Irv Posted April 12 Share Posted April 12 1 hour ago, BillStime said: Just awful... why do things for people who could actually benefit? Let's give another of tax cuts to the rich and add trillions to the debt. WHO CARES ABOUT THE LITTLE GUY... The "little guy" is going to pay for the cancellation too. You can go put your head back in the sand again. What a mess. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted April 12 Share Posted April 12 4 minutes ago, Irv said: The "little guy" is going to pay for the cancellation too. You can go put your head back in the sand again. What a mess. Good. Money well spent for the little guy! Link to comment Share on other sites More sharing options...
Capco Posted April 12 Share Posted April 12 I'm reading a lot of bizarre and/or inaccurate statements. Debt can absolutely be cancelled, discharged, forgiven, etc. without the world ending. The IRS wouldn't consider cancellation-of-debt (COD) as a form of gross income if cancelling debt wasn't real. Sometimes loans are defaulted on and can never be repaid. Lenders are intimately aware of this and are very good at calculating risk for every transaction, which is why we have things like credit scores. Small loans between my friends and I have been forgiven at various times, so I assure you that it's a real thing. I assume the reason for saying loan forgiveness doesn't exist is to point out that this isn't just waving a magic wand with zero costs. It increases the future deficit by reducing receipts that were otherwise expected. But remember, the IRS will count this as gross income, so the very people who receive it will automatically be paying a portion of it back in their income taxes. I also question if folks realize that these recipients aren't jobless mooches if they have been paying their loans back for 10+ years. Plus, it'll be good for the whole economy when those people have $500-1000 more every month to spend or invest. That relief might finally allow someone to be able to afford their first mortgage. I mean, it's gotta be better if that money is staying in the private sector instead of going to da gubment, right? And of course it's for political points. It's an election year, and Biden's a politician. Like... duh? Have you been to Earth before or is this your first visit? It's so obvious that it isn't even worth stating. 1 Link to comment Share on other sites More sharing options...
Irv Posted April 12 Share Posted April 12 11 minutes ago, Capco said: I'm reading a lot of bizarre and/or inaccurate statements. Debt can absolutely be cancelled, discharged, forgiven, etc. without the world ending. The IRS wouldn't consider cancellation-of-debt (COD) as a form of gross income if cancelling debt wasn't real. Sometimes loans are defaulted on and can never be repaid. Lenders are intimately aware of this and are very good at calculating risk for every transaction, which is why we have things like credit scores. Small loans between my friends and I have been forgiven at various times, so I assure you that it's a real thing. I assume the reason for saying loan forgiveness doesn't exist is to point out that this isn't just waving a magic wand with zero costs. It increases the future deficit by reducing receipts that were otherwise expected. But remember, the IRS will count this as gross income, so the very people who receive it will automatically be paying a portion of it back in their income taxes. I also question if folks realize that these recipients aren't jobless mooches if they have been paying their loans back for 10+ years. Plus, it'll be good for the whole economy when those people have $500-1000 more every month to spend or invest. That relief might finally allow someone to be able to afford their first mortgage. I mean, it's gotta be better if that money is staying in the private sector instead of going to da gubment, right? And of course it's for political points. It's an election year, and Biden's a politician. Like... duh? Have you been to Earth before or is this your first visit? It's so obvious that it isn't even worth stating. You must have skipped 3rd grade math before you dropped out of grade school. I know it will be difficult but try to stay with me here. The people of the United States loaned the money to the students. Thanks to Demented Biden, without any legislation, the students no longer need to pay back the people of the United States As a result, the people of the United States get *****. What a mess. 2 Link to comment Share on other sites More sharing options...
Capco Posted April 12 Share Posted April 12 14 minutes ago, Irv said: You must have skipped 3rd grade math before you dropped out of grade school. I know it will be difficult but try to stay with me here. The people of the United States loaned the money to the students. Thanks to Demented Biden, without any legislation, the students no longer need to pay back the people of the United States As a result, the people of the United States get *****. If you look again closely, you'll notice I already said this in much less dramatic terms. 1 Link to comment Share on other sites More sharing options...
reddogblitz Posted April 12 Share Posted April 12 6 hours ago, BillStime said: BOOM! Call me old school, but I think if you take out a loan you should read the fine print and pay it all back on time. If you can't afford to pay it back don't take it out in the 1st place. Do something else. Go to community college at night. Work for a company that has tuition assistance. Join the military. They will pay for your college after you serve for 3 years. There are many options beyond taking out a loan you can't afford to pay back. It's sad that people have put themselves into this position. But I don't feel sorry for them or understand why taxpayers that didn't take out stupid loans should have to pay it back. And then to hear President Biden say he's solving the student loan crisis. Give me a break. He's doing nothing the kind. He's just buying votes and kicking the can down the road. Meanwhile more students are lining up to take out the same kind of loans as I type. 1 1 Link to comment Share on other sites More sharing options...
BillStime Posted April 13 Share Posted April 13 8 hours ago, Irv said: The "little guy" is going to pay for the cancellation too. You can go put your head back in the sand again. What a mess. Right now, we are all paying for Trump’s tax cuts for the rich. Get over yourself. 1 Link to comment Share on other sites More sharing options...
BillStime Posted April 13 Share Posted April 13 4 hours ago, reddogblitz said: And then to hear President Biden say he's solving the student loan crisis. Give me a break. He's doing nothing the kind. He's just buying votes and kicking the can down the road. Meanwhile more students are lining up to take out the same kind of loans as I type. Do you think we'll ever see a time when our political parties compete to genuinely help solve problems for the average American? Your party controls the House. Why don't they legislate and address the issue of student loans? Instead, you complain about the one person trying to make a real difference. If Trump proposed this, you would enthusiastically support it, only to be ultimately disappointed that the plan was perpetually two weeks away. 1 Link to comment Share on other sites More sharing options...
Doc Posted April 13 Share Posted April 13 (edited) College tuition continues to rise every year. Are we going to "forgive" college debt every 4 years? More frequently? Interesting side note, my son went to an accepted students day at the law school he'll be attending (as of now, still waiting on others). They actually encouraged him to become a state resident so he could pay the in-state tuition rate in years 2 and 3, which is about $20K less. I was floored that the school actually suggested this. Edited April 13 by Doc 1 Link to comment Share on other sites More sharing options...
reddogblitz Posted April 13 Share Posted April 13 (edited) 35 minutes ago, BillStime said: Do you think we'll ever see a time when our political parties compete to genuinely help solve problems for the average American? Your party controls the House. Why don't they legislate and address the issue of student loans? Instead, you complain about the one person trying to make a real difference. If Trump proposed this, you would enthusiastically support it, only to be ultimately disappointed that the plan was perpetually two weeks away. I'm not a Republican and I didn't and will not vote for President Trump. You must have me confused with someone else. As to your first question, my answer is no. That would depend the system being on the up and up which it obviously is not. How many college tuition/loan reform packages have been passed in the Senate? Edited April 13 by reddogblitz Link to comment Share on other sites More sharing options...
Irv Posted April 13 Share Posted April 13 (edited) 6 hours ago, Capco said: If you look again closely, you'll notice I already said this in much less dramatic terms. Good comeback! I like sarcasm! Edited April 13 by Irv 1 Link to comment Share on other sites More sharing options...
BillStime Posted April 13 Share Posted April 13 23 minutes ago, reddogblitz said: I'm not a Republican and I didn't and will not vote for President Trump. That’s what all Republicans who are ashamed of their party say. 29 minutes ago, reddogblitz said: How many college tuition/loan reform packages have been passed in the Senate? You’re really trying to compare the Senate w the dysfunctional house? That’s cute. Link to comment Share on other sites More sharing options...
reddogblitz Posted April 13 Share Posted April 13 3 minutes ago, BillStime said: That’s what all Republicans who are ashamed of their party say. You’re really trying to compare the Senate w the dysfunctional house? That’s cute. If you say so. You didn't answer my question. I answered yours. How many college tuition/loan reform packages have been passed in the Senate? Link to comment Share on other sites More sharing options...
Irv Posted April 13 Share Posted April 13 2 minutes ago, BillStime said: That’s what all Republicans who are ashamed of their party say. You’re really trying to compare the Senate w the dysfunctional house? That’s cute. There's been student loan debt ever since there was student loan debt. Now Demented Biden wants to "cancel" it? There have been Democrats in charge many times. Why didn't they "cancel" the debt before this??? Why now? Desperation. Sad. 2 1 Link to comment Share on other sites More sharing options...
BillStime Posted April 13 Share Posted April 13 12 minutes ago, reddogblitz said: How many college tuition/loan reform packages have been passed in the Senate? The Senate has discussed and considered various bills and proposals regarding college tuition and loan reform. Over the years, several reforms related to student loans and college tuition have been enacted, such as changes to interest rates on federal student loans and income-driven repayment plans. 14 minutes ago, Irv said: There's been student loan debt ever since there was student loan debt. Now Demented Biden wants to "cancel" it? There have been Democrats in charge many times. Why didn't they "cancel" the debt before this??? Why now? Desperation. Sad. Hurry, Irv - extend the generous tax cuts for the wealthy. Make them permanent, so we can shoulder the burden for them. 1 1 Link to comment Share on other sites More sharing options...
Irv Posted April 13 Share Posted April 13 (edited) 12 hours ago, BillStime said: The Senate has discussed and considered various bills and proposals regarding college tuition and loan reform. Over the years, several reforms related to student loans and college tuition have been enacted, such as changes to interest rates on federal student loans and income-driven repayment plans. Hurry, Irv - extend the generous tax cuts for the wealthy. Make them permanent, so we can shoulder the burden for them. Sad and pathetic. You have no idea how an economy works. Edited April 13 by Irv Link to comment Share on other sites More sharing options...
BillStime Posted April 13 Share Posted April 13 2 minutes ago, Irv said: Sad and pathetic. 👆Agreed👇 Link to comment Share on other sites More sharing options...
leh-nerd skin-erd Posted April 13 Share Posted April 13 (edited) 20 hours ago, Capco said: I'm reading a lot of bizarre and/or inaccurate statements. Debt can absolutely be cancelled, discharged, forgiven, etc. without the world ending. The IRS wouldn't consider cancellation-of-debt (COD) as a form of gross income if cancelling debt wasn't real. Sometimes loans are defaulted on and can never be repaid. Lenders are intimately aware of this and are very good at calculating risk for every transaction, which is why we have things like credit scores. Small loans between my friends and I have been forgiven at various times, so I assure you that it's a real thing. I assume the reason for saying loan forgiveness doesn't exist is to point out that this isn't just waving a magic wand with zero costs. It increases the future deficit by reducing receipts that were otherwise expected. But remember, the IRS will count this as gross income, so the very people who receive it will automatically be paying a portion of it back in their income taxes. I also question if folks realize that these recipients aren't jobless mooches if they have been paying their loans back for 10+ years. Plus, it'll be good for the whole economy when those people have $500-1000 more every month to spend or invest. That relief might finally allow someone to be able to afford their first mortgage. I mean, it's gotta be better if that money is staying in the private sector instead of going to da gubment, right? And of course it's for political points. It's an election year, and Biden's a politician. Like... duh? Have you been to Earth before or is this your first visit? It's so obvious that it isn't even worth stating. I told my neighbor that I’m not crazy about the cost of lawn care this year, and how my house needs a paint job. I told him these things take money away from other things I would prefer to spend it on. A new Harley. Ski trip to the Alps. Gucci loafers. I suggested as a compromise he pay for the services in full, which benefits him more than me because all the work takes place on my property and it is mad inconvenient. He used words that are censored here. Wtf? This is good for everyone! Edited April 13 by leh-nerd skin-erd 3 Link to comment Share on other sites More sharing options...
phypon Posted April 13 Share Posted April 13 Can't wait for Biden to pay for everyone's mortgages next! Boom!! 1 1 Link to comment Share on other sites More sharing options...
BillsFanNC Posted April 13 Share Posted April 13 If I lend you $100.... And you pay me back the $100.... Then you paid the debt. If I lend you $100... And you don't pay me back.... Then I paid the debt. All debts are paid. By the creditor or the debtor. No option C. 2 2 Link to comment Share on other sites More sharing options...
B-Man Posted April 15 Share Posted April 15 . 1 2 Link to comment Share on other sites More sharing options...
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B-Man Posted April 20 Share Posted April 20 Anyone surprised ? Link to comment Share on other sites More sharing options...
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