Cancelling Student Debt

theiioftx

theiioftx

Sponsor Deputy
As someone who paid off his student loans, paid cash for my MBA and just put my daughter through college, I could not be more pissed at Biden.

But so should the following people:
- those that couldn’t go to college because of cost
- those that chose a trade like plumbing or electrician
- those that worked their way through college
- anyone with no affiliation with college who will pay for it

I’m hopeful the democrats have jumped the shark on November with independents and centrists. Buying votes shouldn’t sit well for them.

I’m encouraging my daughter to enroll in grad school now and get a $10,000 loan for it. Then dropping out. It’s time to get on the tit.
 
I could have gone along with it PROVIDED that the $10K immediately became taxable income and needed to be reported on the 2023 1040 tax forms...let them deal with the tax liens that followed for many of them.

The other saving grace in all of this...it appears that AOC and the other Squad members don't meet the criteria.
 
Why isn’t it taxable income? I also would like to know how this is legal. If it is, we don’t need congress. We just need a socialist dictator.
 
theiioftx said:
Why isn’t it taxable income? I also would like to know how this is legal. If it is, we don’t need congress. We just need a socialist dictator.
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Without any clear law authorizing this, I'm not sure how we can know one way or the other. However, I do know that the Public Service Loan Forgiveness (PSLF) program is not taxable, because the IRS regulations exclude it.
 
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I would think Biden would say, under the PSPF we are cancelling debt. No, they are claiming it is an emergency due to the pandemic which was cancelled by the CDC last week. Of course, I expect Roberts to make sure the SCOTUS treats it like Obamacare.
 
If you took out a student loan
You agreed to the terms
You accepted the money and spent it
Now pay your bills

The investment didn't work out for ya? Welcome to the world, kiddo.
 
theiioftx said:
The airlines already got their bailout. Take your shot, put on your mask and get back in the cockpit Ted Stryker.
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Wait a tick. The airlines were "bailed out" for the very reasons you rightfully ***** about the gubment overreach and overreactions to covid with closures and lockdowns. Its stupidity stymied the airlines. So, you know I love ya brother, but you are off on this airline bailout thing.

FWIW, Frontier paid its loans back before any other airline.


(Of course, I could just missing your allsome sarcasm.)
 
horninchicago said:
Wait a tick. The airlines were "bailed out" for the very reasons you rightfully ***** about the gubment overreach and overreactions to covid with closures and lockdowns. Its stupidity stymied the airlines. So, you know I love ya brother, but you are off on this airline bailout thing.

FWIW, Frontier paid its loans back before any other airline.


(Of course, I could just missing your allsome sarcasm.)
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Turn the sensor on like it was wind shear.
 
Flipping through Fox, CNN and MSNBC tonight. One channel is talking about the college debt forgiveness and two are talking about Ukraine and Hillary Clinton’s new show. November is actually, really the most critical election in America’s history.
 
I done went to college. You can tell that from my spelling. I have a college degree. Did I ask anyone to pay for my degree? No. Don't make me to pay for yours.
 
There are situations that may call for cancelation of student debt...young kids from poorly educated families wasting more money than they understood enrolled in for profit colleges that delivered worthless degrees. Government should have protected the unknowing from the charlatans rather than protecting the charlatans.
 
But forgiving student debt for.my friends who used the.loans for a great lifestyle in college while others of us worked and scrimped to avoid debt...
 
We have set aside enough $ for our grand daughter's college fund to purchase a dang house. My wife and i probably won't live long enough to see her graduation (kiddo is only 4yo)

Given today's announcement maybe we blow that $ on vacations and cars. That Joe Biden... what a great guy. :puke:

Took me awhile to get my degree, never took a loan for tuition, never asked my family for assistance after my freshman year.

Today's announcement has me 10 kinds of pissed off. In addition, every dem primary candidate will one-up this nonsense. We're on the road to ruin as a nation
 
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Crockett said:
There are situations that may call for cancelation of student debt...young kids from poorly educated families wasting more money than they understood enrolled in for profit colleges that delivered worthless degrees. Government should have protected the unknowing from the charlatans rather than protecting the charlatans.
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This has already been done.
 
theiioftx said:
I would think Biden would say, under the PSPF we are cancelling debt. No, they are claiming it is an emergency due to the pandemic which was cancelled by the CDC last week. Of course, I expect Roberts to make sure the SCOTUS treats it like Obamacare.
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I researched the alleged authority a little more. He's relying on the Higher Education Relief Opportunities for Students Act of 2003 (HEROS Act). It's more "national emergency" crap. The law gives the Secretary of Education the authority to waive student loans in connection with any war, military operation, or "national emergency." Obviously, COVID is the alleged "national emergency," which we're still officially under.

Fighting this in court will be tough. For starters, finding someone with standing will be very hard. Standing can get pretty complicated, but basically, you need to have been damaged by the act for which you're suing. Obviously, you can always claim that your tax liability will go up because of this and claim damage. The problem with that is that your damage usually can't be a generalized claim of damage as a taxpayer. That's considered too remote and too speculative.

If you can overcome the standing problem, the HEROS Act is absurdly broad as is the law authorizing the President to declare and maintain "national emergencies." To strike this down, the Court would have to be willing to restrict national emergencies. They are going to be reluctant to do that, because the Court tends to be deferential to the White House when it comes to emergencies and things that require quick actions, especially when Congress has expressly given it authority. Will this Court do that? Even without Roberts, I doubt it.

The point is that this crap is probably here to stay. And of course, it sends the message to colleges and universities to boost tuition even more.
 
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So the Biden administration lifted Title 42 aka Remain in Mexico policy because the pandemic was over but several months later they cancel student debt due to the pandemic.
 
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