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Author Topic: I'm having a really bad year, so to buy your vote...  (Read 442 times)

K Frame

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I'm having a really bad year, so to buy your vote...
« on: April 27, 2022, 11:47:30 AM »

I'll cancel the $120,000 student loan debt that you incurred for your degree in the Normative Conditions of Lesbionic Dance in Paleolithic Cross Dressing Societies

And would you hurry up with my fries? I have a cabinet meeting to get to...

https://www.cnbc.com/2022/04/27/administration-signals-student-loan-forgiveness-decision-may-come-soon.html
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Jim147

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Re: I'm having a really bad year, so to buy your vote...
« Reply #1 on: April 27, 2022, 11:53:38 AM »

Well he has to cancel it or extend it again. He sure can't make people start paying their own debt right before the midterms.
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Brad Johnson

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Re: I'm having a really bad year, so to buy your vote...
« Reply #2 on: April 27, 2022, 12:05:16 PM »

If he does, any guesses on how many microseconds it will be before the tidal wave of lawsuits demanding compensation for loans properly repaid?

Brad
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K Frame

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Re: I'm having a really bad year, so to buy your vote...
« Reply #3 on: April 27, 2022, 12:22:28 PM »

If he does, any guesses on how many microseconds it will be before the tidal wave of lawsuits demanding compensation for loans properly repaid?

Brad

I'll be in on that lawsuit.

And I actually used my student loans to get a somewhat useful degree (History) and put my overall education to use rather quickly in building a career for myself.

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Pb

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Re: I'm having a really bad year, so to buy your vote...
« Reply #4 on: April 27, 2022, 12:24:12 PM »

So... the president has the legal authority to cancel student loan debt?  Is that true? 

charby

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Re: I'm having a really bad year, so to buy your vote...
« Reply #5 on: April 27, 2022, 12:25:31 PM »

If I was king, the federal student loans payment would be restarted in May with the income defined plans at 5% discretionary income and be raised 1% a year until it back to 10% under the original plans (in 5 years). Non income defined plans restarted at what the contract states.

I would continue to investigate and make the proper corrections to people's accounts that were under the forgiveness plans on IDR plans (20 or 25 years of payments equals forgiveness) or PSLF (10 years of payments while working gov, public ed or non-profit). This were laws passed by Congress and signed by a president.

I would investigate any of the 3rd party loan services, current or past and pursue any criminal or civil activities in which they were in violation of the laws. No bankruptcy protection allowed, if they were in fault company assets and management's personal assests will be seized to cover the loss to the feds. Fraud is fraud.

Then we go after higher ed.

Then we revamp the whole loan program so the amounts on can borrow are limited and only cover tuition, basic room/board and books, and need to work 15-20 week while in school. By tuition, I mean the tuition of an average public university actual tuition cost.


« Last Edit: April 27, 2022, 01:01:18 PM by charby »
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charby

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Re: I'm having a really bad year, so to buy your vote...
« Reply #6 on: April 27, 2022, 12:35:03 PM »

So... the president has the legal authority to cancel student loan debt?  Is that true?

Forbes has an article on that

https://www.forbes.com/sites/markkantrowitz/2022/03/23/biden-can-forgive-student-loans-by-issuing-new-regulations/?sh=688e04ac4140
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HankB

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Re: I'm having a really bad year, so to buy your vote...
« Reply #7 on: April 27, 2022, 12:51:38 PM »

I would not accept "Unemployability" as a reason for loan forgiveness for people who borrowed money for a degree in Puppetry, Womyn's Studies, Theatrical Costuming, Medieval French Transgender Poetry, Normative Conditions of Lesbionic Dance in Paleolithic Cross Dressing Societies, or similar college/university programs.

And . . . I'd look seriously into government accreditation of institutions offering such degrees.
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K Frame

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Re: I'm having a really bad year, so to buy your vote...
« Reply #8 on: April 27, 2022, 01:12:56 PM »

You know, there's a big question here that no one is talking about, but someone damned well should (or if they have, I've certainly missed it).

At the point that this student load debt is "cancelled," does it become income for those whose loans are forgiven, and should they be required to pay income tax on that amount?

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dogmush

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Re: I'm having a really bad year, so to buy your vote...
« Reply #9 on: April 27, 2022, 01:51:49 PM »

You know, there's a big question here that no one is talking about, but someone damned well should (or if they have, I've certainly missed it).

At the point that this student load debt is "cancelled," does it become income for those whose loans are forgiven, and should they be required to pay income tax on that amount?

I am not a tax expert (RIP Scout) but from the IRS website:

irs.gov/taxtopics/tc431

Quote
EXCEPTIONS to Cancellation of Debt Income:
1. Amounts canceled as gifts, bequests, devises, or inheritances
2. Certain qualified student loans canceled under the loan provisions that the loans would be canceled if you work for a certain period of time in certain professions for a broad class of employers
3. Certain other education loan repayment or loan forgiveness programs to help provide health services in certain areas
4. Amounts of canceled debt that would be deductible if you, as a cash basis taxpayer, paid it
5. A qualified purchase price reduction given by the seller of property to the buyer
6. Any amounts discharged from certain federal, private or educational student loans

Amounts that meet the requirements for any of the following exclusions aren't included in income, even though they're cancellation of debt income.

I would expect that when the secretary redoes the regs she would insure the forgiven loans fit 2 or 6 above.

charby

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Re: I'm having a really bad year, so to buy your vote...
« Reply #10 on: April 27, 2022, 01:52:01 PM »

You know, there's a big question here that no one is talking about, but someone damned well should (or if they have, I've certainly missed it).

At the point that this student load debt is "cancelled," does it become income for those whose loans are forgiven, and should they be required to pay income tax on that amount?

Right now, by law it is tax free income until sometime in 2025. After 2025 any forgiveness under the IDR plans is taxable, the PSLF is not.
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K Frame

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Re: I'm having a really bad year, so to buy your vote...
« Reply #11 on: April 27, 2022, 05:19:48 PM »

"2. Certain qualified student loans canceled under the loan provisions that the loans would be canceled if you work for a certain period of time in certain professions for a broad class of employers"



Ding fries are done.
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WLJ

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Re: I'm having a really bad year, so to buy your vote...
« Reply #12 on: April 27, 2022, 05:58:12 PM »

Quote
Speaking to reporters at the White House Wednesday afternoon, Press Secretary Jen Psaki was asked about what the Biden administration is doing to combat inflation as costs on everyday items like food and energy continue to skyrocket.

In her answer, Psaki listed extending the moratorium on student loan repayments as a way the administration has eased the burden of inflation on American families.

Wait, wut?

https://townhall.com/tipsheet/katiepavlich/2022/04/27/white-house-claims-not-paying-student-loan-debt-helps-families-with-the-cost-of-inflation-n2606441
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Pb

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Re: I'm having a really bad year, so to buy your vote...
« Reply #13 on: April 28, 2022, 10:06:52 AM »

The federal student loan program has been a disaster.  It bears a large amount of responsibility for tuition inflation.  When my parents went to school they paid tuition by working part time. 

A few years ago I estimated what tuition would cost now for a four year degree if it had increased at the normal rate of inflation... it should total about $20,000.

When the purchase of a product is subsidized, it gets more expensive. 

WLJ

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Re: I'm having a really bad year, so to buy your vote...
« Reply #14 on: April 28, 2022, 11:30:49 AM »

"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
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fifth_column

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Re: I'm having a really bad year, so to buy your vote...
« Reply #15 on: April 28, 2022, 12:29:03 PM »

When the purchase of a product is subsidized, it gets more expensive.

Subsidized and mandated in many cases. Increases in cost might have been a bug to begin with, but by now it's an intentional feature.
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Bogie

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Re: I'm having a really bad year, so to buy your vote...
« Reply #16 on: April 29, 2022, 02:23:59 AM »

I know  how _some_ young people can have the government take care of their student loans...
Blog under construction

WLJ

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Re: I'm having a really bad year, so to buy your vote...
« Reply #17 on: April 29, 2022, 12:19:39 PM »

And decriminalized pot while you're at it.

Quote
    If Joe Biden cancels student debt and decriminalized cannabis,

    Dems will run the table in Nov.

    Pam Keith, Esq. (@PamKeithFL) April 28, 2022
https://twitchy.com/samj-3930/2022/04/29/beyond-parody-pam-keiths-super-genius-plan-for-how-dems-can-run-the-table-in-november-proves-they-really-are-doomed/
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Pb

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Re: I'm having a really bad year, so to buy your vote...
« Reply #18 on: April 29, 2022, 12:56:34 PM »

If I were Biden I would try and cancel the student debt too.  Maybe the only reason he hasn't done it is that he is waiting till closer to the election.

It is a terrible idea, but so are most Democratic ideas.

Screwing the country to buy votes is what the Democratic Party does best.  And it is not like the Republicans will do anything to stop it.

Jim147

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Re: I'm having a really bad year, so to buy your vote...
« Reply #19 on: April 29, 2022, 01:03:45 PM »

Let's turn that inflation up to 11.
Sometimes we carry more weight then we owe.
And sometimes goes on and on and on.

BAH-WEEP-GRAAAGHNAH WHEEP NI-NI BONG

sumpnz

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Re: I'm having a really bad year, so to buy your vote...
« Reply #20 on: April 30, 2022, 10:26:36 AM »


Then we revamp the whole loan program so the amounts on can borrow are limited and only cover tuition, basic room/board and books, and need to work 15-20 week while in school. By tuition, I mean the tuition of an average public university actual tuition cost. government was no longer involved nor guaranteeing them, banks had to underwrite the loans, and they were bankruptable.


FTFY

Ben

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Jim147

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Re: I'm having a really bad year, so to buy your vote...
« Reply #22 on: May 06, 2022, 02:46:43 PM »

She sure ignored the question. I wish someone would ask Biden if this is just go to be a one time thing before the midterms or is it free college for all going forward.
Sometimes we carry more weight then we owe.
And sometimes goes on and on and on.

BAH-WEEP-GRAAAGHNAH WHEEP NI-NI BONG

WLJ

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"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
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