Politics Thread

Biden is supposed to be announcing his plan to forgive $10,000 of federal student debt for those making less than $125K. Three questions.

1. Will the IRS consider this taxable income to the person whose debt is forgiven? Probably not.
2. Can Biden even do this? Aren’t the federal purse strings the responsibility of Congress? (Ok, that’s an extra question)
3. How does this address the underlying problem, the outlandish tuition being charged by colleges and universities? If you don’t do that, the problem just continues for the next students applying for college loans. I guess they’ll have part of their loans forgiven, too.


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Originally Posted by bjf123

Biden is supposed to be announcing his plan to forgive $10,000 of federal student debt for those making less than $125K. Three questions.

1. Will the IRS consider this taxable income to the person whose debt is forgiven? Probably not.
2. Can Biden even do this? Aren’t the federal purse strings the responsibility of Congress? (Ok, that’s an extra question)
3. How does this address the underlying problem, the outlandish tuition being charged by colleges and universities? If you don’t do that, the problem just continues for the next students applying for college loans. I guess they’ll have part of their loans forgiven, too.


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https://www.whitehouse.gov/briefing-...-need-it-most/

Obviously a press release, so take it with a huge grain of salt.

Looks like this will be coupled with changes to the income driven repayment programs, including not having interest compound if you are making the income driven repayment, at least on undergrad loans. It also discusses stricter rules cracking down on for-profit type colleges. Not really seeing any limits on controlling not-for-profit colleges tuitions, which they need to find a way to address or this whole bubble will just repeat itself.

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Originally Posted by STL_XUfan

https://www.whitehouse.gov/briefing-...-need-it-most/

It also discusses stricter rules cracking down on for-profit type colleges. Not really seeing any limits on controlling not-for-profit colleges tuitions, which they need to find a way to address or this whole bubble will just repeat itself.

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Yea those rascally 5% of the schools need to be held in check! Agree with you on the other 95%.

Quote:

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Originally Posted by bjf123

Biden is supposed to be announcing his plan to forgive $10,000 of federal student debt for those making less than $125K. Three questions.

1. Will the IRS consider this taxable income to the person whose debt is forgiven? Probably not.
2. Can Biden even do this? Aren’t the federal purse strings the responsibility of Congress? (Ok, that’s an extra question)
3. How does this address the underlying problem, the outlandish tuition being charged by colleges and universities? If you don’t do that, the problem just continues for the next students applying for college loans. I guess they’ll have part of their loans forgiven, too.


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I've got a follow-up question to your third question...

How many colleges will now jack their tuition up by $10,000?

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Originally Posted by noteggs

Yea those rascally 5% of the schools need to be held in check! Agree with you on the other 95%.

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To be fair, those 5% were really really really bad.

https://c.tenor.com/rwplrVlY2xoAAAAd...to-be-fair.gif

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Originally Posted by xubrew

I've got a follow-up question to your third question...

How many colleges will now jack their tuition up by $10,000?

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Pretty much all of them, but it's completely unrelated to this. They generally just suck and are completely bloated.

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Originally Posted by gomuskies

pretty much all of them, but it's completely unrelated to this. They generally just suck and are completely bloated.

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^^^^accurate^^^^

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Originally Posted by STL_XUfan

To be fair, those 5% were really really really bad.

https://c.tenor.com/rwplrVlY2xoAAAAd...to-be-fair.gif

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Ok that’s funny…to be fair.

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Originally Posted by Smails

I agree..bad batch in Ohio, PA and GA.

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Vance sez your wife should stay if you abuse her, OZ shopping for "Crudites" at Wegners (Wegmans), and poor 'ol Herschel sez there are "too many trees", and he can't attend the debate bcuz it's the same time as Sunday Night Football. Hey herschel, the debate is on Thursday.

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Originally Posted by GoMuskies

Pretty much all of them, but it's completely unrelated to this. They generally just suck and are completely bloated.

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Wonder how University officials and professors tend to vote….?

Good news is this will cover more money to the Sociology Depts, leading for more junk for people to quote here. :)