Trump admin will seize wages, pensions, tax refunds to repay student loans: 'Debt cannot be wiped away'

[The Real timschochet 6,388]

32 minutes ago, jbycho said:

Your business training has 100% failed you. 

Well let’s just say my bank account says otherwise. 

[CaptainObvious1 319]

Just now, The Real timschochet said:

Well let’s just say my bank account says otherwise. 

Thanks to your dad.

[The Real timschochet 6,388]

3 minutes ago, CaptainObvious1 said:

Thanks to your dad.

Only partially. I’ve done very well in the last couple of years. 
And that’s all I’ll say on it. Unlike Tony and a few of the other knuckleheads around here I’m not one to brag. Let’s just say that since my dad passed I’ve taken his business and done very well, and leave it at that. 

[Hardcore troubadour 14,903]

13 minutes ago, The Real timschochet said:

Only partially. I’ve done very well in the last couple of years. 
And that’s all I’ll say on it. Unlike Tony and a few of the other knuckleheads around here I’m not one to brag. Let’s just say that since my dad passed I’ve taken his business and done very well, and leave it at that. 

Covid was good for many businesses. Those government bailouts must have been nice. 

[jbycho 577]

27 minutes ago, The Real timschochet said:

Well let’s just say my bank account says otherwise. 

Internet boy needing to pay illegals 0.12 cents an hour boasts about his wealth. 

 

[Maximum Overkill 1,738]

9 hours ago, The Real timschochet said:

Well let’s just say my bank account says otherwise. 

Then stop complaining. You're a privileged white devil 

[Cdub100 3,824]

People should pay back their loans.

The problem is the administration at the schools are responsible too. They will get away with it Scott free.

 

[seafoam1 2,797]

Dang. This is great news. 

Go Trump!!

[Hawkeye21 2,379]

Tim thinks forgiving the loans will boost the economy because young people will spend on other things.  I think they will use that money to pay off their massive credit card debt.  Their spending will not change.

[supermike80 1,794]

1 hour ago, Hawkeye21 said:

Tim thinks forgiving the loans will boost the economy because young people will spend on other things.  I think they will use that money to pay off their massive credit card debt.  Their spending will not change.

100% not true.   Not even close to true.  They will take that money and blow it.  Vacations, door dash etc, other stupid stuff.  Now many will say that's great for the economy.  Till the bills come due.  If they can't handle the debt they have now, it is foolish to think they will magically get good with debt going forward.   They won't.

[The Real timschochet 6,388]

2 hours ago, Hawkeye21 said:

Tim thinks forgiving the loans will boost the economy because young people will spend on other things.  I think they will use that money to pay off their massive credit card debt.  Their spending will not change.

Again, just to correct you slightly- I want the loan forgiveness tied directly into a first mortgage on home purchase program: the NAR plan. I’m not simply talking about them being free to spend it on whatever. 

[TheNewGirl 1,339]

1 minute ago, The Real timschochet said:

Again, just to correct you slightly- I want the loan forgiveness tied directly into a first mortgage on home purchase program: the NAR plan. I’m not simply talking about them being free to spend it on whatever. 

If they can't pay their student loans what makes you think they will pay mortgages? 

[Hawkeye21 2,379]

4 minutes ago, The Real timschochet said:

Again, just to correct you slightly- I want the loan forgiveness tied directly into a first mortgage on home purchase program: the NAR plan. I’m not simply talking about them being free to spend it on whatever. 

I still don't see it working.  I'd rather they lower, or get rid of the interest and make them pay off the initial loan.  It's time to grow up and take responsibility. 

[supermike80 1,794]

3 minutes ago, TheNewGirl said:

If they can't pay their student loans what makes you think they will pay mortgages? 

Hope and feelings.  The Liberal mantra

[The Real timschochet 6,388]

1 minute ago, TheNewGirl said:

If they can't pay their student loans what makes you think they will pay mortgages? 

They were being asked to pay for something they had received and enjoyed in the past, but was finished. Now they would be asked to pay for something they’re getting now and enjoying now. If you study how people pay and when they get into trouble you know that this represents a HUGE difference. 

Also the trouble for most of these folks wasn’t that they couldn’t afford the payments, it was that while they made them they couldn’t afford anything else. (Like purchasing a home.) 

[CaptainObvious1 319]

Revoke their degree if they don't pay their student loans

[The Real timschochet 6,388]

If you guys are worried about non-payment issues I would be willing to restrict this offer to those who have made regular payments on their student loans for several years, in order to keep the deadbeats out of it. 

[TheNewGirl 1,339]

Just now, The Real timschochet said:

They were being asked to pay for something they had received and enjoyed in the past, but was finished. Now they would be asked to pay for something they’re getting now and enjoying now. If you study how people pay and when they get into trouble you know that this represents a HUGE difference. 

Also the trouble for most of these folks wasn’t that they couldn’t afford the payments, it was that while they made them they couldn’t afford anything else. (Like purchasing a home.) 

Yeah, I don't believe any of this. 

They will see the house and mortgage as a PITA; having to fix stuff and take care of things on their own. Kids these days are all about instant gratification; they aren't going to look at that house and mortgage and suddenly feel "blessed" because they are "living in the now." 

 

[supermike80 1,794]

2 minutes ago, The Real timschochet said:

If you guys are worried about non-payment issues I would be willing to restrict this offer to those who have made regular payments on their student loans for several years, in order to keep the deadbeats out of it. 

Again...my ONLY give on this is they can be bankrupted out of it, if a judge agrees.   Outside of that, deal with it

[TheNewGirl 1,339]

Just now, The Real timschochet said:

If you guys are worried about non-payment issues I would be willing to restrict this offer to those who have made regular payments on their student loans for several years, in order to keep the deadbeats out of it. 

This is already in place for public servants. Many loans are forgiven if you've been paying on them for 10 years or more. 

https://studentaid.gov/manage-loans/forgiveness-cancellation

•  

  Quote

   

  • In certain situations, you can have your federal student loans forgiven, canceled, or discharged. That means you won’t have to pay back some or all of your loan(s).

  • The terms “forgiveness,” “cancellation,” and “discharge” mean essentially the same thing.

  • Public Service Loan Forgiveness is the most common way people apply to have their student loans forgiven.

   

   

[The Real timschochet 6,388]

6 minutes ago, TheNewGirl said:

Yeah, I don't believe any of this. 

They will see the house and mortgage as a PITA; having to fix stuff and take care of things on their own. Kids these days are all about instant gratification; they aren't going to look at that house and mortgage and suddenly feel "blessed" because they are "living in the now." 

 

OK we disagree. 
 

it’s just a discussion anyhow. There is not enough public support for my idea for it ever to come true. The public by and large agrees with you, and Trump, that these folks should pay what’s due without any forgiveness. I get that. I wish it were otherwise but it is what it is. 

[Hardcore troubadour 14,903]

Less money for their 9 dollar Starbucks drinks that they all seem to be attached to. Especially young women.  

[Fnord 2,049]

24 minutes ago, TheNewGirl said:

This is already in place for public servants. Many loans are forgiven if you've been paying on them for 10 years or more. 

https://studentaid.gov/manage-loans/forgiveness-cancellation

 

•  

   

My wife and I participated in this to pay off her student loans. That's how we ended up in BF NorCal. What you don't mention is that you have to be employed by an appropriate organization, in my wife's case a nonprofit clinic. The organizations are vetted and approved by the federal government after an application process by the nonprofit. The system is designed to get practitioners out to areas that suffer from a shortage of them and in return your loans are forgiven.

In our case, it was mostly awesome. We got to live in a beautiful area, made good money (well she did anyway), had loans repaid, and even had housing furnished, though it was considered taxable income. It set us up well for the future and allowed us to save enough to move back to the motherland and make a large down payment on our first home. Our mortgage is laughably small for the house we live in.

The downside is that your average MD or PhD has less than zero desire to go work in remote areas with populations that are... not the creme de la creme. Prisons, reservations, and extremely rural locales almost exclusively. Many of the qualifying employers don't pay very well. She was also locked into a multi-year contract with the government that would not void even if her employer laid her off, which happened in Flagstaff, AZ prior to moving to CA. Then things went to hell with leadership at the clinic we worked at, and we were sweating the last year+ of the contract while the alcoholic executive director tried to bang every woman in sight and threatened to fire everyone that took issue with his behavior.

tl;dr It's a swell program with very significant drawbacks that make it undesirable for most.

[jbycho 577]

5 minutes ago, Fnord said:

My wife and I participated in this to pay off her student loans. That's how we ended up in BF NorCal. What you don't mention is that you have to be employed by an appropriate organization, in my wife's case a nonprofit clinic. The organizations are vetted and approved by the federal government after an application process by the nonprofit. The system is designed to get practitioners out to areas that suffer from a shortage of them and in return your loans are forgiven.

In our case, it was mostly awesome. We got to live in a beautiful area, made good money (well she did anyway), had loans repaid, and even had housing furnished, though it was considered taxable income. It set us up well for the future and allowed us to save enough to move back to the motherland and make a large down payment on our first home. Our mortgage is laughably small for the house we live in.

The downside is that your average MD or PhD has less than zero desire to go work in remote areas with populations that are... not the creme de la creme. Prisons, reservations, and extremely rural locales almost exclusively. Many of the qualifying employers don't pay very well. She was also locked into a multi-year contract with the government that would not void even if her employer laid her off, which happened in Flagstaff, AZ prior to moving to CA. Then things went to hell with leadership at the clinic we worked at, and we were sweating the last year+ of the contract while the alcoholic executive director tried to bang every woman in sight and threatened to fire everyone that took issue with his behavior.

tl;dr It's a swell program with very significant drawbacks that make it undesirable for most.

So.this is what it's like being poor. Crazy...

[TBayXXXVII 2,480]

23 hours ago, MDC said:

“Debt cannot be wiped away” - POTUS who declared bankruptcy six times.  

Doesn't that prove him right?

[TBayXXXVII 2,480]

21 hours ago, SaintsInDome2006 said:

I disagreed with what Biden did or even that he had the legal power to do it but man are there going to be endless lawsuits over this. The US government is going to spend millions and years litigating it.

That's because the objective was never to help the people... it was to help the donors (lawyers/judges who donated to political campaigns/doing favors), make more money.  To note, this wasn't a "Joe Biden" plan, it was a DNC plan that Joe just signed his name to... or autopen.

[Engorgeous George 2,117]

4 hours ago, Fnord said:

My wife and I participated in this to pay off her student loans. That's how we ended up in BF NorCal. What you don't mention is that you have to be employed by an appropriate organization, in my wife's case a nonprofit clinic. The organizations are vetted and approved by the federal government after an application process by the nonprofit. The system is designed to get practitioners out to areas that suffer from a shortage of them and in return your loans are forgiven.

In our case, it was mostly awesome. We got to live in a beautiful area, made good money (well she did anyway), had loans repaid, and even had housing furnished, though it was considered taxable income. It set us up well for the future and allowed us to save enough to move back to the motherland and make a large down payment on our first home. Our mortgage is laughably small for the house we live in.

The downside is that your average MD or PhD has less than zero desire to go work in remote areas with populations that are... not the creme de la creme. Prisons, reservations, and extremely rural locales almost exclusively. Many of the qualifying employers don't pay very well. She was also locked into a multi-year contract with the government that would not void even if her employer laid her off, which happened in Flagstaff, AZ prior to moving to CA. Then things went to hell with leadership at the clinic we worked at, and we were sweating the last year+ of the contract while the alcoholic executive director tried to bang every woman in sight and threatened to fire everyone that took issue with his behavior.

tl;dr It's a swell program with very significant drawbacks that make it undesirable for most.

Sounds like the plot for Northern Exoposure.