Student Loan “forgiveness”

[Engorgeous George 2,331]

1 hour ago, Hawkeye21 said:

Wouldn't it just be that the loaner doesn't take in as much money then?  They still get what they loaned out to the student but they don't get as much back in the added interest fees.  I could be wrong here.

The loaner is us, through the federal government.  What would be lost is the time value of the money, expectancy, and respect for one's word, one's commitment.

 

If I borrowed 10,000 10 years ago and had to repay only 10,000 today instead of principal plus interest what I would be repaying would, thanks to inflation, be worth less than $8,000 dollars by the value of the money when borrowed.  If I borrowed that money I deprived others of the opportunity to borrow it.  If I borrowed it and invested it  and only had to pay the principal and not the interest I could have made money.  Of course all this is moot because I simply get let out of my commitment so I will vote democrat while working stiffs who were as good as their word now have to make good on my word, which didn't mean squat, at least for those supporting and promoting this confiscatory wealth transfer.  This is disincentive to those who work, are as good as their word, and it is disincentive to the markets who now understand there is a generation or two who have an expectancy they can borrow and then be "forgiven".  Me, I don't forgive.I do not forgive using my tax dollars, tax dollars taken confiscatorily under threat of prosecution, to transfer them to the irresponsible so they support the adminstration who did, and is likely to contine to do this to me.  I am not here to work, involuntarily for the irresponsible and indolent.  Slavery was putlawed, and this is economic slavery

[craftsman 1,045]

1 minute ago, Shooter McGavin said:

Low achieving?

Also Biden gave it to her, just like trump gave everyone covid money, you all took it too.

Yes. Low achieving. If you can't afford $7500 then that's really saying something.

And I never got a penny from the government.

[Shooter McGavin 618]

Just now, craftsman said:

Yes. Low achieving. If you can't afford $7500 then that's really saying something.

And I never got a penny from the government.

She's a college student making $5k year part time.

Also are you American?

[Engorgeous George 2,331]

Money is only a concept, a concept of value, expectancy and obligations.  When obligations become meaningless so too will our money.

 

This is dangerous, stupid, and should be treasonous, the president buying votes for his party with taxpayer dollars.  Where do I sign up for the revolution?

[Alias Detective 1,406]

38 minutes ago, TheNewGirl said:

Will they add that $10k to taxable income? 

I read that when they'd forgiven teachers/public servants that they just took the $$ from the forgiveness and added it to their yearly income on taxes. Which could really fock someone over if that forgiveness pushed them into a higher bracket. 

The max you can make is $125,00 thus you are getting at least 70% for free even at the highest of rates.

[Cdub100 3,925]

The loans are backed by the US government. Banks give the loans. Forgiving the loans just means the federal government will borrow money from the federal (not actually federal) reserve and then pay off the loans. All we are doing is moving that debt from the individual to the American taxpayer. That bill will never get paid and accrue year over year while the government pays interest on it in perpetuity.

Genius.  

[Baker Boy 1,700]

1 minute ago, Cdub100 said:

The loans are backed by the US government. Banks give the loans. Forgiving the loans just means the federal government will borrow money from the federal (not actually federal) reserve and then pay off the loans. All we are doing is moving that debt from the individual to the American taxpayer. That bill will never get paid and accrue year over year while the government pays interest on it in perpetuity.

Genius.  

And instead of correcting the problem they have made it much worse.

[Cdub100 3,925]

Just now, Baker Boy said:

And instead of correcting the problem they have made it much worse.

The schools will raise tuition even more. HONK HONK!

Idiots will take out even more loans expecting them to get paid off.

[Gepetto 1,370]

 

[jerryskids 6,818]

7 minutes ago, Cdub100 said:

The schools will raise tuition even more. HONK HONK!

Idiots will take out even more loans expecting them to get paid off.

Don't forget, the schools need to pay the salaries for all of those new DEI admins.   

[posty 2,702]

Biden To Forgive $10k In Student Loans -- In Unrelated News, Nation’s Colleges Raise Tuition By $10k

https://babylonbee.com/news/biden-to-forgive-10k-in-student-loans-in-unrelated-news-nations-colleges-raise-tuition-by-10k

CAMBRIDGE, MA — President Biden announced plans today to forgive $10,000 in student loan debt for anyone making less than $125k per year. In completely unrelated news, the nation's colleges and universities announced plans to immediately raise tuition by $10,000.

"Look, Jack! Here's the deal! No malarkey at all! Not a joke!" said Biden before an aide had to step in and explain he was signing an order to forgive student loan debt.

Dr. Charles Moneybags, director of the National Association for the Advancement Of College Professors (NAACP), said he applauds the president's decision to cancel student debt for so many borrowers. "We're very excited that a college education will be more affordable for the next generation of art history majors," he said.

Moneybags then went on to explain why immediate tuition increases were necessary. "Due to an unfortunate concurrence of high inflation, global warming, and, uh, the upcoming solar eclipse in 2024, we've all had to raise our tuition by $10k," he noted. "Plus, we've had to spend a ton of money building safe spaces and bathrooms for all the new genders."

Shelia Johnson, a 45-year-old Harvard student working on her ninth degree, said she is excited for her loans to be forgiven, but worries about the ever-increasing cost of education. "I'm nervous that I might need to leave school one day to get a job and start paying my loans," she said. "Hopefully President Kamala Harris can find a way to solve this problem."

At publishing time, Moneybags had invited the press corps to his summer home in the Hamptons to show off the new helipad he had installed next to his swimming pool.

[Hardcore troubadour 15,479]

27 minutes ago, Shooter McGavin said:

Low achieving?

Also Biden gave it to her, just like trump gave everyone covid money, you all took it too.

So dumb. Everyone got the Covid money. Not kids whose loser parents couldn’t pay their way. 

[craftsman 1,045]

30 minutes ago, Shooter McGavin said:

She's a college student making $5k year part time.

Also are you American?

$5k a year? Part time? 

[Alias Detective 1,406]

MOTHERFUCKER - UP TO $20,000 NOW AND CAN EARN UP TO $250,000 MFJ

[Shooter McGavin 618]

17 minutes ago, Hardcore troubadour said:

So dumb. Everyone got the Covid money. Not kids whose loser parents couldn’t pay their way. 

Wrong.  I didn't get covid money, income was too high.

This is another govt program to help poor people, just like covid money helped you

[craftsman 1,045]

Biden is now talking about how his dad who was selling cars and dramatically told him that he was so ashamed about not getting a loan from the bank. Just rambling on about cars and jalopies, and how the country couldn't cope...blah....

He had to say twice in the story that he's telling the truth. 

What a docile dangerous old fool.

[craftsman 1,045]

$20,000 to people who are fully employed and will be making 6 figures+ in salary who will be getting this money from the blue collar workers making half or less than half of their salaries.

[Engorgeous George 2,331]

39 minutes ago, Cdub100 said:

The loans are backed by the US government. Banks give the loans. Forgiving the loans just means the federal government will borrow money from the federal (not actually federal) reserve and then pay off the loans. All we are doing is moving that debt from the individual to the American taxpayer. That bill will never get paid and accrue year over year while the government pays interest on it in perpetuity.

Genius.  

It gets paid through the inflationary devaluing of our money.

[Cdub100 3,925]

15 minutes ago, Engorgeous George said:

It gets paid through the inflationary devaluing of our money.

only the interest gets paid and I'm wondering if that's actually getting paid. So yeah inflation will make the debt seem smaller but it doesn't get paid. Just stacked on top of all the other debt that doesn't get paid.

Our government is like the moron who keeps rolling his old car payment into the new car payment. 

Oh well at this rate I will get to keep my kid's 529 plan.

[Engorgeous George 2,331]

Unconscionable.   

[jerryskids 6,818]

26 minutes ago, craftsman said:

$5k a year? Part time? 

Why is that funny?   

[craftsman 1,045]

3 minutes ago, jerryskids said:

Why is that funny?   

You work 6 hours a week and cry you need the government to take care of you?

That's why it's funny. And pathetic.

[jerryskids 6,818]

1 minute ago, craftsman said:

You work 6 hours a week and cry you need the government to take care of you?

Good point, I must have missed... current students are getting the forgiveness as well?   

[craftsman 1,045]

1 minute ago, jerryskids said:

Good point, I must have missed... current students are getting the forgiveness as well?   

Shooter is saying so.

[Djgb13 2,339]

2 hours ago, Baker Boy said:

Interest has been halted for 2 years and was just extended.

why do you want the tax payers to pay their interest?

I don’t want tax payers to pay anything. I just want the interest rates to 1% or at least a lot lower than they are. I think that’s fair. 

[Hawkeye21 2,400]

22 minutes ago, Djgb13 said:

I don’t want tax payers to pay anything. I just want the interest rates to 1% or at least a lot lower than they are. I think that’s fair. 

What are they currently at?

[peenie 1,915]

6 hours ago, Hawkeye21 said:

I'm pretty confident that liberals who have paid off their loans are also against this.  I think the majority of people who have paid them off or never had them are completely against this.  I would much prefer that they change how these loans are done, lower interest rates or something.

Thank you! I’m liberal and made my daughter NOT go to her dream school because she’d have to take out too much in loans. She attended her 3rd choice school and still had to pay off loans. 

I struggled for years to pay off my loans just because I didn’t make a lot of money. 

I agree, this doesn’t seem fair at all. 

[Strike 5,565]

7 minutes ago, peenie said:

Thank you! I’m liberal and made my daughter NOT go to her dream school because she’d have to take out too much in loans. She attended her 3rd choice school and still had to pay off loans. 

I struggled for years to pay off my loans just because I didn’t make a lot of money. 

I agree, this doesn’t seem fair at all. 

And yet you'll still bend the knee to the Dems come November.  Good little foot soldier that you are. 

[peenie 1,915]

1 hour ago, Gepetto said:

 

Wait, how was Cartman able to afford to pay off everyone’s debt? Why was Obama credited at the end? 

[TimmySmith 2,782]

9 minutes ago, peenie said:

Thank you! I’m liberal and made my daughter NOT go to her dream school because she’d have to take out too much in loans. She attended her 3rd choice school and still had to pay off loans. 

I struggled for years to pay off my loans just because I didn’t make a lot of money. 

I agree, this doesn’t seem fair at all. 

Households making under 250K is you, but it really isn't you, is it?   Totally aimed at white people who can afford to pay.  Your man Biden. 

[peenie 1,915]

2 minutes ago, Strike said:

And yet you'll still bend the knee to the Dems come November.  Good little foot soldier that you are. 

Fock!!!!!!!! I know…….

[Hardcore troubadour 15,479]

1 hour ago, Shooter McGavin said:

Wrong.  I didn't get covid money, income was too high.

This is another govt program to help poor people, just like covid money helped you

Everyone that made under 125k got it, including college students. Not this time. See the difference?  So they got Covid money and this. Dumb ass. 

[Djgb13 2,339]

3 minutes ago, Hawkeye21 said:

What are they currently at?

I think it was like 6%-7% but don’t quote me on that. I’ve been rather busy today with patients 

[Hardcore troubadour 15,479]

1 hour ago, Shooter McGavin said:

Wrong.  I didn't get covid money, income was too high.

This is another govt program to help poor people, just like covid money helped you

Your daughter is poor? Not for long. Her daddy taught her how to scam. 

[listen2me 23 1,873]

1 hour ago, Shooter McGavin said:

Wrong.  I didn't get covid money, income was too high.

This is another govt program to help poor people, just like covid money helped you

Poor people didn't even try to go to college because they couldn't afford it.  

This is a handout from working taxpayers to entitled middle class kids who went to college and didn't get a job worth enough to pay for their overpriced pile of crap education.   

It is a slap in the face not only to responsible people who made a choice to borrow and were paying it but also the poor who don't even get a chance at college while middle class kid gets "forgiveness" for poor choices.  

[nobody 2,687]

1 hour ago, Hardcore troubadour said:

So dumb. Everyone got the Covid money. Not kids whose loser parents couldn’t pay their way. 

I didn't get any covid money.

[nobody 2,687]

What a joke.  Buying votes.

Isn't there some quote out there about how capitalism fails as soon as the electorate realizes they can vote themselves money.

[Hardcore troubadour 15,479]

Just now, nobody said:

I didn't get any covid money.

Everyone under 125k did. On this one it’s only college students. But congrats, your humble brag is noted 

[nobody 2,687]

1 minute ago, Hardcore troubadour said:

Everyone under 125k did. On this one it’s only college students. But congrats, your humble brag is noted 

Just be accurate.  Your argument isn't very good when your premise isn't even true.

[Hardcore troubadour 15,479]

14 minutes ago, nobody said:

Just be accurate.  Your argument isn't very good when your premise isn't even true.

No, it is known this applies to a certain income level. Know what you’re taking about before piping in to brag. Wait, you did know that, but wanted to let us all know what a success you are. Or you didn’t know? Which one is it?