Biden approves broad student loan forgiveness

Saltwater60

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So Biden has come up with his plan to forgive student loans. My wife will benefit from this and I don’t support it. $300 billion is too costly and it will increase inflation. I also don’t believe he will restart student loan payments in December.
amp.cnn.com

Biden announces student loan relief for borrowers making less than $125,000

President Joe Biden on Wednesday announced historic new steps to address student loan debt, which includes forgiving up to $20,000 for millions of borrowers and extending the payment freeze one final time until the end of the year.
amp.cnn.com amp.cnn.com
 
Saltwater60

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SonOfSun said:
It would be worse under Trump so...
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Outside of the pandemic we were better under Trump so I have to disagree with you there. Also Biden didn’t fair the pandemic so well either so Trumps presidency was better in ever way. Regardless of what anyone lies about Biden’s energy policy partially caused gas and oil to rise. Also him handing out money caused the inflation partially as well. Look they handed out money like crazy and are now raising interest rates to reduce the money in the economy. This admin has played both sides of energy and inflation. He’s done it poorly if anyone has paid attention.
 
SonOfSun

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Saltwater60 said:
Outside of the pandemic we were better under Trump so I have to disagree with you there. Also Biden didn’t fair the pandemic so well either so Trumps presidency was better in ever way. Regardless of what anyone lies about Biden’s energy policy partially caused gas and oil to rise. Also him handing out money caused the inflation partially as well. Look they handed out money like crazy and are now raising interest rates to reduce the money in the economy. This admin has played both sides of energy and inflation. He’s done it poorly if anyone has paid attention.
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Trump fucked me pretty hard so.... Definitely not sad he's gone. Biden sucks too, and Trump screwed me harder than Biden has so far.

People should vote their interests, and Trump was not in my interest. If his policies were good for you, I don't blame you for voting for him - you should have if that's how it was for you.
 
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I love how they call it a student debt crisis when its government run collages that set the tuition.

this will help the current batch of students but does nothing for the kids in high school now.

Obviously tuition costs will rise in equal percentages to recover the losses.

the government fucked the whole thing up once they guaranteed student loans . prices sky rocketed . Now they are going to fix the crisis , stand back.

Maybe the whole intent is to make it a political football every election to drive young voters to the voting booths.
 
Saltwater60

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holdover said:
I love how they call it a student debt crisis when its government run collages that set the tuition.

this will help the current batch of students but does nothing for the kids in high school now.

Obviously tuition costs will rise in equal percentages to recover the losses.

the government fucked the whole thing up once they guaranteed student loans . prices sky rocketed . Now they are going to fix the crisis , stand back.

Maybe the whole intent is to make it a political football every election to drive young voters to the voting booths.
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The intent is to buy votes for November. I can see it now. The inflation hasn’t dropped yet but give it time because we just passed it. We just did loan forgiveness though. Sir that wasn’t the question, oh sorry do you remember we just did loan forgiveness. Extending the pause to December is about saving face with foreclosures of homes and repossession of cars because people used student loan money payments for those.
 
TEOTWAWKI inc.

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  • Advance racial equity. By targeting relief to borrowers with the highest economic need, the Administration’s actions are likely to help narrow the racial wealth gap. Black students are more likely to have to borrow for school and more likely to take out larger loans. Black borrowers are twice as likely to have received Pell Grants compared to their white peers. Other borrowers of color are also more likely than their peers to receive Pell Grants. That is why an Urban Institute study found that debt forgiveness programs targeting those who received Pell Grants while in college will advance racial equity.
www.whitehouse.gov

FACT SHEET: President Biden Announces Student Loan Relief for Borrowers Who Need It Most | The White House

A three-part plan delivers on President Biden’s promise to cancel $10,000 of student debt for low- to middle-income borrowers President Biden believes that a post-high school education should be a ticket to a middle-class life, but for too many, the cost of borrowing for college is a lifelong...
www.whitehouse.gov www.whitehouse.gov
 
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SonOfSun said:
Trump fucked me pretty hard so.... Definitely not sad he's gone. Biden sucks too, and Trump screwed me harder than Biden has so far.

People should vote their interests, and Trump was not in my interest. If his policies were good for you, I don't blame you for voting for him - you should have if that's how it was for you.
Click to expand...
How did you get screwed by Trump?
 
Carlos Hathcock

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I pay my debts and don't ask anyone else to be responsible for them. I wouldn't take a dime of this money because its on the backs of others. Shame on those who do.
 
Saltwater60

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Carlos Hathcock said:
I pay my debts and don't ask anyone else to be responsible for them. I wouldn't take a dime of this money because its on the backs of others. Shame on those who do.
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Do you take other tax breaks like child tax credit and others offered? How about star property tax exemption, what about the stimulus checks offered? If so what’s the difference in your mind?
I get your point I really do, but the loans she is enrolled in is income based and it sounds like the forgiveness might be automatic. Of course there are no details. Also keep in mind all that will be forgiven is a portion of the j retest in our case since she’s been paying on them so long. She borrowed about $50,000 and the payments we have made have paid that back and then some. Also as stated in the original post I don’t support this and the cost isn’t worth lowering people bill by $10,000.
 
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Carlos Hathcock said:
I pay my debts and don't ask anyone else to be responsible for them. I wouldn't take a dime of this money because its on the backs of others. Shame on those who do.
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Shame on me. Maybe smack me around a little and call me a bitch too?

I do not spport it, but I'm paying for it, you bet your ass I'm using it.
 
Jmac00

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for all you that took out loans to get a degree, Biden just slapped you hard. He didn't actually forgive anything, hes simply transferring wealth to the actual working class.
Imagine being a roughneck on a oil rig making 30$/hour, now you get to help pay off the $150,000 loan of the drill engineer sitting in a air conditioned office. LOL STUUUUPIIID
 
Saltwater60

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Jmac00 said:
for all you that took out loans to get a degree, Biden just slapped you hard. He didn't actually forgive anything, hes simply transferring wealth to the actual working class.
Imagine being a roughneck on a oil rig making 30$/hour, now you get to help pay off the $150,000 loan of the drill engineer sitting in a air conditioned office. LOL STUUUUPIIID
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Stupid me I just paid 100% out of pocket for my bachelor’s degree. Apparently I should have taken loans and had them forgiven.
They should find and subsidize trade schools since we need them more than more smarties.
 
Carlos Hathcock

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Saltwater60 said:
Do you take other tax breaks like child tax credit and others offered? How about star property tax exemption, what about the stimulus checks offered? If so what’s the difference in your mind?
I get your point I really do, but the loans she is enrolled in is income based and it sounds like the forgiveness might be automatic. Of course there are no details. Also keep in mind all that will be forgiven is a portion of the j retest in our case since she’s been paying on them so long. She borrowed about $50,000 and the payments we have made have paid that back and then some. Also as stated in the original post I don’t support this and the cost isn’t worth lowering people bill by $10,000.
[/QUOT
Saltwater60 said:
Do you take other tax breaks like child tax credit and others offered? How about star property tax exemption, what about the stimulus checks offered? If so what’s the difference in your mind?
I get your point I really do, but the loans she is enrolled in is income based and it sounds like the forgiveness might be automatic. Of course there are no details. Also keep in mind all that will be forgiven is a portion of the j retest in our case since she’s been paying on them so long. She borrowed about $50,000 and the payments we have made have paid that back and then some. Also as stated in the original post I don’t support this and the cost isn’t worth lowering people bill by $10,000.
Click to expand...

This is not the same thing as tax programs and you know it. People made a decision to go to school and borrow money with the expectation it will be paid back. $10k? Why not $20k? Why not $50k? Why not just wipe out ALL college loans no matter what the balance? Hell, for that matter why not just wipe out auto loans, personal loans, credit cards, and mortgages? Everything is FREE!!! $300 billion today and $300 trillion tomorrow. This is pandoras box and is a steaming pile of shit.
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Saltwater60

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I agree with most of what you said. I did say it’s too much money as you indicated.
I’m not so sure there is much difference between this and tax deductions. Tax deductions are you doing something and getting government money for that action and this is the same. They just added way more tax rebate programs that many will take care of. How about tax rebates for EV’s? I actually don’t see the difference. Yea she borrowed money fully expecting to pay it back and we have made every attempt at doing that. There is now a deduction to reduce that burden just like tax deductions reduce your tax burden.
As for the answer to your why $10,000 that’s because it’s low enough that Biden and other democrats can say vote for me and I’ll give you more money for the next election. It’s all about votes but he won’t get either of our votes.
 
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