White House poised to cancel up to $10K
in debt for some student loans: Report
Washington Times,
by
Matt Delaney
Original Article
Posted By: Ribicon,
8/23/2022 2:01:06 PM
The Biden administration is leaning toward canceling up to $10,000 in student loan debt for those who make less than $125,000 a year, according to a new report. CNN reported that the announcement could come Wednesday, and that additional forgiveness for specific parts of the population are on the table as well. Liberal Democrats such as Sen. Elizabeth Warren of Massachusetts have pressed for a far more sweeping loan forgiveness program. The income cap was seen as a way of insulating the White House from criticism that the debt relief is benefiting those who can afford their payments, per CNN.
Reply 1 - Posted by:
padiva 8/23/2022 2:25:37 PM (No. 1257171)
What about the people who did not go to college?
Or Serve the country and acquire VA benefits for education?
19 people like this.
Reply 2 - Posted by:
cor-vet 8/23/2022 2:29:26 PM (No. 1257175)
How about $10,000 off of my tax bill if I make less than $125,000, have retired and have paid my taxes for the past 50 years?
29 people like this.
Reply 3 - Posted by:
nwcudagal 8/23/2022 2:46:49 PM (No. 1257188)
A lot of student debt was spent on spring break. This is just wrong.
22 people like this.
Reply 4 - Posted by:
Anti-DemocRAT 8/23/2022 2:51:04 PM (No. 1257191)
More decline of our culture. I paid mine off when i was making 27k. First thing i got out of college i got a job. Then Instead of buying new stuff i made my loan payment until it was paid off. I thought that was what i was supposed to do.
23 people like this.
Reply 5 - Posted by:
Dodge Boy 8/23/2022 2:57:14 PM (No. 1257196)
That's it, Biteme. Put it on the backs of working Americans and retirees like me.
16 people like this.
Reply 6 - Posted by:
Pearson365 8/23/2022 3:04:26 PM (No. 1257200)
So, $10,000 to be forgiven for less than $125,000 in income for 2022 elections. Will surely mean an additional $25,000 for under $250,000 in income for 2024 presidential. Buying votes isn’t cheap, especially when Biden is the Buyer.
Not clear if $10,000 becomes $20,000 if a married couple both have outstanding loans. In addition to this ugly scheme, the loan moratorium on repayments will surely be extended through December. Then, until after 11/24. If only we had an opposition party to take it to court to challenge Biden’s authority to act via executive order,
7 people like this.
Reply 7 - Posted by:
smak90 8/23/2022 3:06:48 PM (No. 1257204)
When I graduated, I drove a junk car, had 4 roommates, and put in 60 to 80 hours a week and paid it off all student loans in about 3 years. I'm currently paying for my 2 kids attending college. I guess it only fair if I pay for other people who I've never met to go to college also. I really feel like a sucker for being a responsible tax paying citizen.
19 people like this.
Reply 8 - Posted by:
Rand Al'Thor 8/23/2022 3:09:03 PM (No. 1257205)
To paraphrase - Article I, Section 7, Clause 1 (the "Origination Clause")- All Bills for raising Revenue shall originate in the House of Representatives
Where does Biden get the right to give away our money?
19 people like this.
Reply 9 - Posted by:
DW626 8/23/2022 3:17:36 PM (No. 1257214)
Unless the IRS signs off on this, loan forgiveness is considered to be taxable income. So the deadbeats who haven’t been paying off their debts may be on the hook to the taxman for the student loan they’re thinking is forgiven.
6 people like this.
Reply 10 - Posted by:
paloalto 8/23/2022 3:20:56 PM (No. 1257215)
If I'm smart Ivy League kid living in NY or SF, making $124K and my five roommates are making $126K, I'd be sleeping with one eye open, life is about to get interesting.
3 people like this.
Reply 11 - Posted by:
sunshinehorses 8/23/2022 3:25:30 PM (No. 1257218)
And they trot this out just before every election and then forget about it. Just more political cr*p to rile everyone up.
3 people like this.
Reply 12 - Posted by:
Maggie2u 8/23/2022 3:59:34 PM (No. 1257234)
If the Republicans were smart (I know, I know) every night they would saturate the country with video's of Spring Break orgies in Mexico, Florida, Aruba, and the Bahamas.
3 people like this.
Reply 13 - Posted by:
skacmar 8/23/2022 3:59:48 PM (No. 1257235)
These people signed on the dotted line to accept these loans and the repayment terms. Is the problem they can't pay back their loans or they don't want to because it is keeping them form getting things? Delayed gratification is no excuse for not paying your bills. Look at being stuck with the student loan debt as a life lesson. Don't go into debt for something that you may not be able to repay. Also, the "no payments because of Covid" thing needs to end asap. There is no excuse to not be working right now. There are millions of unfilled jobs just waiting for these whiney student loan debtors. Come out of your parents basement, grow up and get a job, be an adult.
3 people like this.
Reply 14 - Posted by:
john56 8/23/2022 4:01:40 PM (No. 1257237)
My wife tells me that I'm a fool for writing a check for the kid's college tuition this semester (we have some loans, but could have cash flowed his previous years). She says the government is gonna forgive the student loans so why are we fools paying for his college.
You know, my wife is starting to make a lot more sense. Wish we could make it retroactive. I had $6,000 in student loans, paid off over 30 years ago. Cripes, even remember the payment - $69.72 a month. Some months I tried to pay more. Like $70.00 a month.
6 people like this.
Reply 15 - Posted by:
DVC 8/23/2022 4:36:09 PM (No. 1257258)
Then I want $10K, since I paid for my OWN grad school, and helped my parents pay for my undergraduate degree.....ending up with ZERO debt.
Pay me if you pay them.
8 people like this.
Reply 16 - Posted by:
cartcart 8/23/2022 5:33:04 PM (No. 1257307)
I know a good number of workers in the construction trades that never went to college. They went through an apprentice program for their specialty. Many don’t own homes as they are saving for the down payment on an ever-increasing marketplace. Surely, Biden doesn’t expect those guys to pony up for some kid who partied hard on borrowed money, right!?
2 people like this.
Reply 17 - Posted by:
RussZilla 8/23/2022 5:41:47 PM (No. 1257317)
Now if they’d just cancel home mortgages…
3 people like this.
Reply 18 - Posted by:
JHHolliday 8/23/2022 6:28:47 PM (No. 1257343)
We put four through college. Drove old beater cars, no vacations, no fancy eating out. When can I expect my check?
3 people like this.
Reply 19 - Posted by:
Encore 8/23/2022 6:49:07 PM (No. 1257356)
Great lesson in personal responsibility! If you couldn’t afford it, why did you sign up? What did they think would happen?
1 person likes this.
Reply 20 - Posted by:
bad-hair 8/23/2022 9:22:00 PM (No. 1257438)
I'd better go get one then. sarcoff.
Then I'll go to Mexico and hit up the US border with no papers and tell them which hotel in NYC i prefer.
Words escape me.
1 person likes this.
Reply 21 - Posted by:
franq 8/24/2022 6:00:35 AM (No. 1257588)
Zhoa should just set up nationwide ATMs, anyone who wants some cash just stop by. Print, print, print.
0 people like this.
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Already paid off your student loans? Tough nuts, because now you're also going to pay off the loans of others, who don't feel like paying, and you'll like it. Meanwhile, the Republicans are nowhere to be found. Maybe one day we'll catch on to how this all works.