Senate Bill Clears Hurdle to Forgive Student Loans

[DonViejo]

March 6, 2021 at 7:15 am EST By Taegan Goddard

Wall Street Journal: “The provision, added by Senate Democrats this week, would remove any tax consequences for households whose student debt is forgiven through 2025, saving them thousands of dollars. Federal law typically treats any forgiven debt as taxable income.”

“The provision would make it easier for President Biden to forgive student debt through executive action, as congressional Democrats have pressed him to do.”

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https://politicalwire.com/2021/03/06/senate-bill-clears-hurdle-to-forgive-student-loans/

[Rhiannon12866]

1. K&R!

[BSdetect]

2. This is a very bad idea on so many levels.

I expect to be reimbursed now for loaning my daughter $32000 tp pay off her student loan debt.

How do we apply for the forgiveness?

[CentralMass]

3. How is any attempt on this a bad idea ?

[BSdetect]

4. So paying off debt for some people is magically all right?

Nobody forced anyone to get into debt to get a degree etc. If that becomes a problem to pay off then you made a poor decision.

Its no different than misusing a credit card to buy objects you probably can't afford.

Then why not reimburse those who worked to pay off such debt?

I've yet to hear a convincing argument against that idea.

Paying off debt or some debt for a select few for dubious reasons is no solution.

Its not like there was no warning about the dangers of student debt over the last few decades..

[Mr.Bill]

5. Convert all the loans to zero interest

and reimburse interest that has been paid by all, including those whose loans are paid off. If that's not enough, come up with an amount of negative interest also being paid to all. That way no one is left out form any benefit of the program.

[WarGamer]

8. that's better...

Last thing we need is for 2/3 of the Country to be pissed that they didn't get something that others did.

[Sympthsical]

9. "I got mine" philosophy

Well, I paid off my student loans. So did my partner. We've been fortunate to have very good, stable careers so far. And it wasn't easy for either of us during those times. Our friends and family, however, have struggled with them. They've been placed in a form of indentured servitude.

I paid a hell of a lot more than $32,000.

I am fine with others receiving relief from a crooked-ass system that is in desperate need of reform.

The education and government loan systems beat people over the head with a baseball bat for decades, and now you're complaining that we're saying, "You know, maybe we ought to stitch those up who haven't yet healed from it."

I'm healed. I paid. I'm more than happy for my tax dollars to go to those who could not do so easily.

You keep saying, "You chose to take out those loans!" Yeah, because we as a society have drilled it into children's heads that there is no possible way for them to be successful unless they go to some major university somewhere that will financially suck them dry well into their 30's and 40's.

You *chose* to loan your daughter money. No one forced you to. So, why are you complaining now?

Logic sound familiar?

[BSdetect]

10. Calling my points "complaining" is not relevant. I'm fine with you directing your taxes to this.

[BSdetect]

11. Calling my points "complaining" is not relevant. I'm fine with you directing your taxes to this.

[WarGamer]

7. exactly... this.

[WarGamer]

6. Any sort of compensation for those who paid for their own loans or childrens loans?

If not... think that might upset a majority of the population?

If you give a $10k "bonus" to one, why not give it to all?

Better to give out $10k discretionary payments to all.