patrick.net

Wow! Rewarding bad behavior. This is really an asshole move if this is true.

I hope that $50k forgiveness is at least a taxable event.

Another fuck you for people that did the right thing.

Actually, a double "Fuck You." Those assholes with the easy loans ran up college costs for all of us, even the responsible ones.

There should be a rebate program for those who paid as they went.

You know this is to force the hand to full forgiveness of all student loans. Now they will say "well you gave it to public sector employees now you have to give it to everyone".

So now college costs will go up out of this commi crap.

Blue says

So now college costs will go up out of this commi crap.

Worse yet/...they will make college free.

RC2006 says

I thought this wasn't going to go through but wife just had a friend that had thier 50k loan forgiven. Guess its happening for public sector employees.

These are the three programs that have been available since before Biden was President. Biden has not added any programs that I know of...
Student Loan Forgiveness for Teachers: How to Get It

EBGuy says

RC2006 says

I thought this wasn't going to go through but wife just had a friend that had thier 50k loan forgiven. Guess its happening for public sector employees.

These are the three programs that have been available since before Biden was President. Biden has not added any programs that I know of...
Student Loan Forgiveness for Teachers: How to Get It

I know about that one, her friend is not a teacher.

Misc says

Blue says

So now college costs will go up out of this commi crap.

Worse yet/...they will make college free.

That means its a 4 years paid vacation for lazy bums. This will degrade learning environment. This exactly what I went through before I fled sh* India under "reservations" a leftist political tool to get votes, look now I see the same crap all around here. This is just unbelievable.

When Trump gets reelected maybe he can instruct the IRS to treat that forgiveness as income and charge them the interest on it as well as the late fees and penalties for not paying the taxes on it.

Blue says

That means its a 4 years paid vacation for lazy bums.

70% of Americans who achieve a bachelors degree went to a school with an acceptance rate of 70% or higher and pursued a degree with little academic rigor. Said "rigor" will relax considerably once the !!4 YEARS FREE!! program starts.
(2/3 of American adults don't have a 4 year degree by the way, these are some of the suckers that will contribute through their taxes for this "Free" Curated Educational Adventure)

RC2006 says

I know about that one, her friend is not a teacher.

The second one cited is for FedLoans where payment have been made for 10 years by individuals in public service.

EBGuy says

RC2006 says

I know about that one, her friend is not a teacher.

The second one cited is for FedLoans where payment have been made for 10 years by individuals in public service.

That must be the one, it's great that tax payers paying of her 50k degree in dance.

Gotta pity this poor father. Signed up for $50k of student loans for his son. Son goes to jail.

https://www.marketwatch.com/picks/i-have-50k-in-student-loans-that-i-took-out-for-my-son-now-hes-in-prison-with-no-means-to-pay-can-i-get-relief-01644256715?siteid=yhoof2&source=patrick.net

Caveat emptor

RC2006 says

I thought this wasn't going to go through but wife just had a friend that had thier 50k loan forgiven. Guess its happening for public sector employees.

It's not tied to public sector. My Mom just had hers forgiven, and my Dad's will be forgiven in a few months. The stipulation was they had to work for non-profits. They both went back to school after we grew up and moved out.

I received this by email this week, I don't have any student loans:

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.........................................................................................................................................................................................................................................................................................................If ‌‌y‌‌o‌u‌‌‌‌ ‌‌d‌‌o no‌‌‌t ‌‌h‌‌ave st‌u‌‌‌d‌e‌n‌‌t‌-‌‌‌lo‌ans‌‌, ‌ple‌a‌s‌e ig‌‌n‌‌‌o‌‌‌r‌‌e‌ ‌‌‌‌t‌‌h‌i‌‌‌s‌ m‌es‌sa‌‌g‌e‌‌‌. ‌‌Di‌s‌t‌r‌‌ibut‌e‌‌d‌ ‌‌b‌‌y..‌‌‌‌‌.A‌‌dve‌rt‌‌i‌‌‌s‌i‌‌ng‌‌ S‌e‌r‌‌v‌i‌c‌e‌‌s‌, P‌‌O‌ ‌B‌o‌‌x 2‌‌49 ‌‌‌#‌‌5‌7‌2‌‌‌23‌‌‌‌,‌‌‌ ‌‌‌Al‌‌b‌‌u‌q‌‌u‌‌e‌r‌q‌‌ue‌‌‌,‌ ‌‌‌Ne‌w ‌‌M‌e‌‌‌x‌i‌co‌‌ 8‌‌71‌‌0‌3 .‌.‌..‌. ‌we ‌‌do‌‌ ‌no‌t‌ p‌‌r‌‌ov‌ide ‌‌‌any‌‌ o‌‌t‌h‌er‌ s‌‌er‌vi‌c‌‌e‌‌ e‌‌x‌c‌e‌p‌‌t‌‌‌ ‌f‌o‌r‌‌ ‌a‌d‌v‌‌er‌t‌‌isin‌g‌. I‌f‌‌ ‌y‌o‌‌u‌ h‌‌av‌e‌ a ‌‌c‌o‌n‌‌c‌er‌n‌‌‌ ‌r‌e‌g‌a‌‌‌r‌‌‌d‌‌‌i‌n‌‌g ‌‌‌a‌‌ ‌‌‌pr‌o‌‌d‌u‌‌‌c‌‌‌t o‌r ‌‌s‌e‌r‌‌v‌ic‌‌‌‌e ‌p‌le‌ase‌ ‌c‌o‌n‌ta‌‌ct‌ ‌t‌‌‌‌ha‌t‌ ‌‌‌c‌‌‌o‌m‌‌pa‌ny‌ ‌‌d‌irec‌‌tl‌‌y ‌u‌‌‌s‌in‌g‌‌‌‌ ‌th‌‌e‌‌ p‌h‌‌on‌e nu‌m‌‌b‌e‌r‌ a‌b‌ov‌‌e‌..‌.‌.‌‌.‌‌‌‌.‌.‌.‌‌ to be‌‌ r‌e‌‌‌‌m‌‌o‌‌v‌e‌‌d‌ f‌r‌o‌m‌‌ f‌u‌‌‌t‌u‌r‌e a‌dv‌‌‌‌‌‌‌e‌r‌‌ti‌se‌‌me‌‌nt‌‌s ‌‌ty‌‌p‌e ‌‌‌‌i‌‌n‌ '‌‌‌no‌-m‌o‌‌r‌e-ad‌s‌‌.‌‌‌c‌‌‌om‌' ‌‌i‌n ‌y‌our‌ ‌b‌‌r‌ow‌‌‌se‌‌r‌ ‌an‌d en‌te‌‌‌‌r ‌y‌o‌‌u‌r‌ ‌‌e‌m‌a‌‌‌‌‌i‌‌l‌‌‌‌ ‌a‌‌ddr‌e‌‌‌ss ‌‌

Tenpoundbass says

When Trump gets reelected maybe he can instruct the IRS to treat that forgiveness as income and charge them the interest on it as well as the late fees and penalties for not paying the taxes on it.

Haha, the intelligence agencies overthrew our nation in 2020 - Trump isn't going to be allowed to run in 2024.

https://www.marketwatch.com/story/the-weight-of-this-debt-is-crushing-im-74-and-a-retired-speech-language-pathologist-with-a-student-loan-debt-of-200k-am-i-obliged-to-pay-it-off-11649854509?source=patrick.net

I’m 74, and a retired speech-language pathologist with a student-loan debt of $200K. Am I obliged to pay it off?

richwicks says

Haha, the intelligence agencies overthrew our nation in 2020 - Trump isn't going to be allowed to run in 2024.

the intelligence agencies overthrew our nation in 1963.

There, fixed it.

The standard student loan payback period is 10 years, with a six month grace period, unless your on the income sensitive plan or extend the term. The original loan forgivness program for public sector employees only kicks in after 120 on time payments. Then, the guidelines to qualify were so convluted and the program so mismanaged that it was impossible to figure out who qualified. Not even the loan servicers knew.

The program is designed to fail and only helps a small subsegmemt of the population.

zzyzzx says

I’m 74, and a retired speech-language pathologist with a student-loan debt of $200K. Am I obliged to pay it off?

Guys (or gals) you don't have to pay anything off if you plan. Get a 1099 job, get what you want credit wise before and stop paying everything besides a house. It's not super difficult to make a shit ton of money, but on paper to show a loss. Worst case your credit is dinged for 7 years. It all goes away after that time period.

Almost every business owner I've known has defaulted on something. We don't have jail time for people not paying debts, so who gives a fuck? Network and know people with cash money. Get your own creditor that's not a bank. People will lend you money. Don't have a W-2 job and know how to do taxes. Don't trust an accountant. It's all fucking Quickbooks and TurboTax anyway. Understand tax law yourself. As with any industry a CPA is just a kid that got a degree and passed some tests. Does not mean they know what they're doing.

Gotta take control yourself. Debt is stupid in my world, but it's how most wealthy people gain their money. Get rid of the emotion and take risks.

Not that easy. Student loans are not forgivable in bankruptcy. Neither is child support - and failure to pay child support will result in jail time. So the idea we don't have debtor prison is false.

Damn. $200,000 debt at 74 years old? That is soul crushing.

The day I had zero personal debt (no student debt, no mortgage, not even a car payment), I literally felt like I had TRUE freedom. Sure I have property taxes to pay, and medical insurance, but it's not something I have to even think about paying.

Unless you're using debt to leverage a business opportunity, get out of it!

WookieMan says

Get a 1099 job, get what you want credit wise before and stop paying everything besides a house. It's not super difficult to make a shit ton of money, but on paper to show a loss. Worst case your credit is dinged for 7 years. It all goes away after that time period.

I knew a guy who would max out all his credit card debt, default, and then do the same thing 7 years later. He worked as a 1099 contractor on programming projects.

I suppose if they can garnish your wages, you have a problem, but as a 1099, you don't have that particular problem.

A 1099 employee is one that doesn't fall under normal employment classification rules. Independent contractors are 1099 employees.

1099 is great until the 'contractors' get pissy about paying their medicare, SS, IRS withholding, and other levies, and then tell the tax man that they were really employees to get out from under. The 'employer' then has to fight the state and IRS through court, or cave and pay back taxes, late withholdings and penalties, which can be crushing depending on how many '1099' non-employees you had.
I had that happen to me once with a girl who was happy to have the extra 1099 money to spend, but when tax time rolled around..... she tried to blame me for miscategorizing her.

RC2006 says

I thought this wasn't going to go through but wife just had a friend that had thier 50k loan forgiven. Guess its happening for public sector employees.

That would be some extremely expensive vote-buying, but it's ineffective because almost all public sector employees will vote Democrat anyway.

Patrick says

I suppose if they can garnish your wages, you have a problem, but as a 1099, you don't have that particular problem.

I made my early money short selling real estate for owners who went broke running the brokerage since I started in 2005. You legit don't have to pay any debt, ever besides student loans and there's ways around that. Media, lenders, bankers, etc. have guilted you into paying it back and if you don't you're a bad person. It's a business transaction. It's not personal. If you can take the credit hit for 7 years, just stop paying. Not a joke. Keep cash in retirement accounts, borrow against them if needed. They can't be touched by a creditor.

Not to come across as racist, but what the hell do you think black people do? Driving around in $100k cars in the ghetto? Sure gang money and drug sales. Anything over $10k is scrutinized though with cash. You're better off borrowing it and defaulting it. Park it in the garage so it doesn't get repo'd. I don't understand their culture, but I understand how they get their money. Rinse and repeat every 7 years after seeing 1k+ credit reports from tenants. Poor people don't pay their debts and they know it going in with 25% interest rates on a car. Lender hopes you pay 6 months and that they can repo the car. They still made money unless you put 50k miles on it.

An old girlfriend's father was an investment banker who told me that in his world, every loan will be defaulted on as soon as it is profitable to do so.

Just business.

Ugh, I’m fine with paying our large loan amount and have be thankful for the zero interest rate for so long. It allowed us to sock away a large amount of savings the past 3 years as an emergency fund. Some of which we will just throw at the loan when the zero interest ends. But it’s gonna be hard not to feel a little jealous when he passes forgiveness for 90% of the loans but the last 10% of high earners are told… you can afford it. The poor already don’t have to every pay off their student loans if they get on a Income based repayment plan. They essentially already have forgiveness in place based on income based repayment plans if you have the brain power to set it up correctly. My wife works in the public sector… but not for a poor school and combined we make too much so won’t see any forgiveness.

BoomAndBustCycle says

But it’s gonna be hard not to feel a little jealous when he passes forgiveness for 90% of the loans but the last 10% of high earners are told… you can afford it.

Agreed.

WookieMan says

Not to come across as racist,

That's never stopped me from speaking the truth.

So, the government charges interest on student loans.

So that means the government has only lost about $200 billion on the program when it was supposed to be making money.

We should do the same to the Department of Education employees that is done to the student borrowers that don't pay; reduce their pension by 15% until it is paid back.

https://www.msn.com/en-us/news/politics/department-of-education-miscalculated-student-loan-spending-by-311b-watchdog/ar-AA106edQ?cvid=cdba8762bb2143d798cd0b4fa4c852a0

Misc says

So, the government charges interest on student loans.

So that means the government has only lost about $200 billion on the program when it was supposed to be making money.

We should do the same to the Department of Education employees that is done to the student borrowers that don't pay; reduce their pension by 15% until it is paid back.

https://www.msn.com/en-us/news/politics/department-of-education-miscalculated-student-loan-spending-by-311b-watchdog/ar-AA106edQ?cvid=cdba8762bb2143d798cd0b4fa4c852a0

Have government employees pay for all the student debt by reducing their paycheck. That works for me. Oh, will they quit their jobs and go into the private sector? Fine with that as well..

If that were to happen, people would want the armed services to pay for their weapon program cost overruns.

Misc says

If that were to happen, people would want the armed services to pay for their weapon program cost overruns.

OK with that too. My government won't even bother to explain why they go to a fucking war at this point. Why should I pay for it?

We are involved with Somalia - why? If you cannot answer that question, we shouldn't be involved.

My son is going to be a senior in high school this year, and he thinks he wants to spend his first two years at the local community college. For a few years now, I've been hearing about a new California Community College program that waives tuition fees for 2 years.

https://lacollegepromise.org/

I just did a few minutes of research and found out about the income limits. The politicians never mention the fine print when they announce these programs. Of course, my kid won't get the tuition waived because his mom and I make too much money, but the fucking "dreamers" get the waiver. No wonder all the taxpayers are leaving this state.

The tuition at a CCC is only about $700 per semester (if you're taking 15 units), but it kinda chaps my hide that it's not available to people who earn enough to actually pay state income tax.

brazil66 says

My son is going to be a senior in high school this year, and he thinks he wants to spend his first two years at the local community college. For a few years now, I've been hearing about a new California Community College program that waives tuition fees for 2 years.

https://lacollegepromise.org/

I just did a few minutes of research and found out about the income limits. The politicians never mention the fine print when they announce these programs. Of course, my kid won't get the tuition waived because his mom and I make too much money, but the fucking "dreamers" get the waiver. No wonder all the taxpayers are leaving this state.

The tuition at a CCC is only about $700 per semester (if you're taking 15 units), but it kinda chaps my hide that it's not available to people who earn enough to actually pay state income tax.

Enrolling in a Community College to save some coin generally doesn't work out. The students enrolling in Community college by far do NOT have the necessary discipline, math or other needed scholastic achievement required for college level learning. The fellow classmates simply fail and degrade the experience for those trying to learn. Only 13% of those enrolling in Community College complete the 2 year curriculum in 2 years. Here's some more stats.

https://www.google.com/search?q=percentage+of+students+completing+2+years+of+community+college&sxsrf=ALiCzsatQ8KBHumrggCPevwIGosFZumm0g%3A1659161517056&source=hp&ei=rMvkYu6uOujPkPIP6pWhuAw&iflsig=AJiK0e8AAAAAYuTZvegW1NHgGKTDxWKfQihP1NC0NvU8&oq=percentage+of+students+completing+2+years+of+community&gs_lcp=Cgdnd3Mtd2l6EAEYADIFCCEQoAEyBQghEKABMgUIIRCrAjIFCCEQqwI6BAgjECc6BQgAEJECOhEILhCABBCxAxCDARDHARDRAzoLCC4QgAQQxwEQ0QM6CAguELEDEIMBOggILhCABBCxAzoICAAQgAQQsQM6CwgAEIAEELEDEIMBOg4ILhCABBCxAxCDARDUAjoLCC4QgAQQsQMQ1AI6BQgAEIAEOggIABCABBDJAzoFCAAQhgM6CgghEB4QDxAWEB06CAghEB4QFhAdOgQIABANOgQIIRAKUABYxdEBYLjmAWgBcAB4AYAB9gOIAYE3kgELMTEuNDIuMS41LTGYAQCgAQE&sclient=gws-wiz

Hi, I don't normally comment, but I want to add my 2 cent. I have twins who went to community college, mostly to save money. My daughter transferred to UC Berkeley to study math, and graduates this December. My son is transferring to UCLA to study physics this fall. They both went to Community College first. Like most things in life, what you get out of it depends on what you put in. It was also Character building for them as most of their friends went straight to four year universities and they had to endure the judgment of people who think that community College is for kids who failed to get in anywhere else.