Borrowers who have been making payments for between 20 and 25 years will have their debts wiped due to 'fixes' in the system that calculates repayment plans.
The president has continued his push to wipe billions in student debt, despite anger from taxpayers and Americans who have never been to college.
I'm so glad I finished paying mine off six months ago. The government of this formerly great country can't burn to the ground fast enough.
ReplyDeleteIt's not surprising. Biden's using the Democrat patented Chuzpah borrowed from Schumer, Schiff, Nadler and others to buy Milllennial, Gen X & Z votes. They don't have to play by the rules because they're the rulers and the rest of us are the peons.
ReplyDeletePlease tell me that this relief will be considered income for the 2023 tax year.
ReplyDelete🤣😅🤣 🤡🌎🙄
DeleteIRS Topic No. 431, Canceled Debt - In general, if you have cancellation of debt income because your debt is canceled, forgiven, or discharged for less than the amount you must pay, the amount of the canceled debt is taxable and you must report the canceled debt on your tax return for the year the cancellation occurs.
DeleteEXCEPTIONS to Cancellation of Debt Income: . . . (4) Certain student loan discharges after December 31, 2020, and before January 1, 2026.
So, yeah, he may be able to scum through with this exception.
Sorry for the excruciating detail. It's the retired CPA in me.
"The Supreme Court made their decision. Now, let's see them enforce it. " Somebody, somewhere.
ReplyDeleteBribem didn't learn his lesson from the recent SJC decision that bitch slapped him over the same issue. They told him flat out he didn't have the authority in no uncertain terms. Yet, as I predicted, he's right back at it through a different agency. The most useless .gov agency ever devised, The Department of Education. You know, the agency that, since its inception, has presided the continuing massive decline of education results throughout the public school system in the USA. DOE is the home of failed educators with Phd Edu's that think they know how to better educate students than thousands of years of education history tells them otherwise.
ReplyDeleteNemo
Let him. Let ol' potato for brains follow through on this. Then when the real adults get into office. Maybe, just maybe they will at least censure the bastard.
ReplyDeleteBut honestly, there won't even be a blip on the economic radar with this event. Nobody will see anything happen to their 401K's or social security.
800,000 miscreant voters approve this message.
ReplyDeleteI worked my way through college in the mid 70s. My wife's family paid for her. My son's decided to go to different Trade Schools in the early 2000s and they paid for it. They also paid for their tools of the job. My sons make over 6 figures, and have houses, and cars.
ReplyDeleteThis freebee by Biden is a slap in the face to all Americans. People that took out loans to go to college should pay it back and not the government as it will just lead to higher prices at colleges and more useless degrees.
$39 billion was possibly authorized by Congress. It's just a rounding error in the federal budget, and there are loans that are entirely noncollectable and you're just wasting more money keeping them on the books. For example, an AA admit to Harvard that spent $50,000 of borrowed money before dropping out and going to work in fast food. Now 25 years later, he's still asking McDonald's customers "Do you want fries with that", and he is never going to repay that loan. (Regrettably, we allowed colleges to write policies and contracts with the students such that they are never liable for fraudulently admitting an unqualified student.)
ReplyDeleteBut $430 billion at the President's discretion was not properly authorized by Congress. It could not have been, because there are limits to how much power the Constitution allows Congress to give away.
WTF? $39 billion for student loans? Has he just FORGOTTEN about Ukraine or something? I feel like he hasn't chucked a big pile of money and munitions their way in days now.
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