Throwing political chum for votes never ends.
8,000,000 Apply for Student Loan Forgiveness
- Thread starter MrHotDice
- Start date
There’s some of loophole I think joe is trying to use but idk how far it’s gotten.
Biden is preparing to use the Higher Education Act instead of the HEROES Act to get loan forgiveness back on. The HEA gives the Secretary of Education the authority to “compromise” or “modify, waive, or release” student debt obligations. In theory, the language of the act would give the SoE the necessary power to forgive student loans under the original plan but it will probably still wind up under the same situation because the same people will sue and the Supreme Court will side with the Republican states. I'm not getting my hopes up until I see my student loan balance go down.
Along with this though, Biden has introduced a new income-driven repayment plan called the SAVE plan that makes it to where A LOT of people won't have to pay a cent toward student loans for some time. The SAVE Plan increases the income exemption from 150% to 225% of the poverty line.
Biden panders for votes, but offers nothing to solve the actual problem. Let’s say he succeeds at having non-college-debt taxpayers pay for the college experience privilege others received, how does this not remain a continuous never ending voter pandering issue?
I’m waiting to form my opinion on this topic until Nightwish shows up and tells me what I should think.
Ummmmmm... that's exactly what the DNC wants. Cradle to grave government tit-sucking.
Whatever is tried next, hope it fails. Pay your debts, deadbeats.
There’s a way to avoid all of this and it’s called bankruptcy. But everybody knows that this would put an end to the schools ripping off students so the dems don’t want this option. Liberals are f’d in the head man.
When millionaires and billionaires use the tax code to pay as little as possible on their taxes then they're smart businessmen. When the lower and middle class want to use plans passed by this administration to pay as little as possible on loans then they're deadbeats? Come on now
I've said since the beginning, I'd be fine with large amounts of student loan forgiveness if the federal government got completely out of the business of student loans immediately. The fact that this is never mentioned demonstrates just how full of it the DNC is.
It is up there with voter ID of laughably stupid nonsense that demonstrates just how morally corrupt they are.
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Loan forgiveness will never and was never gonna happen just like the Mexico wall was never and will never happen. It’s all political bullshit to get votes and was from the first time anybody wasted their breath mentioning either.
Don’t pay any attention to it.
Don’t pay any attention to it.
The legislature creates the tax code. If it needs repair, the legislature needs to fix it. If people lawfully abide by the code, it does not matter if they are wealthy or not.
The legislature created Title IV. If it did not give the executive the power to change the game like Biden proposes, there is no connection between lawful taxpayers and an unconstitutional act.
The unprivileged who did not attend college should not pay the debt for the privileged. That seems like common sense.
Waiving debt owed to the Treasury impacts every person who does not have debt to the Treasury.
And, explain how this would be just a one time act. You can’t. Because there is no desire to fix the problem, because the Dems cater to the main culprit.
Biden is trying to use other methods to forgive some student loans after the Supreme Court decision. However, some of these are being blocked by the courts again. In any case, Biden's new efforts are smaller in scope and more targeted towards lower income people.
Biden's student loan policies continue to face legal challenges
The Biden administration is also facing lawsuits over some of its other policy changes aimed at making it easier for borrowers to pay back their loans.
www.cbsnews.com
I was just surprised how it was seemingly stated as fact that this was happening in the next couple of weeks. Hadn’t heard some of what was posted above about the new angle that’s being taken to try and get it through.
Federal court shut it down again. Another Supreme Court battle brewing…
Doesn’t matter. Ain’t gonna work. Too many road blocks and red tape. It’ll keep getting stopped at some level.
The sooner everyone realizes the government does not give an ish about you (both sides) the better off you will be. All they want from you is your tax money and/or vote. Like others have said, this issue has always been about pandering to the most ill informed block of voters for votes.
Rich people are well within their abilities to evade as much taxes as legally possible, I would likely do the same thing in their situation in all honesty because who wants to pay tons in taxes? But our country loses a lot more annually because of these tax loopholes compared to forgiving student debt, upwards of $1 trillion a year by some estimates. That $1 trillion could be used in part to make college free for everyone (an expected cost of $680 billion) which would be a long-term fix to this problem.
Cost of Tax Loopholes: https://www.nytimes.com/2021/04/13/...ed States is losing,surged in the last decade.
Free college cost: https://thehill.com/changing-americ...n/3516518-free-college-how-do-you-pay-for-it/
More tax money is very very low on the list of things our government “needs”.
There is a big difference between using legal methods (you call loopholes) to avoid taxes and actually evading tax which is illegal. Not paying back your student loan to the government is basically the same as refusing to pay taxes.
I would be okay with student loan transfer to other tax payers if I could transfer say 10,000 of my mortgage to other taxpayers.
They say this was brought on by the China Virus pandemic. My mortgage payment continued every month during the shutdown .
They say this was brought on by the China Virus pandemic. My mortgage payment continued every month during the shutdown .
It’s just not relevant. If tax “loopholes” are lawful, then the government does not lose lawful revenue. Biden cannot close loopholes any more than he can legislate new powers under Title IV.
Your arguing apples and oranges.
This is a great point. Student debt was chosen to be frozen while other debt was not (granted it is owed to the federal gov and your mortgage is not). More importantly, there was no consideration as to whether or not the debtor was out of work or losing revenue. It was a scam, like much of the Covid response by government.
I assume you also use the tax code to take as many deductions as possible to avoid paying income taxes just like the wealthy do. Forgiving a loan that a person voluntarily took out and agreed to pay back for an education that benefits no one else but the person who applied for the loan, can hardly be compared to people taking deductions on their income taxes allowed by the tax code.
If only the United States could get more money, the poor US government that’s living on scraps, could get more money, why all the worlds problems would be solved! Tax that guy! Tax that other guy! Tax them all (but me) so that the world can be perfect! Please, US government, please help us all!
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Us hard working, productive Americans continued paying our bills, and whiny deadbeat liberal arts majors had their student loan payments frozen AND their landlords were prohibited from evicting them from their apartments when they didn’t pay rent.
I misspoke earlier, it's not actually legal loopholes. That article I referenced was saying that the $1 trillion mainly comes as the result of tax evasion by the wealthy and large corporations. The IRS just doesn't have the resources to catch the tax cheats and thus loses $1 trillion in legal tax revenue that could theoretically be used to help with the cost of college or any other plan that could benefit Americans. Maybe free school lunches, lowering the cost of child care or health care, etc.
I can’t think of a bigger example of a lot of our problems that modern universities. Loaded with unnecessary bureaucracy (much of it, lately, DEI). Handing out many worthless degrees that don’t even allow the recipient to find work. Originating some of the most hateful, divisive nonsense in the last 10 years that our country has ever seen.
And you’d want to give them even more? Most of it added to the national debt? So kids that have no business going can continue the cycle I just described?
At any point in our history, common sense and fiscal responsibility would have won out on issues like this. Not now.
Sir, how do you think we get health care workers, teachers, etc.? There are a lot of nonsense degrees but industries that are essential to the well-being of our country largely require college degrees. I'm going to safely assume that you haven't actually been on a college campus in ages if you think that some of the country's most hateful, divisive nonsense comes from colleges. Correct me if I'm wrong though.
No doubt some people cheat on their taxes. I doubt that it's as common with corporations because they have to file audited numbers. It's probably more common with personally owned businesses than corporations. In any case, how can any reliable estimate of the impact of tax evasion be calculated? Unless the person analyzing the tax records knows things he or she shouldn't know, then they are probably making broad assumptions to arrive at their conclusions. I can't read the article because I'm not interested in subscribing to the Times, but I would take any estimate of the amount of tax evasion with a grain of salt because of the difficulty one would have to get accurate data to make such an estimation.
As an aside, the amount of money lost to tax evasion has nothing to do with student debt relief.
If there are lawbreakers, prosecute them under the law. It’s just not relevant to whether voluntary debt encouraged by complicit academic institutions should be waived.
That's what I'm trying to argue though. The trillion dollars in tax evasion could be used to wipe out student debt or make college free for all. That money could be used as a means to start fresh in a sense when it comes to the problems involved with funding a college education. If people are against that then that money could be used to more properly fund K-12 education, health services, housing programs, or infrastructure. I guess that's just my personal pipe dream though.
That is a legislative question. Not one I am prone to want, as collection of taxes already has a general fund purpose. Paying down the country’s debt would come before reigning in exorbitant college tuition. But, again, not an executive office function.
Chuck Rettig pulled a trillion dollars out of his ass because he was pushing congress to give the IRS more money.
If you think they’d spend that trillion dollars on those things you have no clue what the govt is. They would put $500 billion more into the “defense budget” and squander everything else like they already do.
I think I remember how college works. The point is that the government shouldn’t fund useless degrees. Now, if we started talking about funding more technical jobs, etc., I’m all in. We need HVAC and plumbing more than philosophers and gender studies majors.
And yes, I consider CRT to be one of the most hateful things I’ve ever seen.
I have cousins who are looking at colleges.. the tuition and board for some of schools is 70, 80 and even $90k.. per YEAR! Columbia is like $91k.
My generation is struggling to pay back school loans that cost half as much (and probably 1/3rd or 1/4th when you add up the interest). How are next generations possibly going to pay for higher education? And more so, how could we as taxpayers ever cover this? The answer is we can't.
More and more folks are gonna learn how to do things without a college degree. That's my bet.
My generation is struggling to pay back school loans that cost half as much (and probably 1/3rd or 1/4th when you add up the interest). How are next generations possibly going to pay for higher education? And more so, how could we as taxpayers ever cover this? The answer is we can't.
More and more folks are gonna learn how to do things without a college degree. That's my bet.
I agree but the reasons for those absolutely insane numbers are largely government loans.
I can't really speak about the Columbia's. Only that when we were looking at WashU in stl, they were offering us poors $50000 off of $78000. We really didn't pursue past that offer.
Scholarships are out there. The key is the shotgun approach. Apply for as many as your kids can churn out. My youngest took an elective class in hs that worked on applying for scholarships.
Instate Uk Tuition/Room/Bd/Fees is just under $30000/yr.
Tuition is 10x what it was my 1987 freshman year,
My oldest has been maxxing out scholarships and has been +$6000 after T/R/B/F have been paid. Not sure of his exact gpa, but he only had one B in hs and 33 act. Those are good numbers, but not over the top. I think 4-5 kids had a perfect act in my county.
We move my youngest into uk next week. His hs grades weren't as strong, nor his act(3.75/26). But he has so many $1000/$2000/$3000 scholarships. His biggest was $5000. We had a $3000 come through just last week after not having any additional since May.
He's within $1000 of paying for his freshman year T/R/B/F with scholarships/kees. Only $6000 of that was non renewable.
