Bloomberg comment:
NEW: As Biden weighs a student debt decision, Penn Wharton Budget Model has released its analysis of student loan forgiveness, estimating it will cost bet. $300-$980 billion, w/majority of relief going toward borrowers in top 60% of earners.
Sounds like whoever’s playing politics at Bloomberg doesn’t want this to be a giveaway to the better off.
seen in another forum online. those B school guys are no dummies.
[friend] just graduated from [school] MBA in May. Everyone in his class took out 10k of debt regardless of need. Assuming the 125k is based on trailing earnings all of them will have their debt forgiven. Multiple people at the school told them they should do it as it was essentially risk free option on 10k given low interest rates.
In case you needed another reason to oppose dumb government bailouts.
Clearly, if the government is required to bail out every college graduate in the country, colleges are not doing what they promised they were doing, and they must be immediately investigated. You can’t have it both ways. The current unemployment rate for college graduates is 2 percent, and their incomes are well above average. If those facts are a sign that college is working well for its customers, then there’s no need for a taxpayer bailout. If those facts are irrelevant, then something is very, very wrong with the higher-education sector, and it must be rethought from the ground up.
Bloomberg also said Wed. announcement. Stay tuned!
So as shady Fat Walleters, where can we enroll in the easiest fashion to game the 10k? Surely they’re going to put some restrictions on it to fuck gamers?
What if I enroll at a community college in a program to get a private pilot license or something?
Sorry too late, I’m worried about my 7/7/22 consolidation date since they’re saying it might be a 6/30 cutoff
BTW that is the advice I was given by a UHEAA rep saying why I couldn’t re-consolidate a loan unless i went back to school FT. Turned out to be BS
Biden gives 4 more months “for free”, just enough to go through November elections.
Who wants to bet you’ll need to Vote Blue if you want to get enough support for actual forgiveness?
I understand this for trying to stop misuse of unneeded loans, but aren’t those students still in college and now borrowing for the fall semester going to be just as burdened by student loans ? The cutoff only makes sense if there is some solution to the cost of higher education starting at the same time ( which of course there is not ).
Free!
BIDEN TO FORGIVE $10K IN STUDENT DEBT, $20K FOR PELL GRANTS
U.S. BORROWERS WHO EARN LESS THAN $125,000 A YEAR WOULD BE ELIGIBLE FOR THE LOAN FORGIVENESS -SOURCE
SENIOR U.S. OFFICIALS SAY BIDEN’S STUDENT DEBT RELIEF MAY BENEFIT 43 MLN STUDENT LOAN BORROWERS
SENIOR U.S. OFFICIALS SAY STUDENT DEBT RELIEF PLAN IS NOT INFLATIONARY
You see no one had been paying interest or principle for several years, so it’s not inflationary for them to continue not paying it back when it’s forgiven.
RE: Those who went to college on Pell Grants will receive $20,000 in student loan forgiveness. I got some Pell grants as an undergrad. Wonder if I will get 10K or 20K ?
but I’m more than 125K but we’re typically less than $225K MFJ AGI. What year do they use?
Exactly the sort of working family that needs a hand up in these trying times. Biden cares so much about hard working-class folks.
Good question. Might want to turn down the next few raises you’re offered because this will hopefully be tied up in the courts for the next year and a half.
Good question. Might want to turn down the next few raises you’re offered because this will hopefully be tied up in the courts for the next year and a half.
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or just defer it 
Seriously Trump used past two year for stimulus (which we all got) and I hadn’t filed with extension. Might do the same here
So sorry you didn’t get it with recent payments. at least you didn’t pay ~50k in interest though. With 20K forgiven I’m still behind with interest still owe $60K.
I don’t really like to make things personal because no one can know all the details behind a stranger on the internet’s situation, but you keep bringing your own personal finances into this so it’s hard not to. I do not mean anything negative by this if you truly have a dire economic situation that this forgiveness would mean the world to you. But assuming you don’t, and just going off what you have said in this thread, you’ve paid ~50k in interest and make over $125k a year. You are getting your money’s worth for your education and the loans to you took out to get it. It was a good investment for you. Taxpayers shouldn’t be subsidizing the good investments of people with significant incomes.
Do worry i feel the same way. I don’t vote for free money, but IF they’re handing it out be 1st in line. I got the rule from a radio financial pundit
Same way with investments just b/c I don’t like the company’s policies I would still invest in it if was a good ROI, which my education WAS (GI Bill+Pell Grants+ now loan forgiveness).
Loan forgiveness was supposed to happen for me after 20 years (and tax on principal forgiven), but UHEAA screwed up. Luckily my loans are with DOE now.
Yes, you’ve been pretty clear about this - you arent expecting/begging for forgiveness, but if it is on the table for others you want to try to get your cut too.
FYI, DOE = Department of Energy. Department of Education = ED.
FYI, DOE = Department of Energy. Department of Education = ED.
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That explains why my interest is so high I just calculated that I had paid back more than my loan principal if you factor in 50K interest. So taxpayers actually came out ahead in terms of $, since there shouldn’t be a profit incentive.
DOE loans are another matter. But i’m in those too for EV credits
Biden also made a good point that Pell grants paid 80% of public tuition, it’s 30% now thanks to state cut backs
Not a big fan of ED acronym either
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SD thread down too. this is huuuge
That’s incorrect - the money that was loaned to you by the taxpayers was also borrowed by the taxpayers, who paid interest on their debt that is pretty equal to the interest you’ve paid them. So the interest is a wash, and you still owe the principle.
So push for larger Pell grants? I dont see how that little factoid justifies going back and changing existing terms after the fact. If the government is going to make anything available to help with education, it should be available to everyone not just those who screwed up and made bad decisions in the past. Most of our society relies on people playing by the rules; retroactively changing the rules only encourages people to not play by the rules in the hopes of getting a better deal.
The taxpayers should get forgiveness too 
In the words of Kramer, it’s a write off.
j/k
for me it’s what I paid OOP. I have paid much more than I borrowed so it wasn’t a deal that I abused.
Re Pell grants, the root cause is high tuition. So not higher Pell cat and mouse game. Lower tuition like it was prior to the 90’s “the good old days”