Thread: Student loans forgive

Been a lot of talk about forgiving student loans lately. Sleepy joe is supposed to tell us today if it's going to happen. Kind of unfair, those who paid or are paying would benefit the least.

Washington can pass a bill, but can they order these loans forgiven without the loan company's getting anything? That doesn't sound like Washington. They might stiff you or me, but their dear friends from cooperate America? Somebodys going to collect. Too bad the news doesn't seem to care who's going to get what. Going to be another taxpayer bail out, like as not.

Another thing the news ain't saying, is when your debts are forgiven, you still have a problem. My friends went through this. Forgiven loans are considered income and you're going to be talking to the IRS. While forgiving the loan might save you money in the long run, you can't ignore the IRS the way you could a loan company. If you can't pay on demand, they will require a payment plan that will come straight out of your paycheck. With a big loan this might be a lot. Lucky for my friends their note was small.

It’s a perfectly timed vote buying scam. And that buffoon and his socialist, green new steal buddies need all the help they can get to keep their power.

Never mind that I spent my entire time as a father trying to teach my kids that if you agree to a deal, you better keep your end of it. That if you borrow, you damn sure pay it back.

I paid back $30k of my own student loans and another $60k of PLUS parent loans for my kids. Am I getting any of that back?!?!

Also, don’t forget how this 1.6 trillion will add to the inflation problem.

It’s all good though, as long as all those borrowers vote Democrat, mission accomplished.

What these dumb kids don't seem to realize is that they think they're getting an easy ride, when in fact, they're just paying for everyone else's college debts. It's unfair to those who did sacrifice financially to pay their debts off only to have to pay for someone else to go to college. And then there's those who chose not to go to college; why should people like me have to be on the hook for someone else to go to school? The whole forgiveness is unfair!

When will they learn, that only companies get bailed out NOT people. This is gonna bite people in the ass just wait and see

Originally Posted by ftdjc1

In a nutshell:


It appears student loan 'forgiveness' may, in fact, be beyond the power of the executive.
https://redstate.com/sister-toldjah/...vember-n617037

Their using the term around ten thousand dollars, I never heard that mentioned before and stupidly assumed it was the whole loan being forgiven. What goods 10K? I'm not sure what four years of gender studies costs, but it's a hell of a lot more than a lousy ten thou. A vote buying scam for sure, and not even a good one.

Does anyone have any idea how many student loans aren't repaid? They must be high risk for the most part. My friends went ten years before their loan was forgiven and I don't think they ever paid anything on it. Every five years the loan company asked me if I knew where they were. I told then they'd been kidnapped by space aliens, lived on a secret moonbase and took it in the butt every night. I said that's where the company's management belonged for being stupid enough to loan my pals wife money.

This validates dumb-down education's worthless degrees they pass out like raffle tickets.

This is the "how to" keep education and money absolutely worthless!

Another slap in the face from the Marxicrats and their agenda.

Originally Posted by mgtower

This validates dumb-down education's worthless degrees they pass out like raffle tickets.

This is the "how to" keep education and money absolutely worthless!

Another slap in the face from the Marxicrats and their agenda.

It's all part of the machine.

They are keeping people in the system as long as possible.

As soon as they can think, children are sent to institutions to be brainwashed for over 20 years.

Well geez........anyone want to pay my debts too? Joe needs to go. Vote him out in 2024.

Originally Posted by MGTOWFOREVER

Well geez........anyone want to pay my debts too? Joe needs to go. Vote him out in 2024.

Better yet, impeach the bastard and his VP when the Republicans take back enough of congress next year and then put in Kevin McCarthy who could be speaker by then in until Trump returns.

Originally Posted by MGTOWFOREVER

Well geez........anyone want to pay my debts too? Joe needs to go. Vote him out in 2024.

His body won't hold out that long, we already know his mind didn't make it!

Originally Posted by ResidentEvil7

Better yet, impeach the bastard and his VP when the Republicans take back enough of congress next year and then put in Kevin McCarthy who could be speaker by then in until Trump returns.

You're gonna have to see Trump running in 2028, and he'll win it in 2029.

Typically loan forgiveness is not considered income, at least in the US. Is my understanding. If there are sources that show otherwise, pls post. The only time I heard it considered income is if the IRS suspects it is a coordinated loan-forgiveness scheme where it is technically income but being masked in that manner.

Originally Posted by jagrmeister

Typically loan forgiveness is not considered income, at least in the US. Is my understanding. If there are sources that show otherwise, pls post. The only time I heard it considered income is if the IRS suspects it is a coordinated loan-forgiveness scheme where it is technically income but being masked in that manner.

Friend's wife was unhappy, got a loan and did a term or two before finding out she was too old, and that her branch swinging days were over. She returned home and I don't think they ever paid anything back. Ten years later the loan was forgiven, and the IRS did go after them, leading to a pretty lean summer.

Since the IRS had done my friends, I assumed that's just the way things were. A fiscal expert I am not. Maybe the people in charge of my friend's case were in trouble for something else and used them to try and put a Band-Aid on their own problems? I saw plenty of that in my time working for Smokey.

I heard on one of the radio news shows yesterday (either Travis & Sexton or Hannity) that it is definitely income and the IRS is going to treat it as such. Part of the task list for Biden’s 87,000 new IRS agents…

Whether what they claim will become fact or not remains to be seen I guess.

Originally Posted by ResidentEvil7

Better yet, impeach the bastard and his VP when the Republicans take back enough of congress next year and then put in Kevin McCarthy who could be speaker by then in until Trump returns.

Nothing will happen. The Biden Mafia have been flaunting their illegal activities in our faces and laughing about it. They stole the election right in front of you in 2020 on live TV. Trump was winning in a landslide and 3 states shut down all at the same time. Votes were counted in the middle of the night while they were shut down then we wake up next morning to a mathematically impossible conclusion of Biden wins all 3 states plus the remaining ones! It's a miracle!

They have been mad at Trump since 2016 election. Oh yeah what was the electoral count in 2016? 306-232 same as 2020. Wink wink nudge nudge.

They laughed and did the same with the Newsom recall. Laughed right in our face while sticking up both flaming middle fingers.

Originally Posted by frog

Washington can pass a bill, but can they order these loans forgiven without the loan company's getting anything? That doesn't sound like Washington. They might stiff you or me, but their dear friends from cooperate America? Somebodys going to collect. Too bad the news doesn't seem to care who's going to get what. Going to be another taxpayer bail out, like as not.
.

The Real Student Loan Crisis Is The One Obama Created


[COLOR=var(--theme-col-txt-snippet)]Because thanks to President Obama, about $1 trillion dollars of student loan debt is owed to the federal government. Obama keeps trying to portray the student loan crisis as a problem suffered by ...[/COLOR]


The ground work for this current scam was laid back in 2009.

Government used money it did not have to buy all the government-backed Guaranteed Student Loans from the banks.

A politician can stiff the taxpayers - they do it all the time - but, you can't stiff the big banks, not if you still want their campaign contributions.

Originally Posted by jagrmeister

Typically loan forgiveness is not considered income, at least in the US. Is my understanding. If there are sources that show otherwise, pls post. The only time I heard it considered income is if the IRS suspects it is a coordinated loan-forgiveness scheme where it is technically income but being masked in that manner.

[COLOR=var(--theme-col-txt-url-path)][COLOR=var(--theme-col-txt-url-domain)]https://www.irs.gov[/COLOR][COLOR=var(--theme-col-txt-url-path)] › newsroom › what-if-my-debt-is-forgiven[/COLOR][/COLOR]

What if my debt is forgiven? | Internal Revenue Service - IRS tax forms


[COLOR=var(--theme-col-txt-snippet)][COLOR=var(--col-grey-dark)]Mar 28, 2022[/COLOR]The tax impact of debt forgiveness or cancellation depends on your individual facts and circumstances. Generally, if you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes. The lender is usually required to report the amount of the ...[/COLOR]


[COLOR=var(--theme-col-txt-url-path)][COLOR=var(--theme-col-txt-url-domain)]https://newpointlaw.com[/COLOR][COLOR=var(--theme-col-txt-url-path)] › cancelled-forgiven-debt-irs-may-consider-income-may-owe-taxes[/COLOR][/COLOR]

Canceled or Forgiven Debt? The IRS May Consider it Income


[COLOR=var(--theme-col-txt-snippet)]The IRS may consider the forgiven debt to be income and tax the amount. The strategic lawyers of the NewPoint Law Group can assist California taxpayers with a variety of tax issues including the effects of cancelled debts. Our Roseville, Sacramento, and Folsom law offices can provide on-point advice and guidance regarding how to approach ...[/COLOR]

Originally Posted by frog

Their using the term around ten thousand dollars, I never heard that mentioned before and stupidly assumed it was the whole loan being forgiven. What goods 10K? I'm not sure what four years of gender studies costs, but it's a hell of a lot more than a lousy ten thou. A vote buying scam for sure, and not even a good one.

What good is $10k? It is a lot if your share of it is $5k.

But in reality, if the Supreme Court does not block him, or if the program is not overturned by incoming sessions of the House and Senate, it still serves a great purpose.

$10,000 is the prison rapist sneaking up behind you in the shower, and as he covers your mouth, he whispers in your ear
"Just the tip...."

Or Italy being emboldened when they invaded Somalia and the League of Nations did nothing.

They get this through, and this will only be the first of such proposals brought up every summer before an election.

* Former porn starlets have complained that actor Ron Jeremy would sometimes pick girls who were new to the business, and if they were at a remote shooting location, he would isolate them after-hours, and then force himself upon them. They identified his MO, where he would start out the rape by saying that he just wanted to put in "...just the tip."