OT Biden's Education Department will immediately wipe out out student loan debt for 40,000 borrowers

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Phatguysrule said:
They should have prevented anybody from being fired and just paid every American under $250k in earnings $2k per month. And eliminated taxes for essential workers who chose to work during the pandemic.
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pretty hot and tempting guysrule 2024!!!
 
Phatguysrule said:
Let me know when you get a bill for that. When did you pay off WW2? I don't remember ever seeing a bill for that... or any other war we've gotten into, for that matter.
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Who do you think is going to pay this $300 billion? Someone has to.
 
One thing I haven't seen mentioned regarding the additional $10k for the Pell Grant. Let's say I had grants of only like 5 grand? Is that the only portion of my loans that will be forgiven, or would I just have another 10k right off the top?

Another thing that nobody is really mentioning is the amount that borrowers payments will go down, some as much as a 50% decrease, depending on income. Combine that with expanded forgiveness programs if you work for a non-profit, government agency, ect. People see the $10/20k number and start asking "where's mine?". Life isn't fair. At least some of our dollars aren't going into the DeVos Family Trust anymore.
 
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Shaboid said:
One thing I haven't seen mentioned regarding the additional $10k for the Pell Grant. Let's say I had grants of only like 5 grand? Is that the only portion of my loans that will be forgiven, or would I just have another 10k right off the top?

Another thing that nobody is really mentioning is the amount that borrowers payments will go down, some as much as a 50% decrease, depending on income. Combine that with expanded forgiveness programs if you work for a non-profit, government agency, ect. People see the $10/20k number and start asking "where's mine?". Life isn't fair. At least some of our dollars aren't going into the DeVos Family Trust anymore.
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5k is the only portion forgiven because that is all you had.
 
Shaboid said:
All these student loans are bundled into derivatives just like the housing market. My guess is that Sallie Mae eats this.
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lol. That's cute.

and not going to happen.

Sallie Mae is a piece of shit company. They are probably going to get calculated interest on the $10k.
 
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SlyPokerCat said:
5k is the only portion forgiven because that is all you had.
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A grant isn't a loan though. It seems like they are using "Pell Grant Recipients" as a sort of cutoff for who receives the additional forgiveness. In order to qualify for those grants you have to be below a certain income. I feel like it could go either way based on what I've seen them communicate so far.
 
Natebishop3 said:
So where was the rage when they forgave those loans which will end up being 100 billion more than the student loans?
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Probably in those relevant threads.

The US shouldn't spend any money in Ukraine.

Happy?
 
EL PRESIDENTE said:
In general, college-educated persons are not lower income/poverty level populations.
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Yikes this is an ignorant take.

What about people who attempt to go to school but during year 3 they had to stop because of health reasons? What about the single mom or dad who got that education but life took them in a different direction? What about those who can't afford college and depend on the loans to get through college but because of various reasons are almost maxed out... This relief gets them back in school to finish up? There's so many ways this helps lower income people who are still trying to finish school but couldn't for various reasons... And maybe this helps them get back in.

It's not "they get degree. They make money." Life happens.

And people took advantage of the PPP, by the way. Just because they "qualifed" for it doesn't mean they were qualified for it. If you know someone...

I'll have to read the PPP qualifications and fact check them against people who took them out. I agree net worth is different than payroll on it's front but like with anything involving money, rich people will find ways to take it... Especially if they know it'll be forgiven. (Ironic, isn't it? Lower income gets shamed for wanting a loan forgiven, but they wanted the same... Hmm.... Hmmmm..)
 
Shaboid said:
It's basically just interest forgiveness at the end of the day anyway.
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Yes and no. Again depending on situation.

If I were to get the full 20k (because of pell grants) regardless of anything, I can get almost 2.5 years of schooling. Which is about what I need to finish my undergrad. That would be MASSIVE because as I stand right now I'm almost maxed out. Long story. It would be life changing. I still have a couple hoops to jump through but I'd be able to go back to school and finally go for what I've wanted to do for 10 years. It'd be massive.
 
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Strenuus said:
Yes and no. Again depending on situation.

If I were to get the full 20k (because of pell grants) regardless of anything, I can get almost 2.5 years of schooling. Which is about what I need to finish my undergrad. That would be MASSIVE because as I stand right now I'm almost maxed out. Long story. It would be life changing. I still have a couple hoops to jump through but I'd be able to go back to school and finally go for what I've wanted to do for 10 years. It'd be massive.
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Sure. I just meant anyone who already has some substantial loans. That's exciting in your situation, congrats.
 
Strenuus said:
Yikes this is an ignorant take.

What about people who attempt to go to school but during year 3 they had to stop because of health reasons? What about the single mom or dad who got that education but life took them in a different direction? What about those who can't afford college and depend on the loans to get through college but because of various reasons are almost maxed out... This relief gets them back in school to finish up? There's so many ways this helps lower income people who are still trying to finish school but couldn't for various reasons... And maybe this helps them get back in.

It's not "they get degree. They make money." Life happens.

And people took advantage of the PPP, by the way. Just because they "qualifed" for it doesn't mean they were qualified for it. If you know someone...

I'll have to read the PPP qualifications and fact check them against people who took them out. I agree net worth is different than payroll on it's front but like with anything involving money, rich people will find ways to take it... Especially if they know it'll be forgiven. (Ironic, isn't it? Lower income gets shamed for wanting a loan forgiven, but they wanted the same... Hmm.... Hmmmm..)
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Look at the stats. They'll show I'm correct. You can come up with every outlier in the book, but I said "in general".

College graduates are in a better financial position than non-college graduates. They make more money, they are more attractive to employ. They have a distinct advantage over non-college graduates.

I don't even know how you can argue against that point.

https://www.businessinsider.com/personal-finance/average-american-net-worth

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Shaboid said:
Sure. I just meant anyone who already has some substantial loans. That's exciting in your situation, congrats.
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I still have lots of work to do to even get back into school but it's a start.

And yeah, you're right with huge loans... I need to figure out if its 10k off the principal or the total. I've read up on this and should know but I'm blanking. I feel like it's total (but I believe no interest has been accuring for 2 years so maybe it's better) I dunno.

What I do hate is hearing all the stories of "$900, 1k monthly payments" on these loans. Thats ridiculous considering the price of housing and everything going up. Heard a lot of well educated and decently paid people still have to get roommates (spare room, etc) to make ends meet because of the loan payments. It's a systemic problem and this barely fixes it, though. But that's our government for you. Couldn't give a shit about us, just them.
 
Strenuus said:
I still have lots of work to do to even get back into school but it's a start.

And yeah, you're right with huge loans... I need to figure out if its 10k off the principal or the total. I've read up on this and should know but I'm blanking. I feel like it's total (but I believe no interest has been accuring for 2 years so maybe it's better) I dunno.

What I do hate is hearing all the stories of "$900, 1k monthly payments" on these loans. Thats ridiculous considering the price of housing and everything going up. Heard a lot of well educated and decently paid people still have to get roommates (spare room, etc) to make ends meet because of the loan payments. It's a systemic problem and this barely fixes it, though. But that's our government for you. Couldn't give a shit about us, just them.
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There's nothing wrong with getting roommates if you can't afford the rent. Its pretty common.
 
riverman said:
My son lived in our guest house for free for a year after college saving for a downpayment for his house..I know exactly how much you save...we give free child care to him now which also helps keep the overhead down.
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Its not even the rent, its the extra expenses that get ya.
 
EL PRESIDENTE said:
There's nothing wrong with getting roommates if you can't afford the rent. Its pretty common.
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That's not the point. Of course it's okay. My reasoning is people get blasted for having a degree and still having to do it, but then blast them for wanting a break because they should be able to afford it.

Which is what you did. So I showed you the way it looks. And then you said this. So that's funny.
 
EL PRESIDENTE said:
Look at the stats. They'll show I'm correct. You can come up with every outlier in the book, but I said "in general".

College graduates are in a better financial position than non-college graduates. They make more money, they are more attractive to employ. They have a distinct advantage over non-college graduates.

I don't even know how you can argue against that point.

https://www.businessinsider.com/personal-finance/average-american-net-worth

View attachment 49146
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Cool. That's common sense that they do.

But it's not an outlier. And honestly thanks for saying we don't fucking matter.
 
CJ_is_Gone said:
Agreed.
The government should have never locked everyone down in the first place.
Without the lockdowns - people could have made their own choice on how to respond.
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The problem was they locked down too late with Trump pretending it'd be gone by spring...cost hundreds of thousands of lives...businesses had to close for their own safety and the publics...it didn't have to get that bad if we'd closed the borders the day we found the first case but we didn't...complete fuckup by the administration and complete lack of protocol to stamp it out early. Places like New Zealand and Taiwan handled it the way it should have been handled and were back to normal a year and a half before we were..we simply denied it for over a half a year...by then it was too late to contain it.
 
riverman said:
The problem was they locked down too late with Trump pretending it'd be gone by spring...cost hundreds of thousands of lives...businesses had to close for their own safety and the publics...it didn't have to get that bad if we'd closed the borders the day we found the first case but we didn't...complete fuckup by the administration and complete lack of protocol to stamp it out early. Places like New Zealand and Taiwan handled it the way it should have been handled and were back to normal a year and a half before we were..
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Lockdowns were instituted by the state and local governments.

Trump closed the borders early and people complained about xenophobia.
 
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