More concerning student loan payoffs

fix the problem, then ask me for my taxes to remedy past problems. not saying what gubmnt does, saying what it should be doing.

 

I'm not even sure what this has to do with taxes. Shit, interest the government banks from student loans has probably been subsidizing our low taxes for decades. Better case to be made that you are on the wrong side of the ledger if you want to invoke taxes. Student loans are profitable , unlike basically anything the government spends money on.

 

wth do you think the $$ is coming from to pay off the debt that is being forgiven. you think it just magically disappears from the balance sheet? No, it gets moved over to the national debt side of the ledger

 

Does it, though? For most borrowers the amount of the original loan has been paid. It’s the interest that’s killing them.

If a “regular” person had 500 more monthly to spend wouldn’t that stimulate the economy more than another tax cut for billionaires?

 

This likely will cost them votes, not get them votes.

 

1. Let's be clear here. Are you threatening an armed insurrection because Joe Biden is forgiving some people's college debt? Because it sure looks like it. If that's indeed your implication, get help. You've gone down the crackpot hole on the internet and are being radicalized.

2. I didn't realize that the "White House" had the power to ban businesses from operating. Which "White House" did that? And who was the President at the time this allegedly happened?

3. Before you start ranting and raving about paying off PhD students' loans, I recommend you do some research into PhD funding. Hint: Most PhD programs (particularly the reputable ones) fully fund their students (i.e., the program covers tuition, health insurance, etc. and gives the students a stipend in return for the students serving as teaching assistants, instructors, and/or research assistants).

4. Did you bother to even read about the program in the Penn analysis you cited? Biden is doing five things: (1) waiving loan balances to the extent they are greater than the original amount of the loan, (2) waiving balances for undergraduate loans for debtors who have made payments for 20+ years (for graduate debt, it's 25+ years), (3) making case-by-case decisions on debtors who are facing significant hardships, (4) forgiving debt for debtors whose debt would have been forgiven if they were enrolled in one of the preexisting programs, and (5) canceling debt for borrowers who went to predatory or fraudulent institutions that are no longer eligible for federal student aid. Which of these five things do you find objectionable?

P.S. $58 billion of the $84 billion figure you referenced comes from #1. That's the federal government waiving debt to get the borrower back down to the loan amount they originally borrowed. In other words, they still have to pay back the money "taxpayers" loaned them! Another $19 billion come from people who have been making payments for 20+ or 25+ years. How many of those people do you think haven't paid off the amount of money they were originally loaned? It's the interest that gets you. That leaves $7 billion for the other aspects of the plan.

 

Is that because the money used to fund the loans was “free”. Didn’t the Gov have to borrow and pay interest on the money they doled out in the first place, and now the Gov has to borrow more money and pay interest again.

Not sure how it costs nothing.

 

Well if that’s the standard we all are going by now throw out most of the laws.

 

Most of the Feds money does not come from debt.

 

Yeah it’s only about a trillion this year at 5%….

 

That’s a different issue. Fed revenues in 2023 were around $ 4 & 1/2 trillion.

 

Those aren't being forgiven. The program only applies to federal student loans.

 

So do food stamps and Medicaid. What’s your point?

 

So how do you decide what Gov spending is really adding to the the debt?

Interesting thing is how long these people have been paying. I payed my SL in the quickest way I could. I guess some people really stretch them out.

 

Isn’t Medicaid more directly funded but a separate tax?
Prob under funded based on what they spend also, that’s the Gov way.

 

Most of these people would eventually die owing more than they borrowed. At the very least, the bankruptcy laws should be changed so these people could get some or all of their debt discharged in bankruptcy ala Donald Trump.

 

The 4 and 1/2 trillion of Fed revenue includes all sorts of revenue including Social Security and Medicare taxes.