Suckers

Let’s hear from all the “suckers” like me who are stiffed with paying student loans for 40 million other people.

The timing of this is actually incredible for the situation my daughter is in. She is a senior in college @ UW-Madison and has worked summers, a day most weekends, and a couple evenings per week during school and is on track to graduate from college debt free.

We paid for more than half of her school & she has been responsible for covering the rest. We’ve preached to live debt free and she’s busted her arse to do it. My wife and I now look like the fools for encouraging her to be responsible.

I did some quick math. She makes $17/hr. To save up $10K she had to work 588 hours.
588 hours = 74 8-hour days
588 hours = 144 4-hour shifts

She needs to continuing to working through the end of the school year to reach her goal of graduating debt free, while others get bailed out by you and I – the taxpayers.

Am I mad. Yes. Is she mad. Yes. This government bail-out is a slap in the face of people who are responsible and live within their means.

It’s awful. For 18 years I saved and sacrificed to pay for my sons college education so he wouldn’t be saddled with student loan debt. I guess I should’ve taken winter vacations to Central America to fish for peacock bass instead.

I don’t know the details of this loan forgiveness thing yet, but isn’t it only $10 grand for someone making less than a specific annual amount every year?

If someone has 80 grand in student loans, 10 grand doesn’t do a whole lot.

Also, I think that there are going to be some lawsuits on this so it could be a while before it goes through, if it does.

I will have to look into this more…

gimruis wrote:

I will have to look into this more…

Please get back to us ASAP

Who qualifies for loan cancellation?
Individuals who are single and earn under $125,000 will qualify for the $10,000 in debt cancellation. If you’re married and file your taxes jointly or are a head of household, you qualify if your income is under $250,000.

Eligibility will be based on your adjusted gross income. Income figures from either 2020 or 2021 can render you eligible, but 2022 income will not.

I don’t have anything nice to say.

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gimruis wrote:

I don’t know the details of this loan forgiveness thing yet, but isn’t it only $10 grand for someone making less than a specific annual amount every year?

If someone has 80 grand in student loans, 10 grand doesn’t do a whole lot.

Also, I think that there are going to be some lawsuits on this so it could be a while before it goes through, if it does.

I will have to look into this more…

10 grand doesn’t do a whole lot? I wish I sh!t money like you. If it’s not that much than maybe you can cover the pissed off Americans share.

SMH

A lot of us pissed off Americans are finally happy to see that companies earning more than a billion dollars will finally have to pay some taxes like the rest of us little folks.

So will this debt cancellation apply to student loans acquired in the future? So say you’re currently a enrolled in college. Do you want to come out with at least $10K in debt? So instead of paying your tuition one semester, take out a loan for $10K instead knowing it will be cancelled. Doing so would be like giving yourself a $10K scholarship.

No. Borrowers who received student loans after June 30,2022 are not eligible for debt relief.

It is 100% a vote-buying scheme that will add to already insane inflation, especially tuition inflation. It also perpetuates a predatory college tuition system that has inflated costs significantly greater than CPI.
But I’m sure the Biden admin has done its political (not economic) math and figured that it will more than likely help its dismal approval ratings (42% at the moment).

F them for even considering anything like it!

On MPR right now there is a guy saying that black people have more student debt than white people, and $10,000 ISN’T ENOUGH, but at least a start

I myself worked a 14.5 hour day yesterday with a high school diploma and didn’t have enough time left in the day to enjoy all of my white privilege….

I’m with most of you on this one.I don’t even want to get started on this BS.I would be banned for life from the site.

Won’t be long until the moderators axe this post like they did to the one I made the other day about the same subject matter.

Right from the government’s website –
Current students with loans are eligible for this debt relief. Borrowers who are dependent students will be eligible for relief based on parental income, rather than their own income.

Unless you are in the military, married, or over 24 years old you are considered as a “dependent” according to FAFSA whether the parents are helping out or not.
We saved up and set aside $ for our kids college fund since they didn’t qualify for a loan as an “dependent” anyways. Now we get to pay for someone else’s college as well.

Pure and simple – buying votes and a redistribution of wealth

Marsh wrote:

A lot of us pissed off Americans are finally happy to see that companies earning more than a billion dollars will finally have to pay some taxes like the rest of us little folks.

Yes and no, those big companies will just increase their pricing to offset the added expense and also buffer in the fact that the added IRS agents will be auditing them more frequently. In the end us little folks will end paying more for goods and services like we are today.

Jason wrote:

Pure and simple – buying votes and a redistribution of wealth

Bingo. And then figure in the fact that only about 1/3 of students who start college graduate with a degree. It’s throwing good money after bad and doesn’t come close to addressing the real issue with high tuition costs. In fact, will make it even worse.

B-man wrote:

On MPR right now there is a guy saying that black people have more student debt than white people, and $10,000 ISN’T ENOUGH, but at least a start

I myself worked a 14.5 hour day yesterday with a high school diploma and didn’t have enough time left in the day to enjoy all of my white privilege….

I’m in the same boat, worked 6 am to 4pm. Back at target to cut a door 8pm to 3am and now back to keeps Minneapolis 6am till I’m done.
But I have very little debt. No free time this week though. Must be my white card

Angler II wrote:

10 grand doesn’t do a whole lot? I wish I sh!t money like you. If it’s not that much than maybe you can cover the pissed off Americans share.

That’s not what I meant. Of course 10 grand is a lot of money. I stated that if a debt load is 80 grand, then 10 grand isn’t a lot of the total debt. I also read that it only applies to federal student loans. The average federal student loan is about $37 grand in this country. The action does not apply to private loans.

Marsh wrote:

A lot of us pissed off Americans are finally happy to see that companies earning more than a billion dollars will finally have to pay some taxes like the rest of us little folks.

Tell me you suck off the government tit or work for them without telling me you suck off the government tit or work for them.

Between that and the money being dumped on ukraine while we are drowning in inflation. Oh and lets quickly phase out gas and oil too. We need to reverse this madness.

Forgiven debt is taxable income. Fed and state. I can’t wait for next round of complaining and when they figure that out. So unfair.

The MN DFL is already demanding a special session so they can wave the state tax on this income. Haven’t heard anything on the Federal level – yet.

Watch some of the TicTok video compilations of the entitled complaining that it isn’t enough

I’m 100% against student loan forgiveness or any form of future free college.

I’m also against a lot of bailouts for large, wealthy corporations and wealthy people who don’t need it. There were some tax cuts passed in the last 6 years that rich folk benefitted from greatly, and some wealthy people who benefitted from PPP and other small-business loans during the pandemic that didn’t have to pay them back.

Is there outrage on that? If so, I haven’t seen numerous posts on this website on that.

Yes, 100%, if you enter college to get a degree that you’d like/need for your future, you’ve gotta own up to the choice you’ve made and pay for it. And if you go into business and want to make money, you’ve got to own up to that too and the costs associated with it.

It seems there should be a consistency on this issue and with a lot of people there’s not.

The dollar amounts don’t matter, it’s the principle.

Dan wrote:

I’m 100% against student loan forgiveness or any form of future free college.

I’m also against a lot of bailouts for large, wealthy corporations and wealthy people who don’t need it. There were some tax cuts passed in the last 6 years that rich folk benefitted from greatly, and some wealthy people who benefitted from PPP and other small-business loans during the pandemic that didn’t have to pay them back.

Is there outrage on that? If so, I haven’t seen numerous posts on this website on that.

Yes, 100%, if you enter college to get a degree that you’d like/need for your future, you’ve gotta own up to the choice you’ve made and pay for it. And if you go into business and want to make money, you’ve got to own up to that too and the costs associated with it.

It seems there should be a consistency on this issue and with a lot of people there’s not.

This. Somehow govt handouts for the rich is ok but not for the middle and lower class.

I try to stay out of these threads. If I add in my $0.02 I will be shown the door. So here is $0.01. I find it funny that the government is giving out money to people for them to give it back to them on something they full willing knew they had to pay back when they took it. I might not have worded that the best.

I’m not a fan of this plan either. It seems like it would have been much more fair and effective to do something about interest rates on student loans, which would at least help those who are just starting to accrue debt. But let’s not pretend that this is any worse than the subsidies we’ve already payed to the wealthy.

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It seems like some of the folks here don’t realize that (believe it or not) there are some college graduates out here (myself and my wife included), with loans, and good careers who have been working our @$$es off to pay off our student loans. We’re not the ones asking for this, so direct your disdain towards A) The govt. and/or colleges allowing kids to take out $80k+ in student loans for a degree that pays less than $40k per year, or B) The colleges raising tuition by over 250% over the past 25-30 years.

Very frustrating. I chose to work through college to limit my debt versus athletics. Wouldn’t have been a star athlete by any means. When I had a couple hundred dollars to my name and seeing the practice schedules it was either take out loans (didn’t want debt. Grew up very debt adverse) or don’t play and work to pay for school and survive. Guess I should’ve taken out loans had I had the crystal ball. At least now I can pay for other peoples loans.

I always noticed my friends that had very odd or unproductive majors had parents paying their tuition. I can only imagine what majors people will pick if they don’t have to pay. With any slippery slope how is free college for all not the next thing coming???

Something to think about. The United States government is giving out $10,000 in student loan forgiveness. But they are continuing to give out student loans? It does not fix the problem!!