ACor58 Posted June 18, 2009 Share Posted June 18, 2009 After a certain income (it isn't high either) kids cannot even deduct the interest on the student loans. That is truly unfair. Just letting them deduct the interest would give the economy a positive jolt. Where are the thieves from both parties? Plus we are forced to pay the loans back with post tax dollars. I had about $25K from undergrad and another $35K for my MBA. Link to comment Share on other sites More sharing options...
KD in CA Posted June 18, 2009 Share Posted June 18, 2009 After a certain income (it isn't high either) kids cannot even deduct the interest on the student loans. That is truly unfair. Just letting them deduct the interest would give the economy a positive jolt. Where are the thieves from both parties? Come on Bill, ya gotta limit those deductions for "the rich"! Link to comment Share on other sites More sharing options...
Bill from NYC Posted June 21, 2009 Share Posted June 21, 2009 Plus we are forced to pay the loans back with post tax dollars. I had about $25K from undergrad and another $35K for my MBA. It is no better for parents. At one point, I had a daughter in Dartmouth and one at Stony Brook at the same time. There is a $4,000 write off per child for tuition. I was allowed to deduct $2,000 for both of them combined. You know why? Because I am "rich." I am not going to bore you with financial tales of woe, but let me say that we struggled to the point that it was scary. What was I supposed to do, tell her that she couldn't go to an Ivy after she was accepted? No can do. Now, I said screw it and I am back in school part time at a community college. I love every second of it btw. FAFSA told me that my "expected contribution" is approx. $18,000 per year. Full time would only cost about 6K, and I want to see what happens when I try to deduct this. Both parties are responsible. I couldn't always see this. When Bush was president, I bought a new energy efficient oil burner for more than 3 grand. This was supposed to be a write off. I only got back 160 dollars for it, once again because I am "rich." Do they want to really conserve energy, or bilk us for tax dollars? Now we have a new president. Imo, it makes more sense to at least allow students to deduct loan interest than to give huge bonuses to execs with bailout money. Bottom line? These pols are amost 100% alike. I am embarrassed that I ever had an arguement about this stuff. Link to comment Share on other sites More sharing options...
spartacus Posted June 21, 2009 Share Posted June 21, 2009 The bottom line is that nobody's forcing people to attend colleges that they can't afford. I can't even dream of taking out $50K or $100K in student loans, most before the age of 25. Thats insanity! Some people just weren't meant to be doctors or go to law school or Ivy league schools. It's like the person who buys a Lexus because they're wealthy friends did, and then complains about the payments. Bottom line is to go to a college that you can afford to attend. Take out a reasonable amount of debt if you need to, but don't overextend yourself. I'm in my late 20's and have a degree from a PA State school and have realized that your pedigree isn't nearly as important as your work ethic, life skills, & how you create your own opportunities. Digging yourself into a hole prior to getting off the starting line is nobody's fault but their own. wait a minute you are talking about accountability and responsibility you can't be blaming the kids and their parents for their decisions society and their peers made those kids go to those overpriced schools - (where they probably skipped most of their classes, partied alot and barely got a diploma) it is their god given right to bleed the system and then whine and B word about the impact. Deficit spending is the cornerstone of Obamanics - why can't students play the same game?? Link to comment Share on other sites More sharing options...
bills_fan Posted June 22, 2009 Share Posted June 22, 2009 I am embarrassed that I ever had an arguement about this stuff. Quoted for truth. Link to comment Share on other sites More sharing options...
Guest three3 Posted June 22, 2009 Share Posted June 22, 2009 http://www.pbs.org/now/shows/525/index.html Link to comment Share on other sites More sharing options...
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