EXACTLY!
Nobody but me and my family paid for their student loans and I put a wife and 3 kids through college. Only thing I ever got was a bad credit score when we would defaut on a payment once in a while. Finally got it paid off and it really disgusted me to see Biden put 1.7 Trillion dollars of debt on the citizens of the USA. I think everyone of these people that get the free education should have a everlasting 500 score for a credit rating to ensure that nobody ever loans them a dime!
You could get it if you are running some sort of program that’s approved.
Then when their score is low, they’ll pass a law requiring loans for those that received the debt relief.
I made it through 2 undergraduate degrees (one state school & one a private school), a master’s degree, and 17 hours of post graduate classes with never taking ‘advantage’ of any government sanctioned loan program. Granted the first one was considerably cheaper than currently. But those post grad hours were expeeeeeeeeensive.
Kinda like the stimuli checks? Wouldn’t doubt it. I need to dig into that one.
Normally, debt forgiveness (f'rinstance, if you negotiate a $5K payoff of a $20K credit card debt) can be reported to the IRS, which counts it as taxable income. According to the report I heard this morning, Brandon's program is supposed to be different, and they're not going to count it as taxable income.
I read on the internet today that the burden of repaying this student loan will fall on the backs of the middle. Fortunately, since Biden has been in office, there are fewer middle class. So the majority of us have no worries.
I’m not sure one of his talking points is actually true though. That’s because I don’t actually see any “free money” getting dumped into the economy.
If the people who can’t afford to pay off their student loans get this forgiveness, they’re not going to get a $10K check to deposit. The Dept. of Treasury will transfer money to the Dept. Of Education. They will in turn disburse the money to the federally owned student loan servicers, who will apply those monies to the outstanding accounts. From there those monies will be deposited into the you guessed it, Dept. of Treasury general account.
It’s a giant shell game and the end result is a debt write off that adds to the federal deficit. A write off that just somehow magically equals the alleged yet unrealized deficit reduction over 10 years in the Inflation “Reduction” Act. So I predict we’ll soon be seeing Biden and his mouthpieces saying things like “We were able to eliminate $300B in student loan debt, without adding one dime to the federal deficit.”
Funny how that works huh!
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