Alright, let’s hear it. Who is getting $10k cancelled? How do you feel about it?

likefunny
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My wife and I paid for our three degrees. This is bullshit.

likefunnysmarthelpful

Here’s a question. You haven’t had to make a single payment for over 30 months. Have you (1) continued to make your monthly payment to pay off the balance while interest was not accruing, (2) saved the money or spent the money on something else?

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I think a more meaningful solution across the board, regardless of income, is convert all federal student loans to simple interest instead of compounded.

That is the racket that bugs me.

The government shouldn't be in the business of operating like a credit card or mortgage company.

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This! And the thing where the interest accrued during school gets added to the principal when you graduate. Wtf is that. And then the third parties that make money off the loans. And state schools need to be free. Enough is enough. Im so frustrated.

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$10k here and it’s a drop in the pond. But if I can tough it out in government for 10 years they’ll be forgiven 🤷🏻‍♀️

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Not true. They will find a way to deny your application. It happened to me. This program only paid out 2% of those who applied. It is such a scam. I had to pay off all of mine and it took 20 years.

My guess? No one, since this isn't getting past the current Supreme Court

likefunnysmart

I know a lot of Trump supporters in BigLaw.

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I refinanced with SoFi a while back so now I’m SOL

likefunny

It’s possible that if you paid/refinanced your loans during COVID, you might get a refund: https://www.miamiherald.com/news/nation-world/national/article264904149.html?utm_campaign=trueanthem&utm_medium=social&utm_source=facebook&fbclid=IwAR00JPv4OySOh5SkLticdBJ6Fo88IW3Zkar66fj8LlFBwJuhwZ2lPQ2t5QI

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My wife will get 10k as she has zero income and we file married but separate. It’s a drop in the bucket and a lost campaign promise. Reform the predatory interest practices of the federal government instead. That would actually make more sense.

likesmart

Republicans will never let that happen. They work for the banks

$20k here. Makes a small but not insignificant dent in my loans. I’m pretty happy about it.

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Yep, but I make enough to pay it back. They’re just putting a bandaid over the actual issue that’s causing this though.

likesmart

That’s what I heard too A6. I only have grad loans but what happens for people who have both?

This bs with the loans smdh. Such a stupid thing to do. They’re shifting the loans over to the taxpayers, because I guarantee you we will have higher taxes in the future because of this crap. Plus, what about all the people who refinanced their student loans to Sofi or other compamies, because the interest on the federal loans was killing them? What about the people that paid off all their loans previously?

likefunnyhelpful

It’s regressive by definition because people making 2.5 the average American salary - ie high income earners - are still eligible for this free $10k.

$10k baby. Thank god for my wife who has no income and allows me to be in the $250k threshold cap or else I’d be above the $125k threshold.

likefunnysmart

Same, thankful for my low earning husband 😂

I literally owe $500,319 lol. So if this goes through, $490, 319. I mean okay, cool.

likefunny

That’s my beef. I borrowed ~ $172k. Have paid for more than 8 years on time and in full on IBR, and now owe $238k. Garbage.

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Nope. I paid off every dollar of the $160k in loans that I took out for law school.

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Me! Happy that that it’s getting cancelled but as a 2010 grad in private practice I’m kinda pissed that I make so little that I qualify.

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Basically if I got the bonus I was hoping I wouldn’t have gotten it. Mixed feelings lol (2012)

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Big law associate here class of 2021. I am getting it even know i make around 235k this year.

likeupliftinghelpful

The bottom 50% of earners contribute less than 3% of our tax revenue. The next 30% isn’t a large amount either, top 10% pays the lions share and that’s where most lawyers will fit. The bottom 90% contributes 29.2%. The top 1% pays 38.8%. So how exactly is the middle class being wronged here A38, it’s the wealthy and upper middle class (like most lawyers) who are more likely to foot the bill.

likefunny

You’re welcome for my tax momey

likefunny

You must not shut up about partners and law firms that got their PPP loans forgiven, have you been ranting for a year at work to them?

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Not sure I will qualify , however I am pleased for those who are able to participate. Education in this country is too expensive.

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Absolutely.

40k for me. The stars somehow aligned. Spouse and I both had pell grants and we’re only on my income for the moment.

likeuplifting

Don’t care that people are getting $10k forgiven but another minimum reform I want to see is that all paid interest from student loans is a tax deduction- none of this bullshit with $2500 cap that goes away after earning a certain amount. If you are paying your loans and we’re already getting interest forms in the mail during tax season (1098-E) all that interest should be able to be written off. Simple reward for the people who are paying. It’s bullshit that I can’t write off any of that interest when I never miss a payment.

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There shouldn’t be so much in interest to begin with

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Trust fund baby, so nope

likefunny

Yet I’m still all for cancelling the debt. Feel the love for the people in need. America needs more love for others

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It’s like throwing a chair off the titanic.

likefunny

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