Student loan 'Forgiveness",Too little to help anyone, just enough to make everyone angry

[DoggyDaddy]

Careful now, you're making me blush

That would almost have made @BigRed blush!

 

[narcolepticsniper]

I forgot about my GI bill. I never used it, had a nagging baby momma who felt I should only be entitled to around 15% of what I actually brought home so I never had time to use it unfortunately.

Can you no longer use your GI bill?

 

[phylodog]

Can you no longer use your GI bill?

I cannot, they come with an expiration date. If you don't at least begin using the benefit within a certain period of time after you leave service its forfeited.

 

[narcolepticsniper]

I'm in the relative minority of people whose student debt will be ended outright under this proposal. This is because I borrowed fairly responsibly and cut costs everywhere I could, including in many ways not available to many people.

I would happily pay that debt if it undid the 2020 election and we all got to keep 2019 prices and policies. I guess it'll be nice to not worry about that modest payment every month, but the saving won't even come close to covering Bidenflation, which will now be worse.

For most debtholders this is a minor haircut to their debt load, and it's mostly upper class people who will get it.

There is a limit to how much you make for this benefit. I believe it’s 150k; my wife won’t be able to use the benefit because she makes more than that.

 

[Expat]

I cannot, they come with an expiration date. If you don't at least begin using the benefit within a certain period of time after you leave service its forfeited.

Dad got caught by that. He had a service connected disability (15% I think) and never looked into getting it until after he retired. They told him too late.

 

[narcolepticsniper]

I cannot, they come with an expiration date. If you don't at least begin using the benefit within a certain period of time after you leave service it’s forfeited.

After looking into it, that limitation is gone as of 2013. If’n you left service after 2013, the GI bill is good forever.
I was unaware of the limitation for those who left the service before 2013 because I was only 13 years into my career at the time.

 

[Ingomike]

This may be true in some organizations, but it is hardly ubiquitous across all corporations.

Really? Most corporations are very woke, I personally know dozens of top level CEO/CFO types for local as well as national corporations, as well as HR directors, and HR consultants. Maybe they are all wrong?

Creedmoor and I were discussing the point that Leadeye made about HR pushing for management to have degrees, yes management makes decisions but they rarely go against HR. Are you saying corporate officers go against HR regularly?

 

[actaeon277]

and the cost to the taxpayer

Forgiving Student Loans: Budgetary Costs and Distributional Impact — Penn Wharton Budget Model

We estimate that forgiving federal college student loan debt will cost between $300 billion and $980 billion over the 10-year budget window, depending on program details. About 70 percent of debt relief accrues to borrowers in the top 60 percent of the income distribution.

budgetmodel.wharton.upenn.edu

 

[actaeon277]

Really? Most corporations are very woke, I personally know dozens of top level CEO/CFO types for local as well as national corporations, as well as HR directors, and HR consultants. Maybe they are all wrong?

Creedmoor and I were discussing the point that Leadeye made about HR pushing for management to have degrees, yes management makes decisions but they rarely go against HR. Are you saying corporate officers go against HR regularly?

Many corporations the "HR" is just a means to "protect" the corporation.

Just like the Veteran's Admin is NOT for the veteran. It is for the government.

 

[Ark]

There is a limit to how much you make for this benefit. I believe it’s 150k; my wife won’t be able to use the benefit because she makes more than that.

Well if I made $150k last year I sure as hell wouldn't have any student debt left.

I don't mean to sound like some kind of socialist but if you're making $150k every year you are well above the "I no longer acknowledge that your life has any serious challenges or hardships" line for me. Your complaints fall on deaf ears when you make 4x my salary. You lost my loan payment for the month in the sofa cushions yesterday.

 

[Ingomike]

Many corporations the "HR" is just a means to "protect" the corporation.

Just like the Veteran's Admin is NOT for the veteran. It is for the government.

Very true…

 

[bobzilla]

Well if I made $150k last year I sure as hell wouldn't have any student debt left.

I don't mean to sound like some kind of socialist but if you're making $150k every year you are well above the "I no longer acknowledge that your life has any serious challenges or hardships" line for me. Your complaints fall on deaf ears when you make 4x my salary. You lost my loan payment for the month in the sofa cushions yesterday.

Those people strugging with those income levels are just poor at money management. That's not our problem. When you live outside your means that us a consequence you need to experience to not do it again.

 

[Ark]

Those people strugging with those income levels are just poor at money management. That's not our problem. When you live outside your means that us a consequence you need to experience to not do it again.

Or choose to live in insane places like NYC, which is itself an act of poor money management.

But hey I'll grant that in this case I was literally incentivized to not make money and not pay, and it's a massive case of moral hazard.

Especially going forward. This will get priced in. People will expect this. Does next year's grad get $20k off? Why not?

 

[actaeon277]

Canceling Student Loan Debt Is a Terrible Idea

It’s expensive, regressive, and unjust. And it might well be illegal.

thedispatch.com

 

[jwamplerusa]

By the time I got halfway through my first cup of coffee pre-work I was already incensed. I continued to stew through first break and broke out into a turrett's fit when I checked the news. I'm not the only one, I was also getting texts from SWMBO'd.

At lunch all three of my mostly worthless Congresscritters received a variant of this:

"I read with amazement and a rising sense of disgust and anger the reports of President Biden's proposal to "forgive student loan debt".​

​

I will be blunt. My wife and I sacrificed so that our children would not have student loan debt as we did. We encouraged them to major in marketable skills, as we did. (Had they not majored in what we considered a marketable skill, our offer of paying for their college would have been reconsidered)​

​

We live in the same house we did when our children were born. This is much to my wife's chagrin and my disappointment. The money which could have been spent on that next step in property ownership, instead sent our children to college and permitted them to graduate in four years debt free. Giving up that next, bigger fancier home was coupled with cars which were purchased used and kept running with primarily my labor for a decade or more.​

​

My wife and I are working class. We both earn an hourly wage, though in somewhat "professional" settings.​

​

Can you even imagine my disgust and rising anger that my Federal Government now intends to use money stolen from me through taxation to eliminate the debt of other citizens children? Where else do you see this sort of confiscatory and redistributionist behavior than in a communist State?​

​

Will my wife and I be repaid the same amount as is being reported will be GIVEN to other citizens children? You have my address, I am sure I can expect to receive a check for $20,000 to $40,000. (I won't hold my breath, as only the productive are being financially raped by this regime)​

​

I do not know where in the budget of the United States the funds are intended to be taken from, but I do know the Congress has the "power of the purse". SHUT THE MONEY OFF! If need be, shut it ALL off!​

​

There is absolutely zero excuse for what is being proposed. If you are a student don't take out loans which you do not have a reasonable expectation of repaying. If you are a student don't take out loans to fund a degree which has a low or negative return on investment. If you are a lender, quit lending to bad risks both on the educator and student sides of the transaction!​

​

You are my Representative. Please represent me loud and clear. In fact, feel free to read this correspondence on the floor of the House."​

I am beyond livid. My wife and I have ALWAYS paid our debts. In most cases they were paid off early, EVERY SINGLE ONE!!! I have worked a series of jobs that have zero fulfillment and little interest. It didn't matter, it was what was required to keep my family going and out of debt.

These worthless communist c********** are quite literally stating they will steal from me to give money to another citizen who was all to often irresponsible and / or lazy. A group of mostly young and theoretically capable people, as I neared what I hoped would be a few years of retirement.

I want ALL of these worthless corrupt pieces of s*** to GTFO of the way, or shutdown this insanity of giveaways and vote buying! Arrrrggghhh. There are not enough asterisks to cover over what I want to write!!!

 

[ghitch75]

no collage for me but i'll take 10k

 

[DoggyDaddy]

no collage for me but i'll take 10k

 

[ghitch75]

i always liked the soup Nazi

 

[actaeon277]

no collage for me but i'll take 10k

Well, if you're responsible with your money, you get none.

Only if you take loans you 'can't' pay back.

 

[ghitch75]

Well, if you're responsible with your money, you get none.

Only if you take loans you 'can't' pay back.

that sucks.....i still want my 10k though