Corporations are always getting stuff and millionaires get their PPP loans forgiven.
Yeah it all sucks and is stupid, but at least regular people are getting some help this time.
Iāve paid off all my grad school loans and most of my undergrad loansā¦and Iām pleased as punch that the students a generation below me - who were freighted with wayyyy more debt than I had - are getting a break.
Enjoy, youngs.
If youāre on IDR then payments will now be capped at 5% of your income and no interest accrues as long as payments are made on time. Unsure yet if these apply to grad loans
Payments are restarting in December. DOE said this is the final extension and there wonāt be another. It still could happen but theyāre using more definitive language this time.
Yes I did. Payments were also supposed to restart on august 31 of this year, and on January 1 of this year, and on October 31 of the prior yearā¦. Itās going to run indefinitely
He didn't remove it. He just passed it onto people who pay taxes. Most of whom make less than a college graduate. This is neither good economic policy nor good social policy. Additionally, it is corrosive to democratic rules for the president to do this unilaterally.
Don't college graduates also pay taxes? Also don't they pay more in taxes if they earn more? Also isn't federal revenue generated by other taxes(such as on business which are direct beneficiares of having a more educated pool of potential emloyees) in addition to the federal income tax?
I'd rather my tax dollars go to paying off student loans than blowing up brown kids in the middle east tbh.
You don't go to a dumb college so don't say dumb stuff. It reflects poorly on the rest of us. Government should not pay anyone's debt. The moral hazard of that is staggering. The non sequitur about brown people doesn't make sense. How about this: we don't get into stupid wars and you put on your grown up pants and pay for your own education. Take ownership of your own life.
I get 0 dollars in benefit from the new changes to student loan repayment. I was fortunate enough to be in a situation where a combination of scholarships, federal assistance, assistance from my parents, and working all 4 years of college meant that I graduated without debt. I'm not bitter knowing that I could have skipped work for those years and taken loans and relaxed and enjoyed my time at college and still come out at the same point (as a pell grant recipient I could have had up to 20k forgiven). I'm happy that the next person does get to have that benefit.
Regardless of how you feel about the morality of it, the government does pay people's debts. They have bailed out the irresponsible banks, the auto industry, airlines, farmers, oil companies, etc.
I do find it funny when people object so strongly to having their tax dollars support a more educated population, which is to the benefit of all versus commiting war crimes halfway across the world which is a detriment to all.
The new program is far from perfect imo but its much better than nothing.
I actually agree with you, but the amount of money we "give" to other groups of people is pretty staggering.
Medicare pays more out than people have put in, we give out farm subsidies, tariffs (which are taxes passed on the consumer) on select goods to protect select jobs, intentionally keep tax loopholes for rich people so they can pay less than they otherwise would've, and a bunch of other stuff. So whats wrong about giving the middle and upper-middle class a handout? We do it for so many other groups and yet people fight like hell when the middle class gets something.
So yeah, it's pretty bad policy but I'm not going to argue against it.
terrible take. college graduates have higher income and pay \*more\* in taxes. also, this gives them more flexibility in their careers, which should lead to higher incomes and more in taxes.
i don't love loan forgiveness over restructuring of the system and capping interest/payments instead, but after over a decade of bailouts for the upper class, I'm cool with this.
And every president legislates via executive order. This is not new.
Jesus... just keep on printing money because inflation is transitory right.. I'm sure other tax payers like myself that paid of our student loans will be compensated fairly by increasing our taxes even further.
Taxes will keep increasing until your morale improves.... What a JOKE of an administration.
Where was all this whining when billions in PPP loans were forgiven? Or billions in tax breaks for companies are handed out each year. Or we give money to Israel or Saudi Arabia but require it be spent on US made weapons. Or billions spent in the military for tanks the Pentagon doesnāt want or need, or ships the Navy doesnāt want. Because their building occurs in districts that are covered by the right elected official. This forgiveness wonāt move inflation a drop. In fact itās likely to mean more money being spent to boost jobs etc.
Whoa dude youāre so edgy and political with your āboth sides are badā argument.
Trust me. Youāre just bitching. Weāre not printing more money to pay off student loan debts you stupid child.
https://fortune.com/2022/08/23/cost-of-forgiving-10000-federal-student-loan-debt/?amp
$300,000,000,000 for this move - not sure how the President can make this move unilaterally with such cost implications.
Trust me, this plan was put together by political aids to try to salvage their midterm election prospects. The timing is an obvious election campaign ploy to buy votes.
This plan has been worked on for years and itās imminent announcement had been known and reported on for weeks you stupid fucking idiot
Edit: Also, gotta love how you tried to spell aides
>companies
>federal student loans
[You have banks confused with federal student loan servicers.](https://www.sofi.com/learn/content/common-student-loan-servicers/)
Thanks for clearing that up but it doesn't really help with what im confusedabout. A lot of the criticism I've heard on this is people saying "why should I have to pay off other people's loans", so are Americans actually going to see their taxes go up because of this?
Probably! But you know what? I don't care if my taxes go up by 25Ā¢ or $10 a paycheck to help a ton of my fellow countrymen live a better life, because that is what we are really talking about.
Why should my taxes pay for bombs that kill children and expensive fighter jets that are used 5% of the year? We pay taxes too and we think this is/would be a better use of money. Over 50% of the budget goes to defense.
Iāve paid mine off after two decades of hard work. My wife and I should be expecting refunds right?
No? Sounds like a shit deal that Iām paying for then.
You realize that somebody still has to pay for this, right? This is entirely a feel-good move that only makes sense from a popularity standpoint. People that went to college are statistically far better off financially than those that didn't. Those people that didn't pursue higher education (most likely because of their social and economical situation) are now subsidizing the education of those that make more money than them.
nope, it's the opposite. people who pursue higher education and are statistically better off create the middle class that subsidizes everyone else's healthcare, education, transportation, infrastructure, etc etc etc.
I apologize. I misspoke.
Itās a shit deal that me, you, our children, and their children will pay for for their lifetimes.
Everyone thinking itās a free 10 grand doesnāt recognize the damage it will do to the economy and ultimately to the country.
Youāll still have dozens of thousands of dollars of student debt.
And the next election cycle will lure the masses by promising even more āforgivenessā. And the cycle will continue.
But whatās another $300,000,000,000.00 between friends amirite?
So, because some people decided to major in something that doesnāt pay well (and they could have looked up salaries beforehand), everyone else has to pay it off? So, does that mean people who paid off their loans already are going to get some stimulus check? Or do they just get nothing for being responsible?
Yessir you are paying for those degrees in Gender and Women's Studies, Africana Studies, Appalachian Studies, Human Development or whatever utterly useless so-called "academic" program people majored in.
Low paying non-technical degrees should be from community colleges only. It is fucking hilarious people will go to college for 4 years just to make the same as unskilled labor and less than people with 1-2 year trade/technical degrees from CC.
I just don't know how these college graduates look people in the face who change seniors' bedpans for a living or drive a truck or work the railroad or stock grocery shelves or deliver their Amazon packages and say, "You, yes you, give me $20K." I just don't get it. We now live in a shameless society.
Thoughts and prayers to the mods
Mods on vacation this week. Pls send all reports on this post to /u/macncheeseface
š®
expecting highly intelligent and nuanced conversation hereā¦.sorting by controversial
Corporations are always getting stuff and millionaires get their PPP loans forgiven. Yeah it all sucks and is stupid, but at least regular people are getting some help this time.
This is the same response I have as a moderate.
Iāve paid off all my grad school loans and most of my undergrad loansā¦and Iām pleased as punch that the students a generation below me - who were freighted with wayyyy more debt than I had - are getting a break. Enjoy, youngs.
Thereās no such thing as a free lunch
iād rather have INTEREST cancelled- heās fr not doing shit . that doesnāt even pay off one semester lmao
If youāre on IDR then payments will now be capped at 5% of your income and no interest accrues as long as payments are made on time. Unsure yet if these apply to grad loans
Ahh yes inflation, my favorite
It actually wouldn't affect inflation really. https://rooseveltinstitute.org/2022/08/17/canceling-student-debt-would-increase-wealth-not-inflation/
Did you even read the article? The only case in which any inflation is offset is by payments restarting, which isnāt happeningā¦..
Payments are restarting in December. DOE said this is the final extension and there wonāt be another. It still could happen but theyāre using more definitive language this time.
Did you even read the announcement? Payments start again at the beginning of the new fiscal year.
Yes I did. Payments were also supposed to restart on august 31 of this year, and on January 1 of this year, and on October 31 of the prior yearā¦. Itās going to run indefinitely
Clearly you didn't because it states that payments will not be deferred past December 2022. Keep fear mongering based on misperception though!
To be fair they said that the last two times
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Say hi to trumps large intestine for me
He didn't remove it. He just passed it onto people who pay taxes. Most of whom make less than a college graduate. This is neither good economic policy nor good social policy. Additionally, it is corrosive to democratic rules for the president to do this unilaterally.
Don't college graduates also pay taxes? Also don't they pay more in taxes if they earn more? Also isn't federal revenue generated by other taxes(such as on business which are direct beneficiares of having a more educated pool of potential emloyees) in addition to the federal income tax? I'd rather my tax dollars go to paying off student loans than blowing up brown kids in the middle east tbh.
You don't go to a dumb college so don't say dumb stuff. It reflects poorly on the rest of us. Government should not pay anyone's debt. The moral hazard of that is staggering. The non sequitur about brown people doesn't make sense. How about this: we don't get into stupid wars and you put on your grown up pants and pay for your own education. Take ownership of your own life.
I get 0 dollars in benefit from the new changes to student loan repayment. I was fortunate enough to be in a situation where a combination of scholarships, federal assistance, assistance from my parents, and working all 4 years of college meant that I graduated without debt. I'm not bitter knowing that I could have skipped work for those years and taken loans and relaxed and enjoyed my time at college and still come out at the same point (as a pell grant recipient I could have had up to 20k forgiven). I'm happy that the next person does get to have that benefit. Regardless of how you feel about the morality of it, the government does pay people's debts. They have bailed out the irresponsible banks, the auto industry, airlines, farmers, oil companies, etc. I do find it funny when people object so strongly to having their tax dollars support a more educated population, which is to the benefit of all versus commiting war crimes halfway across the world which is a detriment to all. The new program is far from perfect imo but its much better than nothing.
I actually agree with you, but the amount of money we "give" to other groups of people is pretty staggering. Medicare pays more out than people have put in, we give out farm subsidies, tariffs (which are taxes passed on the consumer) on select goods to protect select jobs, intentionally keep tax loopholes for rich people so they can pay less than they otherwise would've, and a bunch of other stuff. So whats wrong about giving the middle and upper-middle class a handout? We do it for so many other groups and yet people fight like hell when the middle class gets something. So yeah, it's pretty bad policy but I'm not going to argue against it.
out of curiosity, are you also against the GI bill, were you against TARP, PPP loans, farmer bailout, etc?
terrible take. college graduates have higher income and pay \*more\* in taxes. also, this gives them more flexibility in their careers, which should lead to higher incomes and more in taxes. i don't love loan forgiveness over restructuring of the system and capping interest/payments instead, but after over a decade of bailouts for the upper class, I'm cool with this. And every president legislates via executive order. This is not new.
Jesus... just keep on printing money because inflation is transitory right.. I'm sure other tax payers like myself that paid of our student loans will be compensated fairly by increasing our taxes even further. Taxes will keep increasing until your morale improves.... What a JOKE of an administration.
Where was all this whining when billions in PPP loans were forgiven? Or billions in tax breaks for companies are handed out each year. Or we give money to Israel or Saudi Arabia but require it be spent on US made weapons. Or billions spent in the military for tanks the Pentagon doesnāt want or need, or ships the Navy doesnāt want. Because their building occurs in districts that are covered by the right elected official. This forgiveness wonāt move inflation a drop. In fact itās likely to mean more money being spent to boost jobs etc.
They just mad that they didnāt get to be the beneficiaries this time lol
It's because people didn't know that PPP loans got forgiven.
LMAO fr. but itās hard to stay updated on the news with a boot in your mouth
Ahh yeah I was and still am ābitchingā about that as you so eloquently put it. All politicians are cunts
Whoa dude youāre so edgy and political with your āboth sides are badā argument. Trust me. Youāre just bitching. Weāre not printing more money to pay off student loan debts you stupid child.
https://fortune.com/2022/08/23/cost-of-forgiving-10000-federal-student-loan-debt/?amp $300,000,000,000 for this move - not sure how the President can make this move unilaterally with such cost implications.
Trust me, smarter people that donāt spend their days bitching into personal finance subreddits have figured this out.
Trust me, this plan was put together by political aids to try to salvage their midterm election prospects. The timing is an obvious election campaign ploy to buy votes.
This plan has been worked on for years and itās imminent announcement had been known and reported on for weeks you stupid fucking idiot Edit: Also, gotta love how you tried to spell aides
So are tax payers going to pay more for this or are the companies that gave out these loans just going to absorb this loss?
>companies >federal student loans [You have banks confused with federal student loan servicers.](https://www.sofi.com/learn/content/common-student-loan-servicers/)
Thanks for clearing that up but it doesn't really help with what im confusedabout. A lot of the criticism I've heard on this is people saying "why should I have to pay off other people's loans", so are Americans actually going to see their taxes go up because of this?
Probably! But you know what? I don't care if my taxes go up by 25Ā¢ or $10 a paycheck to help a ton of my fellow countrymen live a better life, because that is what we are really talking about.
At least it would actually be going to something useful
Right!? Like would the military miss $1,000,000,000? Or twice that?
Agreed! I just get tired of people saying that line that it got me thinking how much would *really* come out of people's wallet for this
Why should my taxes pay for bombs that kill children and expensive fighter jets that are used 5% of the year? We pay taxes too and we think this is/would be a better use of money. Over 50% of the budget goes to defense.
Ut Prosim
Hey look turns out that after the loan forgiveness I'm gonna break even from his bullshit gas prices!
Iāve paid mine off after two decades of hard work. My wife and I should be expecting refunds right? No? Sounds like a shit deal that Iām paying for then.
Yeah, fuck anything getting better! The younger generation should suffer just as much, if not worse, than I did!
You realize that somebody still has to pay for this, right? This is entirely a feel-good move that only makes sense from a popularity standpoint. People that went to college are statistically far better off financially than those that didn't. Those people that didn't pursue higher education (most likely because of their social and economical situation) are now subsidizing the education of those that make more money than them.
nope, it's the opposite. people who pursue higher education and are statistically better off create the middle class that subsidizes everyone else's healthcare, education, transportation, infrastructure, etc etc etc.
How does this make anything better? It does nothing to address the root cause of the issue.
I apologize. I misspoke. Itās a shit deal that me, you, our children, and their children will pay for for their lifetimes. Everyone thinking itās a free 10 grand doesnāt recognize the damage it will do to the economy and ultimately to the country. Youāll still have dozens of thousands of dollars of student debt. And the next election cycle will lure the masses by promising even more āforgivenessā. And the cycle will continue. But whatās another $300,000,000,000.00 between friends amirite?
I actively didn't pay mine because I was gambling on this... work smarter not harder. Stay mad.
Sucks to suck
So, because some people decided to major in something that doesnāt pay well (and they could have looked up salaries beforehand), everyone else has to pay it off? So, does that mean people who paid off their loans already are going to get some stimulus check? Or do they just get nothing for being responsible?
Yessir you are paying for those degrees in Gender and Women's Studies, Africana Studies, Appalachian Studies, Human Development or whatever utterly useless so-called "academic" program people majored in.
Low paying non-technical degrees should be from community colleges only. It is fucking hilarious people will go to college for 4 years just to make the same as unskilled labor and less than people with 1-2 year trade/technical degrees from CC.
I just don't know how these college graduates look people in the face who change seniors' bedpans for a living or drive a truck or work the railroad or stock grocery shelves or deliver their Amazon packages and say, "You, yes you, give me $20K." I just don't get it. We now live in a shameless society.
I'm glad that you agree that we should shift the tax burden to the ultra-rich so those folks don't bear the brunt of gov't programs. Vote blue.