While this is better than nothing, I would rather have my tax dollars paid for free higher education with oversight on the quality of the education and how the money is used. Blanket forgiveness would encourage bad actors from offering useless degrees at high cost imo
it would be even easier to start with how current cost education is handled. my student loan situation would be much better if my advisor at my state uni had actually been incentivized to be an advisor. instead she put off meeting with me until the second semester of my senior year. note i didn't say last semester of my senior year.
How about regulating the actual costs of college or how loans work instead of just helping an arbitrary group of students pay? This reminds me of the Affordable Care Act all over again.
Having not seen the actual law or executive order or whatever legal reference document, one thing that has not been clearly covered by the media or in debates or even the studentaid.gov website is whether or not this law applies only to current federal loan borrowers, or also extends to those under the prescribed income limits who paid off their federal loans years, or even decades ago.
It is definitely not the latter and that’s what makes it unfair. If it was fair, they would cut the same $10K check to everyone that had paid for higher education in the last X years and meets the income criteria.
Are you sure? What’s your source? Even the Biden administration is cryptic on this point. After posting my original comment, I’ve been doing additional research.
Congress holds the powers of the purse and this is an executive order by a president a few weeks away from midterm elections. This is going to be litigated.
My comment is not concerned with legality - I’ll leave that to congress and the courts. I’m merely pointing out the obfuscation of eligibility requirements.
There are tax implications to debt forgiveness in some states, unless those states change their laws, so be careful about rushing to file. The filing deadline is not until Dec. 31, 2023.
In what cases would it be better to not take the forgiveness to avoid the taxes? Would you not take the forgiveness and borrow to pay the taxes if you had to? You’re coming out ahead regardless.
The question is not if but rather when. Hopefully some of the states will change their laws to not count student loan debt forgiveness as income, but they haven't had time to do so yet.
2. The students who agreed to the debt for receiving the services of the universities.
3. And everyone else, who had nothing to do with the above transaction. Many of this group were working class who never went to school or people who already paid their school debts long ago.
There is no way of looking at that scenario and saying that group #3 should be the one paying. It so deeply wrong that I almost feel ashamed watching people defend the heist.
If the government forcibly clawed back the money from the schools and the admins and the professors and (yes) the fat endowments, the media would howl bloody murder. But it would be relatively fair.
I am probably going to get 10K forgiven. Unshackling people from debt is awesome. Hopefully they figure out how to do this regularly. Sucks if you don't like it! Hopefully I can redirect the money to more fruitful enterprises... like anything else.
The massive increase in college tuition is totally out of proportion based on wage growth and honestly it's not healthy for the middle class to be forced into an infinite debt cycle forever, growing, like clockwork.
I worked my way through and commuted, didn't go to a nice school, 2 years of CC and graduated debt free.
Now I'm expected to pay for your debt because you were dumb and got an expensive degree that wasn't worth it? Piss off, I could have had a semester abroad or two, but instead I spent my summers working at Walmart and working construction.
I actually think that education should be free, but with strings attached. The US college cost is growing, administrative overhead is growing, admission process is often not transparent. Once it is fixed and controlled higher ed should be free with a certain level of commitment. For things like medical school, which are ones of the most expensive ones, working for a few years at public hospitals can be a requirement for getting such education for free.
But this was done in the opposite direction, some people made really bad financial decisions. Some people opted not to pursue college degree, precisely because of cost. Why the latter should be paying for the former?
Also, let me ask you this: when you got your degree, did you go to a community college first to pick up some credits and transferred to save some costs?
Readit News
Do you think that isn't already happening?
https://www.whitehouse.gov/briefing-room/statements-releases...
Congress holds the powers of the purse and this is an executive order by a president a few weeks away from midterm elections. This is going to be litigated.
[0] https://www.heritage.org/the-constitution/commentary/can-bid...
https://taxfoundation.org/student-loan-debt-cancelation-tax-...
Weird situation for sure but you always want to look before you leap with these things.
Or you can buy high-risk meme stocks. Or crytpo. Or derivitives.
There's a million ways to fritter away money.
1. The universities who got paid.
2. The students who agreed to the debt for receiving the services of the universities.
3. And everyone else, who had nothing to do with the above transaction. Many of this group were working class who never went to school or people who already paid their school debts long ago.
There is no way of looking at that scenario and saying that group #3 should be the one paying. It so deeply wrong that I almost feel ashamed watching people defend the heist.
If the government forcibly clawed back the money from the schools and the admins and the professors and (yes) the fat endowments, the media would howl bloody murder. But it would be relatively fair.
The massive increase in college tuition is totally out of proportion based on wage growth and honestly it's not healthy for the middle class to be forced into an infinite debt cycle forever, growing, like clockwork.
Thankfully you are not in office!
But this was done in the opposite direction, some people made really bad financial decisions. Some people opted not to pursue college degree, precisely because of cost. Why the latter should be paying for the former?
Also, let me ask you this: when you got your degree, did you go to a community college first to pick up some credits and transferred to save some costs?