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Post by Merge on Aug 24, 2022 21:32:02 GMT
This is me. Mine was originally denied and I had to reapply. I actually received a refund in addition to the amount being forgiven because by the time it was approved I had made a lot of extra payments. That was a pleasant surprise. I am also waiting for them to officiay forgive mine. DH and I both have made more than 120, but had the wrong kind of loans so we didn't qualify until Biden's temporary changes to the program. DH had his forgiven in July and we are just waiting on mine. Started moving our monthly loan payments to a fund for our kids for college. Congrats! That’s the intended outcome of loan forgiveness. More people can save for their own kids’ college, pay off other debt, buy a house, etc. These all have a positive impact on the economy as a whole.
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Post by aj2hall on Aug 24, 2022 21:37:17 GMT
Looks like my daughter and her husband will be getting a good chunk paid off. I am thrilled for them. Newborn baby and house, this will really help them move along and maybe they will be able to get a bigger house sooner rather than later and without a huge hole in the ceiling from a leak that, at this time, hasn't been able to figure out why it is happening after two plumbers. They will still owe a little but at least manageable. If all goes well, they should have less than $8,000 to pay off. Looks like you will be paying your kids college loans after all!!! I for one am NOT thrilled to be paying off YOUR kids college loans. what a clusterfuck. That’s all we need is another $300+ TRILLION added to the disaster of an economy we have with this pathetic administration. Inflation reduction??? We are truly fucked with this idiot in office. Um no. As usual, you posted false information, not based on fact. The estimated cost of the program is $230 billion plus the Pell grants, not trillions of dollars. Off by a few 0's. And not likely to increase inflation. www.washingtonpost.com/education/2022/08/24/biden-student-loan-cancellation/Previous estimates have found that canceling $10,000 in student debt per borrower could cost the federal government roughly $230 billion, but that number will be higher with the larger amount for Pell Grant recipients.www.npr.org/2022/08/24/1118879917/student-loan-forgiveness-biden"You have to tell a pretty bizarre story about expectations in order for loan forgiveness to boost inflation," responded Susan Dynarski, an economist and professor at the Harvard Graduate School of Education.
"No one has been making student loan payments for two years. Forgiveness will *not* increase cash flow to borrowers right now. That increase in available cash happened *2 years ago* when payments were suspended."
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Post by rymeswithpurple on Aug 24, 2022 21:38:40 GMT
I was fortunate enough to not have loans, and I know my husband is bitter over this plan. He paid off about $46k in 4 years while living in a high cost of living area (where we still live), while not making a ton of money at first. He spent money on rent (literally living in someone's basement), food, loans, and the (very, very) occasional "fun" purchase (AKA a $20 hockey ticket).
Once I started making a decent income after I moved in with him, I paid all of our bills and he paid his loans.
There's definitely no way we'll ever be able to afford a house where we live, and we don't want to go into debt over a house unless it's very minimal. We have a very healthy savings account and no debt, but also want to keep part of that for a rainy day.
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Post by workingclassdog on Aug 24, 2022 21:41:41 GMT
Looks like my daughter and her husband will be getting a good chunk paid off. I am thrilled for them. Newborn baby and house, this will really help them move along and maybe they will be able to get a bigger house sooner rather than later and without a huge hole in the ceiling from a leak that, at this time, hasn't been able to figure out why it is happening after two plumbers. They will still owe a little but at least manageable. If all goes well, they should have less than $8,000 to pay off. Looks like you will be paying your kids college loans after all!!! I for one am NOT thrilled to be paying off YOUR kids college loans. what a clusterfuck. That’s all we need is another $300+ TRILLION added to the disaster of an economy we have with this pathetic administration. Inflation reduction??? We are truly fucked with this idiot in office. Well okay then.
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Post by Merge on Aug 24, 2022 21:44:22 GMT
Looks like you will be paying your kids college loans after all!!! I for one am NOT thrilled to be paying off YOUR kids college loans. what a clusterfuck. That’s all we need is another $300+ TRILLION added to the disaster of an economy we have with this pathetic administration. Inflation reduction??? We are truly fucked with this idiot in office. Well okay then. Ignore her. She doesn’t know anything about anything.
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Post by cindosha on Aug 24, 2022 21:57:06 GMT
Ignore her. She doesn’t know anything about anything. Who do you think is going to be funding this debt forgiveness? YOUR TAX DOLLARS. And unfortunately my tax dollars as well. oops, billion.
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Deleted
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Oct 6, 2024 17:25:52 GMT
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Post by Deleted on Aug 24, 2022 21:58:13 GMT
Looks like my daughter and her husband will be getting a good chunk paid off. I am thrilled for them. Newborn baby and house, this will really help them move along and maybe they will be able to get a bigger house sooner rather than later and without a huge hole in the ceiling from a leak that, at this time, hasn't been able to figure out why it is happening after two plumbers. They will still owe a little but at least manageable. If all goes well, they should have less than $8,000 to pay off. Looks like you will be paying your kids college loans after all!!! I for one am NOT thrilled to be paying off YOUR kids college loans. what a clusterfuck. That’s all we need is another $300+ TRILLION added to the disaster of an economy we have with this pathetic administration. Inflation reduction??? We are truly fucked with this idiot in office. I would be thrilled to hear your thoughts on trump's tax breaks for the millionaires and billionaires. Also, exactly how much will you be paying? How does one go about figuring out how much you will be paying for other people's loans? Is there an online calculator that determines this amount? Just wondering, is it the entire $10K or maybe $5 per month for a few years? Perhaps you can get a tax write off for it.
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Post by cindosha on Aug 24, 2022 22:04:20 GMT
Looks like you will be paying your kids college loans after all!!! I for one am NOT thrilled to be paying off YOUR kids college loans. what a clusterfuck. That’s all we need is another $300+ TRILLION added to the disaster of an economy we have with this pathetic administration. Inflation reduction??? We are truly fucked with this idiot in office. I would be thrilled to hear your thoughts on trump's tax breaks for the millionaires and billionaires. Also, exactly how much will you be paying? How does one go about figuring out how much you will be paying for other people's loans? Is there an online calculator that determines this amount? Just wondering, is it the entire $10K or maybe $5 per month for a few years? Perhaps you can get a tax write off for it. We will probably never know will we. But we have absolutely no say in it. They will take our tax dollars and pay off those loans. And if you don’t think that’s what’s gonna happen then you’ve got your head buried in the sand. I would love to think that millionaires and billionaires are gonna be the hardest hit for these taxes but that’s not what I think is gonna happen. I think anybody and everybody is going to have to pay for this. Don’t know because they probably don’t have a plan for that even in place yet. It’s just too close to the midterms.
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Deleted
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Oct 6, 2024 17:25:52 GMT
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Post by Deleted on Aug 24, 2022 22:19:10 GMT
I would be thrilled to hear your thoughts on trump's tax breaks for the millionaires and billionaires. Also, exactly how much will you be paying? How does one go about figuring out how much you will be paying for other people's loans? Is there an online calculator that determines this amount? Just wondering, is it the entire $10K or maybe $5 per month for a few years? Perhaps you can get a tax write off for it. We will probably never know will we. But we have absolutely no say in it. They will take our tax dollars and pay off those loans. And if you don’t think that’s what’s gonna happen then you’ve got your head buried in the sand. I would love to think that millionaires and billionaires are gonna be the hardest hit for these taxes but that’s not what I think is gonna happen. I think anybody and everybody is going to have to pay for this. Don’t know because they probably don’t have a plan for that even in place yet. It’s just too close to the midterms. Well we do actually have a say in it. It's called voting. So you didn't answer the question about tax breaks for the billionaires. Does this not infuriate you?
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Post by cindosha on Aug 24, 2022 22:32:16 GMT
We will probably never know will we. But we have absolutely no say in it. They will take our tax dollars and pay off those loans. And if you don’t think that’s what’s gonna happen then you’ve got your head buried in the sand. I would love to think that millionaires and billionaires are gonna be the hardest hit for these taxes but that’s not what I think is gonna happen. I think anybody and everybody is going to have to pay for this. Don’t know because they probably don’t have a plan for that even in place yet. It’s just too close to the midterms. Well we do actually have a say in it. It's called voting. So you didn't answer the question about tax breaks for the billionaires. Does this not infuriate you? Read my answer.
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Post by 950nancy on Aug 24, 2022 22:38:33 GMT
No. Just glad it will bring some help to those who really need it. Maybe it will help with the economy that so many will find some relief.
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Post by revirdsuba99 on Aug 24, 2022 22:41:48 GMT
So, the Republicans are complaining they don't take free money, do they? but...... The Republican House Judiciary committee posted a comment, "If you take out a loan, you pay it back. Period." They later ranted in all-caps, "NOTHING IS FREE." (Me: Unless) In 2020 when the Paycheck Protection Program was created, at least 13 Republican lawmakers took advantage of the free money and never paid it back. The CARES Act handed over $27 million in loans to lawmakers and their families. "Caregivers Inc., a Pensacola-based company in which Rep. Matt Gaetz (R-FL) has reported holding between $100,001 and $250,000 in corporate stock, received a PPP loan valued between $350,000 and $1 million," reported Citizens for Responsibility and Ethics in Washington (CREW). Rep. Roger Williams (R-TX), one of Congress' wealthiest members, also got a PPP loan for between $1 and 2 million. USA Today reported that Businesses linked to Reps. Rick Allen (R-GA), Vicky Hartzler (R-MO), Kevin Hern (R-OK), Mike Kelly (R-PA) and Markwayne Mullin (R-OK) all scored free PPP loans. Rep. Marjorie Taylor Greene (R-GA) even went so far as to get a PPP loan and then loan $450,000 of it to her own campaign. Firebrand Republican Monica De La Cruz is running for the House in Texas on a campaign attacking the "free" money handed out during the COVID-19 crisis. It turns out she was one of those who got some of that cash. *** "Who will ultimately pay the price of Joe Biden’s student loan handout?" asked Rep. Jim Jordan (R-OH). "The 87 percent of Americans who don’t have student loans!" Rep. Dan Bishop (R-NC) called the loan forgiveness a gift to "coastal elites," even though it will help families in his east coast state as well as those in the rest of the U.S. "Today is further proof that the Biden admin cares about foreign borders and coastal elites - not the Americans being crushed by inflation, crime, and a border crisis," he said. Rep. Steve Scalise (R-LA), who serves in the Republican House leadership also opposed the help for American families. *** Actor David Kaufman recalled the 2008 federal bailout that gave $700 billion to big banks because they were, reportedly "too big to fail." The bill was supported by many Republicans in the House and Senate, along with Democrats, and was signed by Republican former President George W. Bush. Scalise's state of Louisiana has a lot of oil business in his state. It prompted small business owner Matthew Wollenweber in New Orleans to note that if Scalise cares so much about shifting money onto other taxpayers, he should be forced to apply the same logic to multi-national oil companies that scored $5.9 trillion in 2020 subsidies under a Republican president. Former President Donald Trump filed for bankruptcy six times under five different companies. The New Yorker detailed the extensive amount of business failures over the course of the past decades for Trump.www.rawstory.com/student-loan-forgiveness-republican/
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Post by 950nancy on Aug 24, 2022 22:42:06 GMT
Ignore her. She doesn’t know anything about anything. Who do you think is going to be funding this debt forgiveness? YOUR TAX DOLLARS. And unfortunately my tax dollars as well. oops, billion. I'm finding it hard to be angry about this when the previous guy gave billionaires so many tax breaks. This at least helps the people who need it the most.
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Post by revirdsuba99 on Aug 24, 2022 23:24:38 GMT
Well some of my taxes go to pay expenses in Kentucky, New Mexico, Mississippi, Alabama etc etc... So enjoy your or your kids' student loan help...
I did not mean to make it sound sarcastic... I truly am glad you and your kids will get help with student loans.
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Post by cindosha on Aug 24, 2022 23:54:16 GMT
Well some of my taxes go to pay expenses in Kentucky, New Mexico, Mississippi, Alabama etc etc... So enjoy your or your kids' student loan help... Get ready for more of your taxes to pay off everyone’s college loans.
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Post by revirdsuba99 on Aug 24, 2022 23:58:54 GMT
I have added to my statement..
I did not mean to make it sound sarcastic... I truly am glad you and your kids will get help with student loans.
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Post by mom2kbs on Aug 25, 2022 0:39:27 GMT
I would love some help. Apparently many years ago we consolidated our student loans through a spousal consolidation loan FFELP. This type of loan has been one of the few not eligible for assistance. I tried to consolidate it to a fed loan and was denied. Anyone an expert on this and can assist. We qualify for the Public service employment and payment history just not loan type. I have called and called and keep getting transferred to all types of companies and never get any help!
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Post by chaosisapony on Aug 25, 2022 1:12:51 GMT
I really hope this comes with other reforms, like controlling the cost of public university tuition and giving more grants than they currently do. People shouldn’t have to mortgage their lives away to participate in a middle class economy. This is where I am disappointed in today's announcement. I don't see any type of changes coming to help people that still need to go to college. Tuition, dorms, text books, even parking passes are all ridiculously expensive. Forgive loans for people today only for new people to have to take out more loans? We need to identify why costs are so outlandish and work on reforming those problems so everyone can attain an affordable education.
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Post by Merge on Aug 25, 2022 1:16:14 GMT
I really hope this comes with other reforms, like controlling the cost of public university tuition and giving more grants than they currently do. People shouldn’t have to mortgage their lives away to participate in a middle class economy. This is where I am disappointed in today's announcement. I don't see any type of changes coming to help people that still need to go to college. Tuition, dorms, text books, even parking passes are all ridiculously expensive. Forgive loans for people today only for new people to have to take out more loans? We need to identify why costs are so outlandish and work on reforming those problems so everyone can attain an affordable education. As someone paying for all this for two kids right now, I totally agree. It's insane.
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Post by Linda on Aug 25, 2022 1:19:59 GMT
no but neither of my older two took loans out. The oldest did community college on scholarship, the middle did a state university on scholarship and it's actually covering her super-senior year this year (5th yr) - both merit/academic scholarship not need-based.
Not sure my youngest will be going to college but she'll probably need loans if she goes further than community college/trade school.
I, on the other hand, paid my loans off finally when my middle was a high school senior...or to be more accurate - DH paid mine off as I haven't worked in over 20 years and before that I earned so little that I qualified for a hardship deferral.
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Post by SallyPA on Aug 25, 2022 1:27:21 GMT
Unfortunately, mine are also held by Navient and so nope.
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samantha25
Pearl Clutcher
Posts: 3,077
Jun 27, 2014 19:06:19 GMT
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Post by samantha25 on Aug 25, 2022 1:27:40 GMT
Not my kids, but hopefully, me. When I started graduate school for a PhD program in Molecular Biology in 1996, the stipend for living in Denver was $13,000. I took out additional Federal loans, about $5-10,000/ year. I received a student loan repayment via the SLR, after I received my PhD, for about $35,000 that removed some of my debt based on my commitment for that service. That was an intense and difficult program to apply and get accepted for repayment. I have paid undergraduate loans, where I received several Pell grants in 1993. I have made payments for my loans since 1993. I am currently working in a Stem Cell Therapy lab, helping cancer patients survive. I took off several years to raise a family, twins. So yes, I hope I can get my remaining payments reduced.
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Deleted
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Oct 6, 2024 17:25:52 GMT
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Post by Deleted on Aug 25, 2022 1:37:39 GMT
Well some of my taxes go to pay expenses in Kentucky, New Mexico, Mississippi, Alabama etc etc... So enjoy your or your kids' student loan help... Get ready for more of your taxes to pay off everyone’s college loans. Wow, I hope so!!
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Post by Merge on Aug 25, 2022 2:16:08 GMT
Get ready for more of your taxes to pay off everyone’s college loans. Wow, I hope so!! Much better investment than a useless border wall, amirite?
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Post by chances on Aug 25, 2022 3:51:04 GMT
I really hope this comes with other reforms, like controlling the cost of public university tuition and giving more grants than they currently do. People shouldn’t have to mortgage their lives away to participate in a middle class economy. This is where I am disappointed in today's announcement. I don't see any type of changes coming to help people that still need to go to college. Tuition, dorms, text books, even parking passes are all ridiculously expensive. Forgive loans for people today only for new people to have to take out more loans? We need to identify why costs are so outlandish and work on reforming those problems so everyone can attain an affordable education. Many factors have been identified, but an important reason is the ridiculously low amount of funding from individual states. Every time voters and state legislators decide to reduce funding, that has to get made up some where. I feel very frustrated another critical resource is left up to the whims of people who don’t want to pay for anything in society.
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Post by sabrinae on Aug 25, 2022 3:55:55 GMT
Just because someone is excited about forgiveness and qualifies for forgiveness, it doesn’t mean they acted irresponsibly in taking out loans. I paid for my bachelors and masters degrees entirely on my own with academic scholarships, graduate assistantship and working while I went to school. My loans are entirely from law school and I had enough scholarships to pay entirely for one year and partially for the other two years. But, law school is ridiculously expensive-even going to public schools —. And I chose to work in public service when I graduated and have stayed here over the last 14 years. I’m still paying on my loans. Until 2 years ago the salary of the average teacher in the local school district was higher than my salary. I will gladly take the forgiveness of my loans when they finally finish counting my payments for PSLF.
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Post by playingcinderella on Aug 28, 2022 19:54:27 GMT
This is me. Mine was originally denied and I had to reapply. I actually received a refund in addition to the amount being forgiven because by the time it was approved I had made a lot of extra payments. That was a pleasant surprise. I am also waiting for them to officiay forgive mine. DH and I both have made more than 120, but had the wrong kind of loans so we didn't qualify until Biden's temporary changes to the program. DH had his forgiven in July and we are just waiting on mine. Started moving our monthly loan payments to a fund for our kids for college. My loans are officially forgiven through the Public Service program so the new forgiveness will not impact me. After teaching for 14 years and paying $200+ a month they forgave just over $9000 plus the $5,000 I had forgiven after 5 years in Title I schools. I took out just over $30,000 to pay for 4 years in 2002-2006 at an out of state public university. I also had scholarships and grants that covered my tuition and out of state fees. Those loans paid for room & board and books because I had zero financial support from my parents. So in 14 years, I paid off approximately half of my loans. I was not on an income based repayment plan and if not for the temporary fixes to the PSLF, I would not have had them forgiven because I had "the wrong kind of loans". In all the times I researched and called to talk to my loan holder, no one explained that I could consolidate to the right loans and be eligible - just that I didn't qualify. Higher education financing needs some major overhauls and loan forgiveness programs like PSLF need to be easier to navigate. Our student loan problems aren't going to be solved by one time forgiveness but at least maybe it will be a step in the right direction. Until I saw the actual forgiveness letters, I did not believe this would go through so I have been setting aside our student loan payments since October (when the waiver went into affect that made DH and I eligible). Today I was able to transfer that money into an account for our kids. I hope that the forgiveness will enable other people to do the same.
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Post by alsomsknit on Aug 28, 2022 20:16:07 GMT
So, the Republicans are complaining they don't take free money, do they? but...... The Republican House Judiciary committee posted a comment, "If you take out a loan, you pay it back. Period." They later ranted in all-caps, "NOTHING IS FREE." (Me: Unless) In 2020 when the Paycheck Protection Program was created, at least 13 Republican lawmakers took advantage of the free money and never paid it back. The CARES Act handed over $27 million in loans to lawmakers and their families. "Caregivers Inc., a Pensacola-based company in which Rep. Matt Gaetz (R-FL) has reported holding between $100,001 and $250,000 in corporate stock, received a PPP loan valued between $350,000 and $1 million," reported Citizens for Responsibility and Ethics in Washington (CREW). Rep. Roger Williams (R-TX), one of Congress' wealthiest members, also got a PPP loan for between $1 and 2 million. USA Today reported that Businesses linked to Reps. Rick Allen (R-GA), Vicky Hartzler (R-MO), Kevin Hern (R-OK), Mike Kelly (R-PA) and Markwayne Mullin (R-OK) all scored free PPP loans. Rep. Marjorie Taylor Greene (R-GA) even went so far as to get a PPP loan and then loan $450,000 of it to her own campaign. Firebrand Republican Monica De La Cruz is running for the House in Texas on a campaign attacking the "free" money handed out during the COVID-19 crisis. It turns out she was one of those who got some of that cash. *** "Who will ultimately pay the price of Joe Biden’s student loan handout?" asked Rep. Jim Jordan (R-OH). "The 87 percent of Americans who don’t have student loans!" Rep. Dan Bishop (R-NC) called the loan forgiveness a gift to "coastal elites," even though it will help families in his east coast state as well as those in the rest of the U.S. "Today is further proof that the Biden admin cares about foreign borders and coastal elites - not the Americans being crushed by inflation, crime, and a border crisis," he said. Rep. Steve Scalise (R-LA), who serves in the Republican House leadership also opposed the help for American families. *** Actor David Kaufman recalled the 2008 federal bailout that gave $700 billion to big banks because they were, reportedly "too big to fail." The bill was supported by many Republicans in the House and Senate, along with Democrats, and was signed by Republican former President George W. Bush. Scalise's state of Louisiana has a lot of oil business in his state. It prompted small business owner Matthew Wollenweber in New Orleans to note that if Scalise cares so much about shifting money onto other taxpayers, he should be forced to apply the same logic to multi-national oil companies that scored $5.9 trillion in 2020 subsidies under a Republican president. Former President Donald Trump filed for bankruptcy six times under five different companies. The New Yorker detailed the extensive amount of business failures over the course of the past decades for Trump.www.rawstory.com/student-loan-forgiveness-republican/Thank you! I was fortunate enough to have paid for the college tuition so far. We will be able to assist our son when he gets his ass in gear. I’m well aware there are many who aren’t as fortunate. I’ll take whatever minimal cost to help with the student loans. Now, if only the law makers take care of the issue of predatory lending practices.
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maryannscraps
Pearl Clutcher
Posts: 4,791
Aug 28, 2017 12:51:28 GMT
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Post by maryannscraps on Aug 28, 2022 21:22:54 GMT
Well some of my taxes go to pay expenses in Kentucky, New Mexico, Mississippi, Alabama etc etc... So enjoy your or your kids' student loan help... Get ready for more of your taxes to pay off everyone’s college loans. I pay for your state’s federal boondoggles, your highways, oil and gas company subsidies, and a gazillion other things I’d rather not cover. I don’t mind supporting middle class families trying to pay for education. An educated populace is something I can stand behind.
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Post by fotos4u2 on Aug 29, 2022 15:29:28 GMT
Back to the OPs question. I think one of mine will benefit (he/we are within the income range, but I wasn't part of his loan so am not positive how it was obtained and really only found out about it when we received a notice in the mail letting him know payments were put on hold).
EX paid for his education through the GI Bill. I paid for my AA out of pocket (never went back for my BA, but probably would have still not done loans). Oldest paid for hers mostly herself with a little help from family. Middle kid is the one that should benefit. 5 years of college was paid for but he didn't graduate on time and was on his own for the 6th year which he took out loans to cover. Youngest kid is going into her 4th year and so far everything is paid for, like her brother she should be good through a 5th year.
All this to say that of the FIVE of us, ONE will possibly benefit and I'm okay paying for others. This is like the guys who knocked on our door recently trying to get us to sign something to prevent Edison from making much needed climate change effecting upgrades because it was going to potentially cost the customers (although after they left I calculated and if their figures were correct it was potentially going to increase our bill by pennies). I'm fine with paying a little extra if I can for the greater good.
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