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Replies: 38
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Lot o points [155598]
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Practical, apolitical Student loan question.
Aug 25, 2022, 10:08 AM
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I hate the student debt forgiveness. Anyone is welcome to call me a hypocrite for the following question, as I probably deserve it. However, I'm at least 10 years past the point where I feel like it makes a difference if I take principled, meaningless stands and refuse money that my govt is going to spend regardless of what I do.....with that said.
Like a dope, I already paid for Little Obed's first semester at UT (well, he had to pay a good part too as part of our deal, but it's irrelevant). Two questions:
1) If Little Obed had taken a loan out for that amount instead of paying for it, and I did not claim him as a dependent on taxes next year, would he have been eligible for that amount to be forgiven? (This only matters for how ultimately annoyed I am).
2) One thing I haven't seen is a cut-off date. Nowhere have I seen "10k will be forgiven for any loan balances in place on or before X date". The X date sort of maters. If it's anything after Jan of next year, you can bet your culo that he'll be taking a loan out for that semester, filing separately, and going to school for free for a semester.
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Heisman Winner [135455]
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It's odd that you bring this up.
Aug 25, 2022, 10:12 AM
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I mean, I was just considering taking out some student loans and going back to Clemson to repeat the methodology I used previously of high volumes of alcohol, drugs, sex, and skipping classes. It seems NOW would be the time to do it.
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Lot o points [155598]
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Gotdang. Once again, you're playing chess.***
Aug 25, 2022, 10:13 AM
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Hall of Famer [23946]
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Re: Gotdang. Once again, you're playing chess.***
Aug 25, 2022, 9:56 PM
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One must never disobey the Warlord.
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All-In [30455]
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Heisman Winner [137756]
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Hall of Famer [23946]
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Heisman Winner [119558]
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You have to read the bill to know what’s in it…
Aug 25, 2022, 10:13 AM
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Not what Nancy said
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All-In [30455]
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Has anything been written yet?
Aug 25, 2022, 10:21 AM
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Probably not.
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All-In [47657]
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All-In [46768]
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Pretty sure it's any loan taken out before July 30th 2022***
Aug 25, 2022, 10:15 AM
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CU Medallion [64837]
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Coincidentally, Paul Pelosi just took out a 500K student
Aug 25, 2022, 10:58 AM
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loan in mid-july 2022.
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All-In [30455]
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I ain't paying for your loan.
Aug 25, 2022, 10:22 AM
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(pouty face)
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Lot o points [155598]
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Yea you will, but if It makes you feel better
Aug 25, 2022, 10:23 AM
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I’ll have him say “Hyundai—-America’s best warranty” at the end every time he sings Rocky Top.
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All-In [30455]
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Re: Yea you will, but if I makes you feel better
Aug 25, 2022, 10:25 AM
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I'll allow it.
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CU Medallion [65975]
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All-TigerNet [12102]
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one caveat
Aug 25, 2022, 10:38 AM
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and this is all from a finance friend from Clemson
I think it is only federal loans that apply
If your kiddo is a beneficiary of a 529 with any balance, I don't think they qualify (I may be way wrong)
So thus, those who have diligently saved, you lose.
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All-In [43522]
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The whole thing to me doesn't seem all that thought out.
Aug 25, 2022, 10:41 AM
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I mean, someone owing say $30k or whatever....
WDF is $10k gonna do?
I can't see this moving the proverbial needle for many, at least not in the near term.
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Lot o points [155598]
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People lost their minds over $300 free Obama phones.
Aug 25, 2022, 10:48 AM
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Bush’s $1600 checks (can’t remember exact amounts)
Trump and Bidens “stimulus” checks….
$10k will buy a lotta votes.
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Heisman Winner [105418]
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I'm not saying it is the greatest thing ever, but $30k minus
Aug 25, 2022, 10:49 AM
[ in reply to The whole thing to me doesn't seem all that thought out. ] |
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$10k is $20k. So what does it do for them, reduces their Federal Student Loan debt by $10,000 and, in this case, takes 1/3 of the debt from Federal student loans away.
It's simple math, TRDJ.
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Oculus Spirit [85069]
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Hold up, let me punch this in the calculator......
Aug 25, 2022, 10:52 AM
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yup. He's right.
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Heisman Winner [105418]
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They didn't pay me to go to kollege for nuthing***
Aug 25, 2022, 10:55 AM
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All-In [46768]
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This is my situation. Hasn't done anything but take 1/3rd
Aug 25, 2022, 10:54 AM
[ in reply to I'm not saying it is the greatest thing ever, but $30k minus ] |
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of my grad loans out. Which is nice but still isn't going to do much. I just get to wait 10 years making minimum payments before I can apply for PSFL for those.
But my wife's undergrad loans will be forgiven which is a couple hundred dollars a month back in my budget. Which is nice.
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Heisman Winner [105418]
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Paid mine off a few years ago, paid wife's "go back to
Aug 25, 2022, 10:56 AM
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school for a second master's degree" loans off about June 2022.
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Oculus Spirit [80955]
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Has she completely quit working yet?
Aug 25, 2022, 1:41 PM
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Isn't that most women's MO after getting a masters (or two)?
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Heisman Winner [105418]
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sheeeeet no. She would go crazy
Aug 25, 2022, 3:05 PM
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but she might do it one day.
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Legend [17449]
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All-In [40868]
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10k is a lot of money even if you owe 100k
Aug 25, 2022, 10:58 AM
[ in reply to The whole thing to me doesn't seem all that thought out. ] |
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it most definitely makes a difference. When my kids complained to me about writing papers for $500 and $1000 scholarships, I explained, a $1000 scholarship is the same thing as someone standing in front of you and pealing off ten - 100 dollar bills.
They got a few of those small scholarships too!
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Oculus Spirit [75671]
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I usually know where you are going with your
Aug 25, 2022, 11:15 AM
[ in reply to The whole thing to me doesn't seem all that thought out. ] |
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general assholery and curmudgeons like replies, but 10k off the top of any loan that is drawing interest seems pretty sweet.
I've no qualms really with some plan to help folks get out of that student loan debt. I don't like that there seems to be nothing in place to keep future students from getting into the same mess.
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All-In [40868]
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One of my kids graduated 2 years ago
Aug 25, 2022, 10:55 AM
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with about 12,000 in loans. He has a good job and can easily pay it back. I could easily write a check for it. He made some choices and that is why he has the debt. My other two kids had debt less than half of that.
A small amount of debt was part of my decision to keep them accountable. They also had to work so they felt the sting of paying some bills too.
I told him to quit paying on his loan as soon as Biden was elected just in case.
He will take the 10 grand, say thank you and now he has another 10 grand in the bank to help with his house down payment.
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CU Medallion [64837]
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So yea, people who's daddy paid for their college and who's
Aug 25, 2022, 11:01 AM
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kids aren't old enough for college yet, they're just getting overlooked.
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Lot o points [155598]
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Try missing the money by a single semester.
Aug 25, 2022, 11:04 AM
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My lucky streak continues.
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Orange Blooded [4695]
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You'll probably get the double honor of a tax AND tuition
Aug 25, 2022, 11:09 AM
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increase to pay for everyone else's 10k.
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Oculus Spirit [75671]
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Don't worry too much bud, this is not the first
Aug 25, 2022, 11:17 AM
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and won't be the last tax cut that you don't see any benefit from.
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110%er [6934]
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This isn't super helpful, and maybe it just shows my
Aug 25, 2022, 12:12 PM
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ignorance, but I don't think there are clearly defined answers to your questions (yet). It doesn't seem like the actual implementation details have been worked out, at least not that I've seen.
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Lot o points [155598]
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agree, that seems to be the case. FBC is the one person
Aug 25, 2022, 12:56 PM
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saying a date, and I do tend to give a little more gravity to what he says when it comes to matters of free govt cheese.
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110%er [6934]
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Great point. Maybe he needs to go in to grant writing.***
Aug 25, 2022, 1:10 PM
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Heisman Winner [135455]
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Therein lies the problem...
Aug 25, 2022, 1:33 PM
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"writing"
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Lot o points [163008]
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Herein lies the problem with this type of analysis
Aug 25, 2022, 1:38 PM
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whether you claim him as a dependent or not, if you COULD have then you should have so he is your dependent.
This is not an option you pick it is a facts and circumstances only issue. Was he or wasn't he?
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