Chef Jim Posted October 22, 2022 Posted October 22, 2022 10 minutes ago, ALF said: They don't , that means test is way too high I agree. The means testing should be……$0! 😏
Backintheday544 Posted October 22, 2022 Posted October 22, 2022 39 minutes ago, Chef Jim said: Yes for right now. But the fact that’s it’s even being reviewed says something. We shall see how this turns out. Let me ask you a question. Why does a family making $250k need any kind of forgiveness? The fact that it’s being reviewed means the attorneys that lost at the lower level filed an appeal. While it’s the strongest case for standing, the lower courts ruling doesn’t seemed flawed, especially since it’s coming from a Republican judge. A means test needs to be placed somewhere. At least this has a test unlike PPP1.
Chef Jim Posted October 22, 2022 Posted October 22, 2022 (edited) 1 hour ago, Backintheday544 said: A means test needs to be placed somewhere. At least this has a test unlike PPP1. Why can’t you guys give a direct answer to a direct question? I was under the impression you were better than Billy Boy. I was obviously greatly mistaken. 😏 So without pointing to PPP, which is a lazy comparison, what should the means test level be? Edited October 22, 2022 by Chef Jim
Chef Jim Posted October 22, 2022 Posted October 22, 2022 How about an adult means test. Annual loan repayment to annual income ratio? Kind of makes a little bit more sense doesn’t it? That would eliminate a lot of people getting forgiveness that don’t need it.
Chef Jim Posted October 22, 2022 Posted October 22, 2022 I have a question for those that think this is a good idea. What will the monthly savings be for the average $10k in forgiveness ?
Backintheday544 Posted October 22, 2022 Posted October 22, 2022 4 hours ago, Chef Jim said: Why can’t you guys give a direct answer to a direct question? I was under the impression you were better than Billy Boy. I was obviously greatly mistaken. 😏 So without pointing to PPP, which is a lazy comparison, what should the means test level be? $125,000 per person is what it is. That’s fine with me. That hits middle America.
Chef Jim Posted October 22, 2022 Posted October 22, 2022 1 hour ago, Backintheday544 said: $125,000 per person is what it is. That’s fine with me. That hits middle America. Excuse me?? $125k per person is middle America? You may want to rethink that. What about a debt to income ratio means test like I suggested. Doesn’t that make a little more sense?
Backintheday544 Posted October 22, 2022 Posted October 22, 2022 Just now, Chef Jim said: Excuse me?? $125k per person is middle America? You may want to rethink that. What about a debt to income ratio means test like I suggested. Doesn’t that make a little more sense? Debt to income doesn’t make sense. Say a lawyer has $150k in debt (3 years at $50k). Makes $200k. Debt to income is .6. A person making $30,000 took out $10k for community college. Their ratio is .33. So in your scenario, are we giving forgiveness to the higher ratio or lower ratio? plus the administrative burden is an issue. We saw with the stimulus payments what a pain it was to get IRS systems to talk to SS systems so people on SS who don’t file got a stimulus. Now you’d have DOE trying to talk to IRS and do a calculation. (Maybe it won’t be as hard since DOE already pulls IRS income info for IBR)
Tenhigh Posted October 22, 2022 Posted October 22, 2022 6 minutes ago, Backintheday544 said: Debt to income doesn’t make sense. Say a lawyer has $150k in debt (3 years at $50k). Makes $200k. Debt to income is .6. A person making $30,000 took out $10k for community college. Their ratio is .33. So in your scenario, are we giving forgiveness to the higher ratio or lower ratio? plus the administrative burden is an issue. We saw with the stimulus payments what a pain it was to get IRS systems to talk to SS systems so people on SS who don’t file got a stimulus. Now you’d have DOE trying to talk to IRS and do a calculation. (Maybe it won’t be as hard since DOE already pulls IRS income info for IBR) Or we could just let people pay back their student loans under the terms in which they were borrowed. How is this fair to the people who struggled and paid their debts before them? Or for the next group that won't get their loans forgiven?
Chef Jim Posted October 22, 2022 Posted October 22, 2022 6 minutes ago, Backintheday544 said: Debt to income doesn’t make sense. Say a lawyer has $150k in debt (3 years at $50k). Makes $200k. Debt to income is .6. A person making $30,000 took out $10k for community college. Their ratio is .33. So in your scenario, are we giving forgiveness to the higher ratio or lower ratio? plus the administrative burden is an issue. We saw with the stimulus payments what a pain it was to get IRS systems to talk to SS systems so people on SS who don’t file got a stimulus. Now you’d have DOE trying to talk to IRS and do a calculation. (Maybe it won’t be as hard since DOE already pulls IRS income info for IBR) Let me re-explain. I was not clear. Not the total debt. The debt repayment on the amount being forgiven not the total loan. So their total annual payment on the $10k being forgiven vs their total annual income. Regarding administrative burden. The process is pretty much already in place. See we already have a forgiveness plan in place. Income Bases Repayment plans.
Backintheday544 Posted October 22, 2022 Posted October 22, 2022 2 hours ago, Tenhigh said: Or we could just let people pay back their student loans under the terms in which they were borrowed. How is this fair to the people who struggled and paid their debts before them? Or for the next group that won't get their loans forgiven? Where in the Constitution does it say all government actions must be fair? If we cure cancer tomorrow do we not give it to people currently with cancer because it wouldn’t be fair to the people who died before? Is it fair when the GOP passes tax cuts that help the wealthy but raise the deficit a ton like TCJA? No. Why? Because government action doesn’t need to be fair. Any time the government acts, there will be people who come out for the better and people who feel it isn’t fair.
sherpa Posted October 22, 2022 Posted October 22, 2022 26 minutes ago, Backintheday544 said: Where in the Constitution does it say all government actions must be fair? If we cure cancer tomorrow do we not give it to people currently with cancer because it wouldn’t be fair to the people who died before? Is it fair when the GOP passes tax cuts that help the wealthy but raise the deficit a ton like TCJA? No. Why? Because government action doesn’t need to be fair. Any time the government acts, there will be people who come out for the better and people who feel it isn’t fair. Tax policy is arbitrary and effects all. Abrogating legal promissory notes, at the expense of the American taxpayer, for the benefit of those who refuse to be obligated to their promises, while countless others did so is an entirely different situation.
Tenhigh Posted October 23, 2022 Posted October 23, 2022 (edited) 1 hour ago, Backintheday544 said: Where in the Constitution does it say all government actions must be fair? If we cure cancer tomorrow do we not give it to people currently with cancer because it wouldn’t be fair to the people who died before? Is it fair when the GOP passes tax cuts that help the wealthy but raise the deficit a ton like TCJA? No. Why? Because government action doesn’t need to be fair. Any time the government acts, there will be people who come out for the better and people who feel it isn’t fair. Lol, c'mon man, this is ridiculous, but I think you know that already. Edited October 23, 2022 by Tenhigh
Chef Jim Posted October 23, 2022 Posted October 23, 2022 If the Administration really wanted to provide relief to those that are swimming in debt they’d promote the forgiveness programs already in place. Those provide relief for the WHOLE debt not just $10k which for many is a small percentage of their overall loan balance. Those programs are based on income and put the payment amount in line with what the borrower can afford. This should open the eyes of those that think this is a great thing and let them see it’s nothing other than political pandering. Yeah but but but PPP in 3…..2……1.
ChiGoose Posted November 4, 2022 Posted November 4, 2022 16 minutes ago, Tiberius said: I can’t find the actual order yet but I wouldn’t be surprised if it was a standing issue.
K D Posted November 11, 2022 Posted November 11, 2022 As someone with student loans, I'm glad this is being blocked. We knew what we were doing when we took out loans and the interest rates are stupid low. I had friends that took out way more than they needed and used the money to go on Spring break, buy motorcycles, live it up. They would have been bailed out too? They knew what they were doing and they also knew they had 20 years to pay it back with very little interest so it was a great deal. Biden was being pressured by Pocahontas and Chucky and his stance was that he could not legally forgive loans. This came up many times during the 2020 debates and he said no he was not going to cancel student debt. So what changed? This was always just a cheap trick to get votes similar to a kid running for class president on the platform that he would make homework illegal and everyone gets free snacks at lunch. You get the dummies to vote for you and then say oh sorry they won't let me do it, not my fault! If you fell for it then you got played 2 1 1
Doc Posted November 11, 2022 Posted November 11, 2022 Just now, KDIGGZ said: As someone with student loans, I'm glad this is being blocked. We knew what we were doing when we took out loans and the interest rates are stupid low. I had friends that took out way more than they needed and used the money to go on Spring break, buy motorcycles, live it up. They would have been bailed out too? They knew what they were doing and they also knew they had 20 years to pay it back with very little interest so it was a great deal. Biden was being pressured by Pocahontas and Chucky and his stance was that he could not legally forgive loans. This came up many times during the 2020 debates and he said no he was not going to cancel student debt. So what changed? This was always just a cheap trick to get votes similar to a kid running for class president on the platform that he would make homework illegal and everyone gets free snacks at lunch. You get the dummies to vote for you and then say oh sorry they won't let me do it, not my fault! If you fell for it then you got played Well he doesn't need to worry about it now since the mid-terms are over. But they lost the House, which is good.
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