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Discussion Starter · #1 ·
Well they came out and said that they will relieve $10K/$20K for anyone who makes less than $125K a year of student loans. So a household that each person makes $125K ($250K total) will get student loan forgiveness of $10K to each person.

So a few questions I have:

1. How does this help with future students and the high costs of tuition? You know high school graduates of 2023 and beyond.

2. Why should we stop at student loans? What about credit card debt? Mortgage debt? etc???

Anyone else have comments on this???

Honestly lets call this what it really is.... A BRIBE FOR VOTES. It actually does nothing for anything in the future on high tuition costs. It does NOTHING on lowering the actual cost of college.

I mean if they really wanted to do some actual good. Make any interest payments that have been made go directly to principle. Then the loans are less "predatory".

Then in the future make the interest on them 0% for 10 years after that the balance gets interest starting to accrue on it. If you are late on a payment or whatever pay a FINE or SURCHARGE. If you pay it in full you got an interest free loan for 10 years.

Simple example... if you get $100,000 in student debt. You decide you can afford $200 a month payment (but can pay more. After 10 years of payments that balance is now down to $76,000. Now you will start paying interest on that $76,000... at a rate that can't exceed a certain percentage (say 3%). So now you will be paying on $76,000 at 3% for another 10 years or whatever. OR if you decided you can pay all of that $100K off in 10 years by making $833.33 monthly payments then after 10 years... YOU HAVE NO COLLEGE DEBT.

Again... my example wont do a damn thing to decrease the college tuition. But it would be better than pushing the burden onto others who didn't make the commitment to pay back a loan.
 

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College isn't worth it anymore. Why would you spend $20K a year for four years, or six years and get $40 an hour when you can go to a cheap vocation school and start your own business at $100 an hour?

It was bad enough when I went to school. I paid 7% through the bank of North Dakota and half the classes I didn't want. They kept saying you need a well rounded education. BS the truth is they force crap classes on us or no one would take them. It's our money it's time for students to tell the professors what classes they are going to take.
 

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I agree with all the above
College is a JOKE anymore... and I was a professional student. lol
This will NOT STAND up in court... brandon will of course blame his opponents for not going along with another gov boondoggle. I sure wish all the dempcraps would go somewhere else.
 

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Discussion Starter · #4 ·
Agree with both of you.

Now I will say I agreed with "Brandon" when he did the tuition thing for the debunked college of ITT (I think) since that college was a for profit college took the money and ran (which lets be honest they all are FOR PROFIT).

But you two are correct. When I went for my business degree... why did I have to take sciences, social sciences, history, art, music, etc type classes. Now I actually don't mind learning about that stuff. But for the student who doesn't care about them why should they have to take those classes?

The college system is broken and this does nothing to fix it at all.

Like i stated this is a pure BRIBE to gain voters is all this is.
 

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Totally unfair, especially for us that did the Right Thing.

Typical sign of a weak leader and career politician.
Definitely not in line with whats going on in the rest of the Nation.

Those Loans were contracted and those students knew exactly
what was expected of them.

To top it off very few students at such a young age know what
they want to do in life, they just think and follow aimlessly that
they need to go to college.

I bet there is a high percentage that never use what their
college degree was for.
 

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Discussion Starter · #6 ·
Norseman... 100% correct.

Also somethings coming out about this "forgiveness". Not sure if it is 100% accurate or not. But it might not be all it is "cracked" up to be.

If you restructured or consolidated your loan in order to keep up with payments, it’s possible a third party holds the debt now and you won’t be eligible for student loan forgiveness.

Also.... here is my take on this whole thing. About a year ago it came out he could only "cancel" debt if it was approved by Congress. I am not sure what has changed or what they found out. Maybe a loophole or something. Who knows for sure right now.

But here is my prediction. It will end up going to court and be deemed unconstitutional or something along those lines. This will give Liberals a rally cry to scream at the supreme court and say things like... we need to pack the court, see it was the conservative justices fault, republicans bad, Trump appointees bad, etc. That is my prediction. Again, this was pure political stunt to try and gain votes during election year.
 

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Discussion Starter · #7 · (Edited)
So someone must have put out a MEMO to the media and liberals to say PPP forgiveness and Student Loans forgiveness is the same thing. Because all you are seeing is people showing Republicans who got PPP loans forgiven type thing.

Here is the big difference....

One was a forced government shutdown of businesses, the other was personal choices of what college to attend, classes/major to take, how long it took you to graduate, etc.

SEE THE DIFFERENCE.

Again do I think it was right for some major corps to take PPP loans and divi out huge bonuses to CEO's and what not... NOPE. Anyone who gave CEO's huge bonuses maybe shouldn't be eligible for PPP forgiveness.

But there is a huge difference between the two. It is all a smoke and mirror thing the media is trying to do.
 

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Discussion Starter · #8 ·
States confirm plan to tax student loan handout funds (msn.com)

So read this.... Some who get student loan forgiveness might have to pay state income tax on that money. So yeah if you get $20K in relief you might owe about $1000 to $2000 (5-10%) in state taxes. MN is one of those states and our tax rate is about 5 to 10%. So just something to keep in mind.
 
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