Official Student Debt Cancellation Watch Thread

[mastermind]

What are some promises he hasn't lived up to? Pretty positive Progressives have a hard on for means testing too. I'm against it.

You'll need to bring the citations for that claim

im not gonna hold your hand through this. He hasn’t done a lot of the stuff he ran on.

 

[alybaba]

High earner and saving 200k in 3 years is something else

Dual income household of a lawyer and a banker.

 

[FAH1223]

I’m happy he finally lived up to a promise. Its inadequate and Dems love means testing to make sure not everyone can get it, but he did that it.

Also, I read this only is for people who graduated from college. Very fukked up.

Where’d you read that?

This is $10k across the board with the means test at $125k income cap for singles / $250k for families… and it goes to $20k if you ever got a Pell Grant.

 

[Serious]

This shyt is real?!

Jim Banks - Wikipedia

en.wikipedia.org

@Virtuous_Brotha the MIC strikes again

 

[FAH1223]

For those people hoping there'll be people suing the US Department of Education over this, this article says no one really has standing.

Standing and Student Loan Cancellation - Virginia Law Review

As the public policy debate over broad student loan cancellation continues, many have questioned whether the Executive Branch has the legal authority to waive the federal government’s claim to up to $1.6 trillion in debt. Some have argued that loan nullification would prompt a years-long battle...

www.virginialawreview.org

And the Hero's Act of 2003 was used for the PSLF program

Then in early October, the administration reformulated the Public Service Loan Forgiveness program, basing its action on a provision of the 2003 Heroes Act allowing the Secretary to “waive or modify any statutory or regulatory provision applicable to the student financial assistance programs . . . as the Secretary deems necessary in connection with a war or other military operation or national emergency.

 

[Professor Emeritus]

@mastermind @Rhakim come through and celebrate with us?

This is a good thing, probably the most that could have reasonably been done at the time. I'm typically a fan of wealth transfers if they go to the right people, and this is close enough. Also probably improves the Dem's situation in november which is good.

Like I think other people are saying (I haven't really been posted in the thread at all), the real meat is in the long-term solution. Unfortunately this doesn't do anything to change the status quo.

 

[OfTheCross]

Biden’s student debt cancellation doesn’t solve the root problems facing borrowers—but it’s a start

After months of uncertainty, doubt, and debate among pundits and policymakers, this Wednesday saw President Joe Biden finally announce the details of his administration’s long-awaited action on stu…

www.brookings.edu

 

[OfTheCross]

The Origin of Student Debt: Reagan Adviser Warned Free College Would Create a Dangerous "Educated Proletariat”

In 1970, Roger Freeman, who also worked for Nixon, revealed the right’s motivation for coming decades of attacks on higher education.

theintercept.com

 

[mastermind]

Where’d you read that?

This is $10k across the board with the means test at $125k income cap for singles / $250k for families… and it goes to $20k if you ever got a Pell Grant.

What You Need to Know About Biden’s Student Loan Forgiveness Plan

President Biden’s move means the student loan balances of millions of people could fall by as much as $20,000. This F.A.Q. explains how it will work.

www.nytimes.com

take it back, I misread that in The NY Times fact sheet.

 

[FAH1223]

 

[-DMP-]

Relief is coming brehs and brehettes

 

[ADevilYouKhow]

 

[TheDarceKnight]

I'm loving this Dark Brandon arc

 

[ADevilYouKhow]

The Toll of Student Debt in the U.S.

The amount of student loan debt held in America has grown to roughly the size of the economy of Brazil or Australia as the cost of higher education has skyrocketed over the last half-century.

www.nytimes.com

 

[Avisible Man]

TheHill.com
FINANCE
Residents in these 13 states could pay taxes on their student loan relief
BY JARED GANS - 08/26/22 4:07 PM ET

Residents of 13 states who receive debt forgiveness from the federal government for their student loans may need to pay some state taxes on their forgiven amount, according to an analysis by the think tank Tax Foundation.

Jared Walczak, the vice president of state projects for the Center for State Tax Policy at the think tank, said in a blog post on Thursday that loan forgiveness is generally considered to be equivalent to income and is therefore taxable.

Walczak said that the American Rescue Plan, the $1.9 trillion package that President Biden signed into law in March 2021, exempts the forgiveness of student loan debt from 2021 to 2025 from federal income taxes.

States that follow the federal government’s lead will also exclude debt forgiveness, but not all states do.

Biden announced on Wednesday that the federal government would forgive up to $10,000 in student loans for individuals making less than $125,000 per year and up to $20,000 for those who received a Pell Grant, meant for students with the largest financial need.

The states where residents may need to pay taxes on the forgiven debt are Arkansas, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, New York, Pennsylvania, South Carolina, Virginia, West Virginia and Wisconsin.

Walczak also calculated the highest rates that anyone could potentially pay in each of these states for having $10,000 forgiven.

All of these states could require residents to pay several hundred dollars in state taxes on the up to $10,000 in forgiven debt, according to Walczak. Hawaii residents could potentially have the highest tax liability at $1,100.

The taxes would be higher for residents who received $20,000 in forgiveness.

Walczak said states will likely issue guidance in the coming weeks and months on how to treat the forgiven debt.

Residents in these 13 states could pay taxes on their student loan relief

Residents of 13 states who receive debt forgiveness from the federal government for their student loans may need to pay some state taxes on their forgiven amount, according to an analysis by the th…

thehill.com

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They stay fukkin us in Massachusetts. I had pell grants. Now they may tax that 20k