Canceling student loans

[ALF]

I'm good with $10K relief  for inflation, for earners under $50K.

[Precision]

Just now, The Frankish Reich said:

Really easy to do if you go to graduate or professional school and don't qualify for other financial aid.

If you're going into that kind of debt for film school or to get a Ph.D. in Art History, well, you're a fool.

If you're going to medical school (or law/business/dentistry AND it's a top school): no problem. Really. I get tired of the whining. $150,000 loan debt if you qualify as a cardiologist (median salary: $400,000) is totally manageable. Even a family practitioner (median: $216,000) can live well after a few years of getting their feet on the ground. Totally ordinary lawyer from a totally ordinary school? Well, that gets harder (median salary: $128,000). 

I understand how someone can rack up that much debt but if you can't afford it then you should opt for a lower cost option or suck it up.  No one needs a graduate degree.  I wanted to be a dentist but ended up with a BSEE as there was no way I would be able to afford that much education at that time in my life.   Earned a graduate degree in engineering at night when I was financial able to.  So my dream career never happened, tough sh!t for me.  Life is full of hard choices.  I also am tired of the whining and entitlement.  I wonder how many of these high debt/high earners pocket the $10K relief and never pay it forward once they are able to?  Probably a lot.

Just now, ALF said:

I'm good with $10K relief  for inflation, for earners under $50K.

Why?  If you choose a field of study with low earning potential isn't that on you? 

Edited August 24, 2022 by Precision

[Demongyz]

3 hours ago, ALF said:

I'm good with $10K relief  for inflation, for earners under $50K.

Why?  They can defer that, they can get a gov job and have it wiped out, they could get a better job; lots of things they can do to pay of THEIR debt.

[Over 29 years of fanhood]

In a stunning turn of events, while the net takers who got expensive low value degrees and subsist off of government helicopter money and hand outs are in favor of this, the net payers who fund all of this, work hard, paid their college and will pay for their own kids college have reservations about paying off all the moochers loans too. 

[BillStime]

According to the CULT:
 

Student loan relief bad

 

100% PPP loan FORGIVENESS good 

 

f’n idiots 

 

These idiots can’t see how their keepers manipulate the F out of every f’n narrative just to keep us peasants angry and their millionaire and billionaire keepers happy and rich. 

 

IDIOTS

[Over 29 years of fanhood]

3 hours ago, Demongyz said:

Why?  They can defer that, they can get a gov job and have it wiped out, they could get a better job; lots of things they can do to pay of THEIR debt.

There are lots of ways sure. This is about buying vote mobilization from Liberal arts majors that owe student loans for worthless degrees with no career path.

 

the idiots that looked at tens of thousands of dollars of debt as entitlement versus investment. 
 

thats the base of the modern Democratic Party. The leeches on society. You can see the same entitlement, naivety, ignorance and lack of purpose permeating  most of the religious left defenders here. 

[BillStime]

39 minutes ago, Over 29 years of fanhood said:

There are lots of ways sure. This is about buying vote mobilization from Liberal arts majors that owe student loans for worthless degrees with no career path.

 

the idiots that looked at tens of thousands of dollars of debt as entitlement versus investment. 
 

thats the base of the modern Democratic Party. The leeches on society. You can see the same entitlement, naivety, ignorance and lack of purpose permeating  most of the religious left defenders here. 

Ah yes - the little guys are the leaches - they got you right where they want you Mista Independent.

 

idiots 

[ALF]

The problem with fed student loans is the high interest rates even before inflation. $10K would put a dent in those excessive interest charges. Adding more IRS auditors to catch tax cheats will cover the cost.

[All_Pro_Bills]

12 minutes ago, ALF said:

The problem with fed student loans is the high interest rates even before inflation. $10K would put a dent in those excessive interest charges. Adding more IRS auditors to catch tax cheats will cover the cost.

There needs to be an inspection of the entire system that supports excessive tuition and fee charges that the colleges and universities are inflicting on students and parents.      

[PetermansRedemption]

29 minutes ago, ALF said:

The problem with fed student loans is the high interest rates even before inflation. $10K would put a dent in those excessive interest charges. Adding more IRS auditors to catch tax cheats will cover the cost.

They definitely need to start allowing federal borrowers to refinance to lower prevailing rates at least a few times over the course of their 20 year loans. 

[Over 29 years of fanhood]

27 minutes ago, ALF said:

The problem with fed student loans is the high interest rates even before inflation. $10K would put a dent in those excessive interest charges. Adding more IRS auditors to catch tax cheats will cover the cost.

Adding 87,000 agent will cost about $15 billion per year and double the size of the irs.
 

See, this is how government waste works…. They won’t even cover that incremental cost, and there will be a collateral impact of people who are completely on the up and up having to suffer through more audits.

 

lasted if you are involved in in any tax implicated way or donate significantly to conservative causes be ready, they are coming for you. Assuming religious NPOs are the first target. 

[Doc]

This ruse again?   

[ALF]

The 87,000 new auditors are just to try and figure out Trump's returns 🙂

[Over 29 years of fanhood]

10 minutes ago, ALF said:

The 87,000 new auditors are just to try and figure out Trump's returns 🙂

I’m sure he will already be in prison by then 

34 minutes ago, PetermansRedemption said:

They definitely need to start allowing federal borrowers to refinance to lower prevailing rates at least a few times over the course of their 20 year loans. 

I believe consolidation to lower rates is very easy or at least it was a long time ago 

[LeviF]

Again, Republicans not only miss the point but miss an opportunity.

 

Democrats understand that politics simply comes down to what Old Hickory practiced: reward friends, punish enemies.

 

IRS, "green" energy, student loan "forgiveness," all just payment programs for dem donors at the expense of those who actually make the system run.

[dpberr]

13 hours ago, Precision said:

Under what circumstances does someone have $150K in college loans?  Bachelor and Associate degrees are available for much less than that.  If you're taking out loans for that much perhaps you should have chosen a less expensive institution, different curriculum or gone into the trades.  That much debt for college loans is a poor choice completely on the borrower.

You can get there pretty easy.  Annual in-state tuition (with meal plan, room and board) at a state school here in PA is now $26k, out of state is $38k.

 

If you manage to get out in four years, that puts you north of 100k.  However, schools play games with scheduling now, so it's more like 4.5-5 years.  

 

Trade school in PA is now up to $22K, all in.  However, that's a two year program.  

[BillStime]

15 minutes ago, LeviF said:

Again, Republicans not only miss the point but miss an opportunity.

 

Democrats understand that politics simply comes down to what Old Hickory practiced: reward friends, punish enemies.

 

IRS, "green" energy, student loan "forgiveness," all just payment programs for dem donors at the expense of those who actually make the system run.

So who makes the system run?

 

1 minute ago, dpberr said:

You can get there pretty easy.  Annual in-state tuition (with meal plan, room and board) at a state school here in PA is now $26k, out of state is $38k.

 

If you manage to get out in four years, that puts you north of 100k.  However, schools play games with scheduling now, so it's more like 4.5-5 years.  

 

Trade school in PA is now up to $22K, all in.  However, that's a two year program.  

Don’t forget about grad school 

[leh-nerd skin-erd]

2 hours ago, ALF said:

The problem with fed student loans is the high interest rates even before inflation. $10K would put a dent in those excessive interest charges. Adding more IRS auditors to catch tax cheats will cover the cost.

It's going to be interesting, as many of the folks who stand to benefit from the loan scheme likely fall into the 'tax cheat' category when viewed through the lens of the tax code.  

 

[leh-nerd skin-erd]

31 minutes ago, dpberr said:

You can get there pretty easy.  Annual in-state tuition (with meal plan, room and board) at a state school here in PA is now $26k, out of state is $38k.

 

If you manage to get out in four years, that puts you north of 100k.  However, schools play games with scheduling now, so it's more like 4.5-5 years.  

 

Trade school in PA is now up to $22K, all in.  However, that's a two year program.  

Oh, absolutely doable.  Sure, a student and/or his/her parents have to struggle with basic math concepts, forgo opportunities to offset costs of higher education, skip the trendy virtual learning opportunities and often drive past 6 community colleges and a couple 'stay at home' options offering more affordable outcomes, but hey, "Jimmy is going to Penn State...".

 

What's incredible to me is how the schools that actually set the standards and requirements are not part of the solution, especially in light of some of the massive endowments in play.  (The aforementioned Penn State is at $6.2 billion).*

 

My children attended SUNY schools, we encouraged a healthy mix of youthful stupidity and commitment to education, and we offered the option for living on campus.  We were able to handle the costs, and feel blessed to have been able to do so. Still, when I get the letter or phone call from one of the schools requesting additional alms for the poor, the first phrase that occurs to me includes only two words.  I recognize the caller is likely a student trying to make a few bucks, so I hold my tongue. 

 

*As @LeviF has suggested, I recognize there is no incentive whatsoever to the dem party for the institution to be part of the solution.  

[The Frankish Reich]

26 minutes ago, leh-nerd skin-erd said:

It's going to be interesting, as many of the folks who stand to benefit from the loan scheme likely fall into the 'tax cheat' category when viewed through the lens of the tax code.  

 

Typically loan forgiveness = imputed income = tax liability. Not sure how this latest plan is going to treat that. $10,000 of extra "income" for someone earning $125,000 in 2022 means about $2200 extra coming back to Uncle Sam. And if you live in NY or CA ....

... so watch this one carefully, and see if they add an IRS special rule treating this forgiveness as a nontaxable event.

(Yes, I hate this plan)