Posted on 10/02/2023 12:34:51 PM PDT by grundle
As federal student loan payments restart in October, CNN spoke to a lawyer, a doctor, and a scientist about their debt, and how it’s impacted their lives.
(Excerpt) Read more at yahoo.com ...
“Many of these “financial geniuses” out there never got current—ever.”
That’s true. They deferred forever.
My wife paid on her student loan and last month they automatically canceled the remaining $78k of her graduate school, including fees for licensure and years of internships. $78k, gone. Both parties keep increasing our taxes and the regulations that cost us money. For once, we actually got something significant. Nothing either party does benefits us.
Are you suggesting the democrat propagandists in the media would lie for the benefit of democrats?
Does the IRS consider that debt cancellation as income? Genuine question…because if my bank canceled the debt on my house the IRS would expect me to pay tax on that.
“ You can graduate at age 22 with $34K in loans at 6% APR, not pay anything on them, and when you are 68 you will owe $500K.”
Thanks.
I didn’t feel like sitting down and doing the math.
So she either paid nothing for decades or it’s a fake story.
This is hard to believe. I’m gonna email the lender, Amanzio “Moenybags” Vitelo to see how this could happen.
“Does the IRS consider that debt cancellation as income?”
Nope. Codified in the program.
This was without question against the court ruling that the President does not have the authority to cancel such debts. What they did is tie their brains into a pretzel to come up with liberal logic that says the payee had paid the debt in some other fashion. The total line of logic has never been fully explained.
P.S. Expect the remaining debts to be canceled, too, under a “fairness doctrine”, that some people had their debts canceled but “low income” did not. The remaining debtors can be called “low income” because their debts are newer so it might be expected they have lower incomes from being newer graduates.
Liberal always play the incremental game.
I’ve got a few industry contacts having worked with student loan programs years back. They are worried that the loss of servicing of these canceled loans is going to destroy their companies.
“if my bank canceled the debt on my house the IRS would expect me to pay tax on that.”
Yep. We saw that during the 2009-2010 housing crash. Short sales resulted in tax statements for forgiven debt.
Must have defaulted a few times and loan resold.
Indeed or the concept of why loan sharks go into business.
I guess they never took a course in finance or accounting when they were in college.
Take a medical doctor: A student loan debt can get up to $1 million; $500k a million, easy. They think they might specialize and get $400k a year income or just do internal medicine and get the national average of $233k. Sounds like a lot of money until you figure out the take home on $233K is about $6,000 biweekly. A student loan for a doctor at $500k is about $3,400 a month, $6,800 if $1 million. Kiss an entire paycheck every month gone for 30 years.
My second doctorate cost $65k over 30 years ago. I was gifted that by the school for the work I was doing for some DoD programs. Other students were freaking out about their school costs. They worked as assistants, lab rats, and other positions, desperate to pay their way through. Few ever did manage it.
It really isn’t hard to get massive student loans. Of course, it takes an idiot to work real hard to make $38k turn into $500k in loans.
She has a good job now, so they are waiting to enjoy her new salary and focusing on paying off the debt. You know, like what adults do. Instead of expecting others to pay it.
Great photo of the doctor in front of what looks like a small, community hospital in Africa. It’s very noble to want to use that Doctorate to help the less fortunate however, most people do that once they’re in a position (financially) to do so.
This is why democracy is a failed experiment. Stupid people are allowed to vote.
THANKS FOR THE LAUGH. YES, IT REQUIRES A TOTAL IDIOT.
I’m not sympathetic with deadbeats, and these loans became unmanagable because the borrowers made no payments when the principle was relatively low. But deadbeats happen.
Who devised a student loan program that dished out money without a clear demonstration of the will and ABILITY to repay the student loans, based on a reasonable estimate of income and projectable life expenses? Why was there no clear written commitment to seek and hold “JOBS” until the loans were paid? Why no process to bring problems to a head and resolve them when the first non-payment happened?
Politicians who enacted them meant for these programs to fail. Bureaucrats developed them to encourage irresponsibility. The people who caused this mess have names, and these should be made known. Fire them, throw them out of office, throw out their political party.
Or, get a job, take out a low interest loan and pay twice as much as necessary to pay it down. Like a cheap car loan, PAY IT OFF.
Aha! A racist! (/sarc)
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