Current Events > Biden cancels $10,000 in federal student loan debt for most borrowers

(+) Yeah! (+)

This is just a bandaid on a bullet wound.
Wiping away student debt while doing fuck all about it continiung to happen, means we're right back all over again in another thirty years or sooner.

Thats how you can tell Republicans are fake Christians, theyre behavior today has been abhorrent to say the least

Removing access to education for those not well off, however, is not the solution.

I paid off my student loans using my mother's inheritance but apparently that makes me a sack of shit 1%er who only lives on things that are given to them and doesn't work hard and struggles in the real world...

Do they need to be individual loans still or can they be consolidated?

So set up some sort of "volkscollege" schools or something, that are free for everyone. You just have to accept that it's going to be pretty crappy when compared to Harvard.
May not have a football team either.

I wouldn't get in too big a hurry about "where money". Probably getting tied up in the courts for a awhile.

This is what I've been scared of for a while. But I really hope they feel confident that it will get through the courts before they decided to announce it like this

Trump didn't do shit to help the economy.

Also he was a fucking moron who required constant babysitting from his staff in order to even fulfill his obligations.

Anyone who supports him in any way, shape, reform, is either insane or completely oblivious to what literally everyone around him has been saying for years. He is a self absorbed moron who has no actual policy, who coasted along completely on the coattails of his advisors and cabinet.

What few successes occurred during his presidency were in spite of him, not because of him.

So how many of yall trying to buy a house now because of it? This market About to explode again hopefully. I need my value to keep going up lol.

Was 10k and/or 100-200 per month really stopping a lot of people from pulling the trigger?

Was 10k and/or 100-200 per month really stopping a lot of people from pulling the trigger?

Republican tears are wonderful. Oh no more money to go into the economy.

GOP is mad

https://twitter.com/Jim_Jordan/status/1562442934003216384

This 100%.

Its great that some people get this help but it doesnt solve the problem which is what the focus should be on.

No one, like at all, is saying the problem should not be addressed but we quite literally cannot do that right now when one half of our two party system is dead set on screwing people over and stripping rights from anyone that isnt a straight, white male.

Lets not forget, some people got 20k forgiven. And apparently if your debt is less then 12k after this discount its apparently forgiven entirely.

Any word on whether the $10k or $20k will count as income come tax time? I remember reading a long time ago that it would count as income, which would mean this cancellation will only hurt me because I'm eligible for loan forgiveness in a couple months. Here we are finally and I don't see any word on this.

Also, I'm confused. So are eligible people getting auto cancelled? Or you have to apply to get the cancellation? I want to opt out/not apply since my entire loan amount will be forgiven soon and I don't want that $10k unnecessarily hitting me at tax time.

It shouldnt be taxable. Biden killed that a while back.

Short answer is not taxable for federal return, depends on your state if it's taxable on the state return.

So under the new plan if I just make the minimum monthly payment I'm not paying interest but everything is toward the principal?

Seems that way.
If it really was an "investment in the future!", then there never should have been interest anyway.

So under the new plan if I just make the minimum monthly payment I'm not paying interest but everything is toward the principal?

I thought this is only true if you're on an income based repayment program

No doubt that some people are not going to pay and hope it's all forgiven though

Sooo not that Im not happy for people but is this going to negatively affect those of us who never had loans in the first place in any way?

Because if thisll lead to more many taken out of my paycheck from taxes or anything Im.. obviously not going to be too thrilled with that