student debt forgiveness is back

VERN

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Well in looks like it will happen. Biden with a stroke of a pen can forgive $10000 per person. Sen Shumer (our distinguished senator NY) who will be the new majority leader wants 50,000. Current student debt is 1.7 trillion. I was unable to get a figure on the multiplier but I can not believe as a country we can continue to do this. Where does this money come from? If country continues to print billions it doesn't have our dollar will lose its place as the world standard and of course spur inflation. I am not an economist and would appreciate different views if I am looking at this incorrectly. We can also plan on socialized medicine, continued rent moratoriums and who knows what else. We had the Obama phones. Why not have Biden free lunch for everyone? And do not forget a third stimulus check. We live in a free country not a "free country." Goodbye to capitalism as we knew it. Added 1/14/21 As I recall when I posted this I believe that Biden can do this with a stoke of the pen unilaterally(executive order) without congress approval which would increase the probability.





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FreePenguin

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I am so angry at the direction of this country. zero accountability of our own actions. run debt up, zero consequences, don't worry. it'l be forgiven and free housing free healthcare. freeee everything guys.
 

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I am so angry at the direction of this country. zero accountability of our own actions. run debt up, zero consequences, don't worry. it'l be forgiven and free housing free healthcare. freeee everything guys.
I'm glad ill be going to work so people can live for free off my dime. Money printer go BRRRRR, Ballot printer go BRRR. So sick of everything anymore.
 

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No more personal responsibility. What a shame.
You're right though @FreePenguin. This Country is definitely headed in the wrong direction.
sometimes I wonder if id be better off not working, I have friends who have siblings who have like 5 kids, no jobs, but they have healthcare, housing, food stamps, living comfortably. I don't get it. Paid more to do nothing, and tax you to death if you earn a decent wage. there is no middle.

just a hypothetical, im not going to quit working. but still doesn't make sense rewarding the people who do nothing. I just got caught up with my forbearance, I used 8 months of forbearance, and was struggling like hell to make ends meet before April. but February 1. im fully caught up on back bills/house mortgage.


read the last paragraph, it says that warren etc actually want to do 50k each!!!

Screen Shot 2021-01-09 at 1.06.43 PM.png
 

Stage_3

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read the last paragraph, it says that warren etc actually want to do 50k each!!!

Screen Shot 2021-01-09 at 1.06.43 PM.png
Wow. Unbelievable. 50k per person?!?!?
As an "economic stimulus"?!?!? Wow,....I'll leave it at that. lol
 

Arknsawchuck

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A friend of mine has a AC business. Got a call to do a job and when he got to the house it was a 300k+ house and had a hummer and an escalade in the driveway. Single mom, 4 kids and no job. All free from the gov. and our pay checks. 300k house in my area is a damn nice house. Welcome to communist America. I wonder where and when the first concentration camp will show up?
 

jtmat

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Well in looks like it will happen. Biden with a stroke of a pen can forgive $10000 per person. Sen Shumer (our distinguished senator NY) who will be the new majority leader wants 50,000. Current student debt is 1.7 trillion. I was unable to get a figure on the multiplier but I can not believe as a country we can continue to do this. Where does this money come from? If country continues to print billions it doesn't have our dollar will lose its place as the world standard and of course spur inflation. I am not an economist and would appreciate different views if I am looking at this incorrectly. We can also plan on socialized medicine, continued rent moratoriums and who knows what else. We had the Obama phones. Why not have Biden free lunch for everyone? And do not forget a third stimulus check. We live in a free country not a "free country." Goodbye to capitalism as we knew it.
It's just weird... we quickly go right back into the echo chamber. People not doing their research and listening to some "friend".

The free Obama phone? That program started under Regan. Not new.

50,000 forgiveness is actually a public service loan forgiveness program. Not new.

Nothing he is proposing is new. Although, we do need to investigate how his proposals worked in the states he got them from... and if they can work nationally. For example, proponents claim some of his programs will boost our GDP... bla, bla....

Truth is liberals don't think Biden is providing anything new and Republicans seem to forget everything Biden is offering is already in place in some form or another.

It is weird.
 

NFG19

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Sweet let’s all go get a student loan! I can order a Mach 1! How about they forgive 50k of my debts! So much for personal responsibly. Bet most of the people that took out the loans just partied the whole time and went to Cancun for spring break!🙄
 
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VERN

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It's just weird... we quickly go right back into the echo chamber. People not doing their research and listening to some "friend".

The free Obama phone? That program started under Regan. Not new.

50,000 forgiveness is actually a public service loan forgiveness program. Not new.

Nothing he is proposing is new. Although, we do need to investigate how his proposals worked in the states he got them from... and if they can work nationally. For example, proponents claim some of his programs will boost our GDP... bla, bla....

Truth is liberals don't think Biden is providing anything new and Republicans seem to forget everything Biden is offering is already in place in some form or another.

It is weird.
what public service are the going to do for their forgiveness? For 50,000dollars I would expect 2000hrs. Call it like it is. Free tax free money. Again where does the money come from? Somebody pays.
 

jtmat

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what public service are the going to do for their forgiveness? For 50,000dollars I would expect 2000hrs. Call it like it is. Free tax free money. Again where does the money come from? Somebody pays.
Did you research it?

It gets to a point it is not about the student loan forgiveness program... threads like this exist to be political and become an echo chamber. If you want to have a great discussion on it, I'm in.

I have my concerns about these types of proposals as well. An educated discussion would be great...

It is like the guy from Alabama does not know his state already has student loan forgiveness programs (one is $30,000). Does it work? I don't know... maybe he knows.

There is nothing to discuss if it is just "this sucks", "American is going down", "this is communist", etc., etc....

Have fun with your thread though. :cool:
 
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VERN

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what public service are the going to do for their forgiveness? For 50,000dollars I would expect 2000hrs. Call it like it is. Free tax free money. Again where does the money come from? Somebody pays.
just did a fact check Obama phones are Obama phones. Why do they call them Obama phones?
 

NFG19

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Alabama Loan Forgiveness Programs
Program: Alabama Math and Science Teacher Education Program (AMSTEP)

Amount: Up to $7,500 per year, for 4 years
Description: AMSTEP has a two-fold mission: to encourage individuals to enroll in and complete programs leading to Alabama certification in mathematics or science; and to improve the educational system in Alabama by encouraging those who complete the program to accept math or science teaching positions in Alabama public schools, preferably in public school systems where the shortage of math or science teachers, or both, is most acute. AMSTEP is being administered by ACHE. It is available specifically to teachers who graduated in 2018 and forward from that date.
———
Eligibility
Overall, to qualify for PSLF, you have to work for a government or nonprofit organization, and have federal loans that are owned by the U.S. Department of Education. In order to meet requirements, you also have to be a full-time worker, which is considered at least 30 hours per week.

Specifically, you have to have a federal Direct Loan – including subsidized or unsubsidized Direct Loans, a Direct Consolidation Loan, or Direct Plus Loans. Not all federal loans are Direct Loans, which is where some borrowers seeking PSLF go wrong. For example, loans from the Federal Family Education Loan Program or Federal Perkins Loan Program are not eligible unless you roll them into a Direct Consolidation Loan. Private student loans are also not eligible.

You should also be paying that loan on an income-driven repayment plan. But before that loan can be forgiven, you have to make 120 monthly payments, for a total of 10 years of payments.

You have to meet all those requirements before you can be eligible for PSLF if you’re a public service worker in Alabama. That’s what I found!
Debt is debt you signed the contract! No one forced you to is the way I see it!
 
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VERN

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Alabama Loan Forgiveness Programs
Program: Alabama Math and Science Teacher Education Program (AMSTEP)

Amount: Up to $7,500 per year, for 4 years
Description: AMSTEP has a two-fold mission: to encourage individuals to enroll in and complete programs leading to Alabama certification in mathematics or science; and to improve the educational system in Alabama by encouraging those who complete the program to accept math or science teaching positions in Alabama public schools, preferably in public school systems where the shortage of math or science teachers, or both, is most acute. AMSTEP is being administered by ACHE. It is available specifically to teachers who graduated in 2018 and forward from that date.
———
Eligibility
Overall, to qualify for PSLF, you have to work for a government or nonprofit organization, and have federal loans that are owned by the U.S. Department of Education. In order to meet requirements, you also have to be a full-time worker, which is considered at least 30 hours per week.

Specifically, you have to have a federal Direct Loan – including subsidized or unsubsidized Direct Loans, a Direct Consolidation Loan, or Direct Plus Loans. Not all federal loans are Direct Loans, which is where some borrowers seeking PSLF go wrong. For example, loans from the Federal Family Education Loan Program or Federal Perkins Loan Program are not eligible unless you roll them into a Direct Consolidation Loan. Private student loans are also not eligible.

You should also be paying that loan on an income-driven repayment plan. But before that loan can be forgiven, you have to make 120 monthly payments, for a total of 10 years of payments.

You have to meet all those requirements before you can be eligible for PSLF if you’re a public service worker in Alabama. That’s what I found!
Debt is debt you signed the contract! No one forced you to is the way I see it!
that is a state program. Federal plan is for everyone with no strings attached. It is called forgiveness for a reason. There are several plans like you describe. The military also hAS forgiveness for time served. We are talking about 2 different things. Apples and oranges. Biden's plan does not call for you to work it off.
 

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