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Student Loan Forgiveness

samsah33

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I know enough about tax to get me in trouble, and what you're talking about is cancellation of debt (COD) income. Yes, the student essentially got the cash and used it to pay the school and the intent is to repay the cash, so it's neutral to the students. Now that the loan is forgiven, it's the same as just getting cash because they don't have to repay. Normally, if a taxpayer has debt forgiven, it's a taxable gain to the taxpayer and the taxpayer will receive a 1099 for the debt forgiven, but I'm not sure if the IRS has given an exemption for student loan forgiveness. I wouldn't doubt it, I'm also curious and hope someone more knowledgeable about taxes can elaborate.
 

RiverDave

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As supposed to sending trillions in foreign aid etc.. I think I’d rather support free college for future generations..

That said I do not agree with forgiving student debt. I do believe in a better educated country. There would be a lot of stipulations on that though..
 

Ace in the Hole

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As supposed to sending trillions in foreign aid etc.. I think I’d rather support free college for future generations..

That said I do not agree with forgiving student debt. I do believe in a better educated country. There would be a lot of stipulations on that though..
I signed my loan documents, I knew what I was getting into. The issue has become the interest rates but that's life. I've never missed a payment. I don't expect forgiveness of my debt...would love an interest cancellation but that won't happen. The government should have never gotten involved in student loans..it made the college costs and debt loads skyrocket. Maxine Waters is largely responsible for the government intervention...go down the rabbit hole some time.

I'd far more like to see something done to help Americans on this issue though than pissing money away on the fucking wanna be nazi Ukrainians.
 

RadMan

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Google result to the tax question:

“Through the end of 2025, no borrowers will pay federal income taxes on any student debt discharged by the federal government. A provision in the March 2021 COVID-19 relief package stipulates that any debt forgiven from Dec. 31, 2020, to Jan. 1, 2026, will not count as income.”

Those Mother Fukers!!!!
 

Kachina26

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Did something new come up, or is this the program where they are only forgiving loans related to now defunct schools and those that went into public service?
 

2Driver

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Since Biden is buying votes by paying off student loans, will the recipients need to pay taxes on unearned income? Because if the students did pay their loans off they’d be using income that has already been taxed.

Doubt it. people that walked on their Heloc in 2009 were forgiven of unearned income and that was a shit load mire
 
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wallnutz

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Doubt it. people that walked on their Heloc in 2098 were forgiven of unearned income and that was a shit load mire
Fuck you can see a long way into the future. Can you tell me the date I am going to win the lottery? 😂 🤷‍♂️
 

C-Ya

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FWIW……….. There is a LOT of predatory lending.

We have a housing thread going……. Mainly about how difficult it is for young people to buy a house.

YET……. Your jobless 18 year old only has to sign their name, to straddle themselves to lifetime debt. World’s easiest loan! Fog the mirror and you get 300k at 18.

In my daughter’s Senior year of college, she was getting a credit card offer a month. Usually between $3500 and 10k limit. She didn’t even have a job.

I actually feel bad for those students that were duped into loans for degrees that were unobtainable, due to their low intellect. They now have no degree and are straddled with humongous debt, for years and years to come. Those in this situation cannot even think about buying a house. They are working at Home Depot paying their $1900 a month student loan payment.
 

Ace in the Hole

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Sorry, the government only does that for PPP loans. Both rounds of PPP loans....
Even for companies who had record sales…that still gripes my ass. Some of the same people bitching here about students loans here had their PpP forgiven
 

Bigbore500r

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Even for companies who had record sales…that still gripes my ass. Some of the same people bitching here about students loans here had their PpP forgiven
Yep. Don't look up public PPP info for your friends with small buisinesses while your drinking . . .

But maybe they actually needed the money during Covid....like COVID KILLERS CLEANING SERVICE

A business that only exists BECAUSE of Covid, allowed to operate DURING Covid.....and gets a PPP loan forgiven for MORE than they even borrowed!
😂 😂 😂 😂
Well kids . . .here's how inflation happened . . ....

1718313534021.png
 

2Driver

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Binden is talking about giving 1st time homebuyers $10,000. It makes me feel good about living off ramen until I had a downpayment during 14% interest rates then 35 years later paying $200,000 in cash for my kids degree.

The reward system in inside out and it will destroy the nation over time.
 

Ziggy

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As supposed to sending trillions in foreign aid etc.. I think I’d rather support free college for future generations..

That said I do not agree with forgiving student debt. I do believe in a better educated country. There would be a lot of stipulations on that though..
Can you imagine If all the Gazillion $ sent to Ukraine was used to help Americans at home? There'd be a shitload less who shit on our streets & inflation wouldn't be what it is either.
 

2Driver

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Even for companies who had record sales…that still gripes my ass. Some of the same people bitching here about students loans here had their PpP forgiven

Yep extaclty. I know some where it saved their life as intended and others never dolled it out to staff because no one was laid off so the business owner bought a second home and sxs.

Fuck how many landscape companies got it and never missed a day of business.
 

jetboatperformance

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I went to college on my families dime then we took on debt , refinanced twice and took out credit lines for the "School of Har Knocks" we call our Business , Also financed My daughters Masters degree where do I apply to get some of that back
 

Todd Mohr

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That was bribe money to get business owners to go along quietly, Covid shutdowns would have never been complied with if not for the bribes. Huge transfer of wealth just for the Covid charade. One of the biggest reasons why inflation is still tough to get under control.
Even for companies who had record sales…that still gripes my ass. Some of the same people bitching here about students loans here had their PpP forgiven
 

stephenkatsea

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Can you imagine If all the Gazillion $ sent to Ukraine was used to help Americans at home? There'd be a shitload less who shit on our streets & inflation wouldn't be what it is either.
It’s been reported, 85% + of the money ‘sent’ to Ukraine never leaves the US. It flows directly to the US major defense contractors.
 

stephenkatsea

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Yep. Don't look up public PPP info for your friends with small buisinesses while your drinking . . .

But maybe they actually needed the money during Covid....like COVID KILLERS CLEANING SERVICE

A business that only exists BECAUSE of Covid, allowed to operate DURING Covid.....and gets a PPP loan forgiven for MORE than they even borrowed!
😂 😂 😂 😂
Well kids . . .here's how inflation happened . . ....

View attachment 1387626
More forgiven than borrowed is of course ridiculous. But have you been to Morgan City LA ? I have. I’ve got a feeling a $20K PPP loan is small potatoes for that place.
 

YeahYeah01

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I signed my loan documents, I knew what I was getting into. The issue has become the interest rates but that's life. I've never missed a payment. I don't expect forgiveness of my debt...would love an interest cancellation but that won't happen. The government should have never gotten involved in student loans..it made the college costs and debt loads skyrocket. Maxine Waters is largely responsible for the government intervention...go down the rabbit hole some time.

I'd far more like to see something done to help Americans on this issue though than pissing money away on the fucking wanna be nazi Ukrainians.
I could get behind a decent deal like no interest of let people pay off the loans with pre tax dollars. Like 401k contributions
 

Racey

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Conservatives have their money confiscated through taxation to be used to pay for the communist indoctrination of an entire generation 👌👍🤡🤡
 

Xring01

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If the Colleges understand that the government is subsidizing higher education.
Then what is their incentive to lower the costs to the consumer….

Exactly,,, which is why the cost of education has gone up as rapid as it has… most of what I am referring to is “Government Loans” for college debt… now you have government forgiveness…

Take a wild guess what would happen to the cost if the government didnt subsidize ….. yep it would go down…

Now the bigger question, is how can we get that message to the mass’s?
 

BabyRay

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FWIW……….. There is a LOT of predatory lending.

We have a housing thread going……. Mainly about how difficult it is for young people to buy a house.

YET……. Your jobless 18 year old only has to sign their name, to straddle themselves to lifetime debt. World’s easiest loan! Fog the mirror and you get 300k at 18.

In my daughter’s Senior year of college, she was getting a credit card offer a month. Usually between $3500 and 10k limit. She didn’t even have a job.

I actually feel bad for those students that were duped into loans for degrees that were unobtainable, due to their low intellect. They now have no degree and are straddled with humongous debt, for years and years to come. Those in this situation cannot even think about buying a house. They are working at Home Depot paying their $1900 a month student loan payment.
I feel sorry for the naive among them, but why is it a taxpayer responsibility? Shouldn’t somebody be going after the predatory lenders?
 

Ace in the Hole

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I feel sorry for the naive among them, but why is it a taxpayer responsibility? Shouldn’t somebody be going after the predatory lenders?
You realize who the predatory lenders are right? Can’t tell whether this is a serious comment or not.
 

BabyRay

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It’s the federal government…. They are the predatory lender.
Yes, as related to government-issued loans. However there are plenty of private lenders as well, and some of them have been prosecuted for fraudulent practices, though I’ll bet many more should be.

Besides, I’ll bet somebody on the government side is directly responsible for scamming young people as well. Are there incentives for selling the loans, career advancement or otherwise? I know, I know, it would be impossible to prosecute anyone, but I can wish it would happen.
 

DRYHEAT

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Yes, as related to government-issued loans. However there are plenty of private lenders as well, and some of them have been prosecuted for fraudulent practices, though I’ll bet many more should be.

Besides, I’ll bet somebody on the government side is directly responsible for scamming young people as well. Are there incentives for selling the loans, career advancement or otherwise? I know, I know, it would be impossible to prosecute anyone, but I can wish it would happen.
50 years of indoctrination in the public school system telling kids you must get a college education at all costs or your a failure.

Kids, and in some cases, parents graduating high school without enough basic financial wherewithal to realize how badly they’re getting screwed when they sign on the dotted line.

It’s a shame the government ever got involved in guaranteeing the finance of education, it should’ve been left to the private sector.
 

farmo83

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Student loans are the one area I'm willing to give a little on. I racked up 6 figures worth in undergrad and thinking a high priced MBA would send my career into overdrive. Also I will blatantly own I did not manage them well.

If the rising cost of college were addressed in concert with forgiveness or anything really to try deal with the underlying problem of college affordability I would be on board with it.

Lastly I don't believe the government should be in the business of profiting from people trying to educate themselves. They should charge a servicing fee on the loan and that's it IMO. Lord knows they lose their ass on enough other things.

It's absolutely not fair to forgive. It also wasn't fair the first people on social security didn't pay I to it either and kife went on.
 

Looking Glass

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As supposed to sending trillions in foreign aid etc.. I think I’d rather support free college for future generations..

That said I do not agree with forgiving student debt. I do believe in a better educated country. There would be a lot of stipulations on that though..


WE DIDN'T HAVE A SAY IN THE MATTER:mad:
 

Cooter01

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Even for companies who had record sales…that still gripes my ass. Some of the same people bitching here about students loans here had their PpP forgiven

I am with you, one contractor got $3 million of loan forgiven and bought a huge cabin. Yet, say student loans should not be forgiven. I know people who would take out the max amount every year to pay for school and use the rest to go on vacations. I busted my butt to have very minimal debt upon graduation and made many sacrifices throughout those years. The small amount I took out I paid back ASAP and they wanna give handouts to those who abuse the system. It is all a joke, what is the point of money anymore.
 

Activated

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Thankfully. We had our kids pay for college with student loans for buy in but saved money along the way to pay it all off at the end. Not easy but letting them feel the burden of that debt and then relieving it, seemed to be an incredible life lesson for them.
 

DLC

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I never went to college…

but

I did go to college parties. !!


The amount of debt relief would be huge, potentially causing another spike in inflation and colleges would raise tuition - which would mean more student loans….

The transfer of wealth would be CRAZY !
see below


IMG_0262.jpeg
 
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