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$10K?
46XiJCAB
Member Posts: 20,967
in Tug Tavern
I guess that's the going rate for a vote these days. When the Vegetable signs his illegal EO today, he's handing the GOP House his articles of impeachment submission. If they do not make his Impeachment priority number ONE, we know it's over folks.
Comments
#HotAccountingTalk
There is no way in hell this makes any sense other than a pay off for votes.
but we all know how elections work so really doesn't matter
Or were you against impeaching Trump the first time?
Shows they have a spine unlike your weak ass jellyfish approach.
Way to pump up the revenue, Cho Bai Den - so now the saps who weren't paying their student loans any way now have to come up with the $$$$ to pay the IRS instead.
Any thoughts on why tuition keeps going up as the government keeps subsidizing student loans? Despite schools having billions of dollars and also received 10s of millions of taxpayer money on covid funds and spending bills?
You think that's a winner for the democrats? Middle class workers fucked over by inflation and energy costs paying for school loan defaults?
Lucky for you the GOP is gutless like brents but in no logical world is this a good issue for you
If you'd care to actually engage
We can start with MILLIONS flooding across our southern border.
They want their queer studies degree paid for.
Remember Joey did this because his approval is at 47% and DIMS are surging in the polls. Sure.
https://libertyunyielding.com/2022/08/24/biden-loan-write-off-plan-will-cost-over-a-trillion-dollars-not-300-billion/
Biden student loan write-off plan will cost over a trillion dollars, not $300 billion
By Hans Bader August 24, 2022
Today, Joe Biden announced a plan to write off $10,000 in student loans for most people who haven’t paid off their student loans — and $20,000 in student loans for people who received Pell Grants. Biden’s plan will increase inflation, inequality, tuition, and the national debt.
News articles have estimated the cost of Biden’s plan at around $300 billion. But that’s an underestimate. Earlier estimates of the cost of student loan forgiveness pegged its cost at $330 billion ($2,100 per taxpayer). But that was based on the assumption that a maximum of $10,000 would be written off, not the higher amount of $20,000, as Biden has now made clear will be written off for millions of student loan borrowers with Pell Grants. Increasing their write-off to $20,000 will cost over $100 billion, because “Pell Grant recipients are more than 60% of the borrower population. The Department of Education estimates that roughly 27 million borrowers will be eligible to receive up to $20,000 in relief.” Moreover, Biden also announced an extension of the student loan repayment moratorium for even those loans he didn’t write off. That will cost billions of dollars more, because the suspension of student loan repayments costs taxpayers over $52 billion per year.
Moreover, Biden did something far more momentous today than just a one-time write-off of $300 billion in student loans. He announced the Education Department’s intent to revise income-driven repayment plans in a way that would allow students who foolishly attend expensive colleges to largely avoid repaying their loans, by cutting their payments by well over half. As a result, many borrowers will pay only a trivial amount each month, and can stop paying anything at all after 10 or 20 years, no matter how much of their student loan balance remains. The remaining student loan balance will be written off, at taxpayer expense. That could eventually cost over a trillion dollars. It will also encourage colleges to raise tuition like crazy, because “under income-based repayment, your payments vary with your income, not the size of the loan.”
$1.6 trillion in student loans are outstanding, and the amount continues to rise rapidly, especially with students expecting that the government may write off more loans in the future, which encourages them to take out yet more student loans. As Saagar Enjeti notes, even if the government cancels $10,000 per borrower this year, “the amount of outstanding debt will return to today’s levels in just 4 years,” thanks to all the steadily-rising student loans people are taking out each year. But Biden’s changes to income-based repayment plans would write off much of this $2 trillion in student loans, in the future, as more and more students take advantage of them.