8,000,000 Apply for Student Loan Forgiveness

MrHotDice

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Nov 1, 2002
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Wonder how many of these are Kentucky residents? 50 states divided into 8,000,000 seems way to many people. $ 45,000 debt times 8,000,000 seems unbelievable.
 

MrHotDice

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I just read that most owed 45,000 in student loans. No matter how much it’s the fact that it’s 8,000,000 people. That’s over 150,000 per state but the reality it will be 10 times that figure in California alone. Remember this was the first day to apply.
 

BGCATFAN2012

Junior
Gold Member
Aug 19, 2020
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Not for sure what to make out of all of this. My child is in her senior year and she's gonna need financial aid but do I rackup 50000 for her college when they are erasing all the other kids debt for the last 20 years.
 

funKYcat75

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Apr 10, 2008
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Free Mash
That’s over 150,000 per state but the reality it will be 10 times that figure in California alone.
Yes. That's how math works. Bigger population leads to a larger number of people applying. You'll find that the same is true in Florida and New York. And get this! The opposite will be true in Alaska, Rhode Island and Montana.
 

MrHotDice

All-American
Nov 1, 2002
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Yes. That's how math works. Bigger population leads to a larger number of people applying. You'll find that the same is true in Florida and New York. And get this! The opposite will be true in Alaska, Rhode Island and Montana.
But everyone in all 50 states has to pay for it. This has been bypassed by Congress and will never see the light of day. Why don’t Biden just call off everyone that has a pick up truck payment bought during COVID Makes more sense
 
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chroix

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Jul 22, 2013
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It's funny as hell how the party that is not in power embraces fiscal conservatism every time. Dems bitched about Trump's tax cuts and the stimulus checks and Republicans celebrated. Then the second the Dems got in power the script flipped and it was their time to give away shit.
 

JumperJack

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Oct 30, 2002
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It's funny as hell how the party that is not in power embraces fiscal conservatism every time. Dems bitched about Trump's tax cuts and the stimulus checks and Republicans celebrated. Then the second the Dems got in power the script flipped and it was their time to give away shit.
Big difference in me keeping my money and me being forced to pay someone else’s debts.
 

chroix

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Jul 22, 2013
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Big difference in me keeping my money and me being forced to pay someone else’s debts.

There is a big difference in those two things. Did you get a tax cut? Mine went up despite all of the celebrations that Trump was lowering them. Maybe you are a 1% that got hooked up. My middle class ass did not. Got to pay about $3k more. Also how are the stimulus checks different? They’re all just buying votes and passing the bill on to future generations.

EDIT: I overpaid by $3300 and received a refund yesterday. I’ll stick with the rest of it. And after multiple mistakes now using online systems, just pay an accountant.
 
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Bill Cosby

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May 1, 2008
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There is a big difference in those two things. Did you get a tax cut? Mine went up despite all of the celebrations that Trump was lowering them. Maybe you are a 1% that got hooked up. My middle class ass did not. Got to pay about $3k more. Also how are the stimulus checks different? They’re all just buying votes and passing the bill on to future generations.


Why did the Trump tax cuts cause your taxes to go up by $3k?
 
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Bill Cosby

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I wish I knew. I was excited to pay less. Assuming yours went down, right?


Well I'm part of the roughly 95% of Americans who got a tax cut under the TCJA, so yes.

If you don't know why your "taxes went up", I'd bet a significant sum of money your taxes didn't go up. If you are actually middle class (from an income standpoint), your taxes didn't go up.
 

chroix

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Jul 22, 2013
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Well I'm part of the roughly 95% of Americans who got a tax cut under the TCJA, so yes.

If you don't know why your "taxes went up", I'd bet a significant sum of money your taxes didn't go up. If you are actually middle class (from an income standpoint), your taxes didn't go up.

Bet away. They went up man.
 
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Bill Cosby

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Bet away. They went up man.


They changed the withholding tables to withhold less money from peoples' paychecks throughout the year, so it was a common misunderstanding for people to get smaller refunds or owe a little tax and think their taxes went up even though they got a tax cut. Huge political miscalculation.

If you are actually a middle class taxpayer and had your tax bill go up, I would love to know what highly unique set of circumstances led you to a different outcome than almost everyone else in the country. Even the people crying about the SALT cap probably weren't as negatively impacted as they assume when you account for AMT.
 

chroix

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Jul 22, 2013
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They changed the withholding tables to withhold less money from peoples' paychecks throughout the year, so it was a common misunderstanding for people to get smaller refunds or owe a little tax and think their taxes went up even though they got a tax cut. Huge political miscalculation.

If you are actually a middle class taxpayer and had your tax bill go up, I would love to know what highly unique set of circumstances led you to a different outcome than almost everyone else in the country. Even the people crying about the SALT cap probably weren't as negatively impacted as they assume when you account for AMT.

Sef employed so maybe that did it?
 

chroix

Senior
Jul 22, 2013
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They changed the withholding tables to withhold less money from peoples' paychecks throughout the year, so it was a common misunderstanding for people to get smaller refunds or owe a little tax and think their taxes went up even though they got a tax cut. Huge political miscalculation.

If you are actually a middle class taxpayer and had your tax bill go up, I would love to know what highly unique set of circumstances led you to a different outcome than almost everyone else in the country. Even the people crying about the SALT cap probably weren't as negatively impacted as they assume when you account for AMT.

I seriously just received a notification in the mail from the IRS that I had overpaid by $3300. On my way to the bank right now! Looks like they did go down a little!! That’s some freaky timing. I might owe Bill a drink!
 

Bill Cosby

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Sef employed so maybe that did it?


Generally speaking the self employed were much better off due to the 20% Sec. 199A deduction, so that wouldn't have been a reason in and of itself.

If you are actually middle class and you paid $3k more in taxes on the same level of income after TCJA than you did prior, I would be shocked. And if you're just using TurboTax it would probably be worth talking to a professional because that is such an incredibly rare occurrence, and Uncle Sam may owe you some money back before the statute of limitations runs.
 

chroix

Senior
Jul 22, 2013
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Generally speaking the self employed were much better off due to the 20% Sec. 199A deduction, so that wouldn't have been a reason in and of itself.

If you are actually middle class and you paid $3k more in taxes on the same level of income after TCJA than you did prior, I would be shocked. And if you're just using TurboTax it would probably be worth talking to a professional because that is such an incredibly rare occurrence, and Uncle Sam may owe you some money back before the statute of limitations runs.

Yeah I think you’re right. I used TaxAct this year because I only had two main clients and had a penalty for some box they’d autochecked and now I get a $3300 refund. Worth it to know it’s done right.
 
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LowerLevelSeatA

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Jun 2, 2005
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Yeah I think you’re right. I used TaxAct this year because I only had two main clients and had a penalty for some box they’d autochecked and now I get a $3300 refund. Worth it to know it’s done right.
What box was that? I use taxact too.
 

ukalumni00

All-American
Gold Member
Jun 23, 2005
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I compared my taxes from the previous year to the first year of the Trump tax cuts and I saved around $3k or so in taxes. Like Cosby said the major miscalculation they made was withholding less from paychecks and folks not getting back larger refunds. The general population equates less taxes to the size of their refund as wrong as that actually is.

Back to the main topic, if this thing ever gets through the courts, the level of fraud is going to be something else.
 

Irish Beck

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Mar 30, 2007
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There's a part of me that wants these kids to learn a lesson here and make them pay the debts (I had about 14k total by the time I graduated and paid off over about 6 years). Then there's a part of me that blames the stupidity of any system that cuts a blank check to an 18 year old to "get an education" without any other real screening. This was essentially another huge shift of wealth to university administrators (professors, staff, etc. didn't make more when the unlimited hikes in tuition went up.

It's just funny to me that we bitch about subsidizing "this generation" but don't get pissed about the other 50 million things we subsidize. Your tax dollars are wasted daily. If some kid has $10k less debt today as a result and may be able to finally look into buying a home (good luck with these rates) or get married, I'm for it.