Student debt forgiveness

I'm wondering if the beneficiaries of the forgiveness program are going to be sent a 1099 for the debt that has been forgiven. I haven't seen anything about that anywhere. Is it just going to be a surprise after the election?

Let's stop calling it Debt Forgiveness and start calling it what it is - Debt Transfer.

You spelled bull $h!+ wrong

They should!! I got a 17k 1099 for the last of a Texas Tomorrow Fund. I guess that FIFO accounting method bit me hard.

Through the end of 2025, no borrowers will pay federal income taxes on any student debt discharged by the federal government.
A provision in the March 2021 COVID-19 relief package stipulates that any debt forgiven from Dec. 31, 2020, to Jan. 1, 2026, will not count as income.

Almost like they had it planned all along.

It’s all the same, whether its free healthcare for invaders, food stamps, $5 million for the New York hip-hop museum,

Just buying votes with funny money.

Give some here, forgive debts there, everybody wins.

America needs a miracle right now.

Yep, we called that a clue.

America needs Jesus

Student loan forgiveness is blatant discrimination. Biden is an absolute idiot.

It isn't just Biden. This program has been around for awhile. Its a forgiveness for public service workers (teachers, city/county employees) and it is only forgiven after making 10 years of payments. This was around when I started working for a city 14 years ago. Its considered one of your benefits for taking a lower paying job.

Biden is still an absolute idiot.

Freeloaders and leaches, allow Joe to buy your vote with some free stuff, my two cents on the subject, I'm not speaking about people who really earned college through service, Our Military Members.

So, as a city employee, construction worker, mechanic, roofer, etc... (really high paying jobs, LOL) I get to help pay back your loan because you took a low paying job?

Average salary of the 750K deadbeats is $313,000 with average loan "forgiveness" at $25,500. F-them all!

as a small business owner if you took a loan to get started.... Joe says.....FUK U

And small business is the backbone of our country.

But he said unions built this country! Crooked bastard.

It is not Biden’s money to give away. All the money Biden is playing free and loose with is not his. It belongs to the taxpayers. The bill for all the money Biden irresponsibly gives away is passed down to the taxpayers to cover. FJB and his irresponsible financial decisions. Americans are already saddled with paying off the debts of his big spending decisions for generations to come.

More recently, Unions chased a lot of American jobs out of this country.

True it was started by Biden mentor Obama.

(quote) 2007: CONGRESS CREATES PSLF
In the last year of President George W. Bush’s presidency, Congress passed the College Cost Reduction and Access Act with bipartisan support. It promised to ease the burden of repayment of student loan debt—a burgeoning problem caused by skyrocketing college tuition—through a number of modifications to existing programs and by creating new ones. The Bush administration touted the bill’s expansion of Pell Grants, increasing the amount of money low-income families could receive toward tuition. Further, it reduced the interest rate on future federal Stafford Loans, cutting them in half over the following few years.

Perhaps the largest lasting impacts, however, came for borrowers already in repayment. The Act created two programs that were designed to ease the ongoing cost to borrowers and to help them eliminate their loans if they were working in public service. Although the White House did little to advertise these programs, Income-Driven Repayment (IDR) and Public Service Loan Forgiveness (PSLF) have remained integral parts of the federal student loan system and are regular news items in the ongoing student debt crisis.(/quote)

https://navigatestudentloans.com/a-brief-history-of-public-service-loan-forgiveness/

So, in reality poor hard-working people get the loans of college egg heads transferred to them to help pay off...

Wish I got some of that free money.

Heck, I'm wondering how many of them took out big college loans, spent their time and money drinking beer and chasing girls, blew off college and now get it all forgiven?

I blame republicans on this one. Supreme court ruled no to this. Republicans sit by and let it happen

I'm not sure how Republicans could stop this, it is an executive action by Joe Biden. The Biden Administration says they found a way around the Supreme Court ruling. This executive action will need to be challenged in court, there is no way to get the democratic votes in the Senate to pass anything Republicans want to pass.

I don’t get it. You went to college. You’re supposedly smarter than me. Figure it out. I am not wasting 4 years of my life to make peanuts when there are trades paying 6 figures. It’s dumb.

If they (the guberment) really cared about educating the kids, they would pay teachers a better wage. I don’t want somebody teaching my kids that wasted 4 years of life to make a low-middle class income. I can tell you right off the bat, most of them have no business trying to teach kids. I think it is intentional, they want ideologues that will help raise or create good slaves for the future.

I am sure there are a few that really care about teaching kids, or come from a family tradition of teachers. Most of them are a long way off from that ideal.

Most people with student loans are under 35. This is just another way of manipulating our system to keep the democrat voters on their side.

A LOT of them did this.

Something over half won’t finish college, if that tells you anything. Most of our young people are not ready to be out on their own in any sort of way by the end of high school.

They don’t learn how to live in the world, at home or in school.

I paid mine. FJB and all the freeloaders including Democrats in Congress and people who vote for them.

Sometimes you get pretty far out there Bryan. College is not for everyone. Some do well with no need for college. Some flounder inspite of college. Depending on career choice, college may be 100% necessary. College professors are teaching young adults, not kids. How those young adults conduct themselves and what they take away from college is a function of their own decisions, their upbringing, and their work ethic..

Yes, sir. I could not agree more after raising 5 daughters. Four of them went through college. All are now productive adults with their own kids.

Funny how the same people biotching about student loan forgiveness turn a blind eye to the $757 billion in PPP LOANS forgiven. Twice as much as the student loan forgiveness amount.

Further, for every job saved by PPP loans, studies found it cost taxpayers between $170,000 and $257,000. What’s the national average for wage earnings again? Why is it so much higher? Where did those excess funds go?

I don’t support either, but in fairness sake…

Apples to oranges there. The PPP loans were because our dumbass government shut down our country killing a lot of small businesses. The people that took these loans out knew the consequences and signed their name on the dotted line. They should be liable for the loan period.

So just so we are on the same page, taxes paid to keep small private business afloat via paying wages(25% went towards wages), paying their operating costs, paying off creditors, and paying for Ski Nautiques, and we are good with that?

Further, what percentage of companies whom received PPP loans were posting their highest profits at the same time? Are you okay with those in said circumstance having their loans forgiven?


It’s all horseshiat.

I’d much rather give my tax dollars to small businesses to keep them in business when they had no choice but to close their doors during the scamdemic than give it to a bunch of idiots that got tens of thousands in loans for a degree they’ll probably never use. That is on them, not the tax payer. I don’t see the government paying off my truck because dealerships are a scam or paying off my house. I signed on the line on both those loans and I’ll see them to the end and pay them off. Same as what the people that got student loans should do. It’s nothing but buying votes.

I’m not ok with either but in more favor of the PPP because they didn’t have a choice but to shut down their businesses because the government mandated it. Students had a choice to take the loans or not, they chose to take them it’s on them.

And what about businesses whom were posting their highest profits ever AND still getting PPP loans forgiven?

I said I’m not in favor of either and I also said small businesses. Again this is apples to oranges argument.

Results the same to taxpayer.

I could have got one when profits were high but did not. Kind of wish I would have now as the last 2 years have been tougher. I pay my taxes same as every one of you.

The difference, PPP Loans approved by Congress, the president does NOT have the authority to forgive debt, it really is that simple as the Supreme Court said.

Student loan forgiveness makes me madder than most things. Anyone who got a degree in something that wasn’t absolutely useless could easily pay off their loans if they had integrity. I racked up a ton loans in undergraduate and graduate school. Around 75k worth back in 2003. Instead of putting them on forbearance or consolidating or whatever other crap people do to not pay I made paying them off a top priority because I figured they enabled me to get my education so I should repay them. I didn’t get the fancy car, fancy vacation, and my first two houses only cost a little more than I made a year but I was determined to pay off my student loans and did so in 2008.

If you got a degree in something stupid where the job prospects pay less than McDonalds you are a moron and we shouldn’t bail you out. If you got a degree in something useful but are spending like a drunk congressman instead of paying off the debt we shouldn’t bail you out either. In theory the program isn’t horrible but people taking advantage of it make me sick.

PPP and student debt forgiveness are each government hand outs. The rats are deciding who gets the cheese. We live in this economy that is supposed to be free market and I abhor the government picking winners. The PPP heist could well have been what it took to provide for a wealth transfer to big pharma. The same thing can be said about the green crap.

The only actions our government takes anymore is passing laws to transfer wealth and give away more power to the three letter agencies. I don't know of a meaningful law passed by Congress in the last thirty years. Congress has abdicated their authority to the Executive Branch on many issues, and most of these handouts are not worthy of funding. I would at least like the Congress to pass these handouts, and the president not simply sign an order to transfer debt from college freeloaders to hard working Americans simply to buy votes in an election cycle.

If the laws passed by Congress would have forgiven these current borrowers, they would already have been forgiven and their debt gone. I believe someone here has already posted the average income of these borrowers and it is way above my pay grade, so this isn't about poor kids going to college. This is about the Biden Administration attempting to alter the program to cover more people without the approval of Congress.