/year after just income taxes. I then have health insurance and other fees taken out. This does need to be reworked because it doesn’t take j to cl account certain things.
Prior to getting to this point the amount of loan money and degree plan needs to be taken into account to avoid this crap. The negatives and critical points brought up are a huge concern and then who will pay for it then?
thehill.com

How Biden’s debt forgiveness plan could transform income-driven repayment

Story at a glance Within President Biden’s historic student debt forgiveness announcement was a critical addition to income-driven repayment (IDR) plans. Biden proposed a new IDR plan that would le…
thehill.com
 
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Deplorable Me

Deplorable Me

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ManualF150 said:
This loan forgiveness shit pisses me off.

I paid for my college loans with my cold, hard cash from working multiple jobs! I took sacrifices in my life to do that!

I have no sympathy for anyone that takes these payouts, because it's my tax money too!
Click to expand...
Not to mention the thousands of parents who sacrificed and helped their kids, grandchildren......

Colleges are way overpriced these days. Overpriced faculty and fat way overpriced administrators.
 
spat

spat

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ManualF150 said:
This loan forgiveness shit pisses me off.

I paid for my college loans with my cold, hard cash from working multiple jobs! I took sacrifices in my life to do that!

I have no sympathy for anyone that takes these payouts, because it's my tax money too!
Click to expand...
How about making degrees refundable.

You can turn in your degree for a refund of whatever you had left to pay.

It sure would fix a lot if the colleges were on the hook when kids figured out that gender studies degree wasn't the path to a 6 figure income someone promised them it would be...

The institutions that cashed the checks should be the ones on the hook, not the taxpayers, or the banks that just loaned the money.

If you buy a new car and it's a lemon, the lemon law says the dealer you bought it from is on the hook. Not the taxpayers, and not the bank you got the loan from.
 
Bigfoot

Bigfoot

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spat said:
How about making degrees refundable.

You can turn in your degree for a refund of whatever you had left to pay.

It sure would fix a lot if the colleges were on the hook when kids figured out that gender studies degree wasn't the path to a 6 figure income someone promised them it would be...

The institutions that cashed the checks should be the ones on the hook, not the taxpayers, or the banks that just loaned the money.

If you buy a new car and it's a lemon, the lemon law says the dealer you bought it from is on the hook. Not the taxpayers, and not the bank you got the loan from.
Click to expand...
View attachment 172217
 
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