Biden administration to cancel student loan debt for at least 40,000 borrowers. SCOTUS strikes down Biden’s student loan relief plan
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My bad for keeping posted, but I want cats in here who are dealing with student loans to see there is a way out of this shit...Man my stress levels and anxiety has come down since my shit has been cancelled....Yeah, this is why I voted for Biden...Fuck what you heard...That other dude would not have done nearly as much
Anyone that has paid into their loan with good standing over 10yrs should have some debt removed....
You can get it....it's called bankruptcy.
I had a Devry rep come to my house when I was senior in high school. He did his presentation and then said how much it would be.... My Pops said "We cant afford that. Thank you for your time". I was hurt, but turns out it was blessing in disguise.
Whats covid waiver and how does it impact those with loans?
You used to be able to declare bankruptcy on school loans.
The Bush administration stopped that in 2005.
Bush signs tougher bankruptcy bill into law
President Bush signed the biggest rewrite of U.S. bankruptcy law in a quarter century on Wednesday, making it harder for debt-ridden Americans to wipe out their obligations.
Bush signs tougher bankruptcy bill into law
President Bush signed the biggest rewrite of U.S. bankruptcy law in a quarter century on Wednesday, making it harder for debt-ridden Americans to wipe out their obligations.
You used to be able to deduct interest on school loans, along with car loans and credit card debt.
That all ended with the Reagan administration in 1986. And it was done with bi-partisanship.
Tax Reform Act of 1986
Tax Reform Act of 1986 | US Tax Code Changes & Impact | Britannica
Tax Reform Act of 1986, the most-extensive review and overhaul of the Internal Revenue Code by the U.S. Congress since the inception of the income tax in 1913 (the Sixteenth Amendment). Its purpose was to simplify the tax code, broaden the tax base, and eliminate many tax shelters and preferences.
www.britannica.com
Tax Reform Act of 1986, the most-extensive review and overhaul of the Internal Revenue Code by the U.S. Congress since the inception of the income tax in 1913 (the Sixteenth Amendment). Its purpose was to simplify the tax code, broaden the tax base, and eliminate many tax shelters and preferences. It was intended to be essentially revenue-neutral, though it did shift some of the tax burden from individuals to businesses. Signed into law by Republican President Ronald Reagan on October 22, 1986, the Tax Reform Act of 1986 (TRA) was sponsored in Congress by two leading Democrats, Representative Richard Gephardt of Missouriand Senator Bill Bradley of New Jersey, and was strongly supported by the chairman of the House Ways and Means committee, Democratic Representative Dan Rostenkowski of Illinois. Support for broad revision of the tax code had been mobilized at the behest of the Reagan administration in 1985 with the founding of the ad hoc organization Americans for Tax Reform by Grover Norquist.
….After the passage of the act, tax code revision became a much more frequent event, resulting in the return of many tax breaks and an increase in the number of tax brackets. Of particular note were the Revenue Reconciliation Act of 1990 under President George H.W. Bush, the Revenue Reconciliation Acts of 1993 and 1997 under President Bill Clinton, and the Economic Growth and Tax Relief Act and Reconciliation Act of 2001 under President George W. Bush.
Click Above Link For Full information
It amazes me on how low income and poor White folks continue to vote Republican.
That party has been screwing them over for the past 50 years.
W
Wow, I had no idea about any of this!
You used to be able to deduct interest on school loans, along with car loans and credit card debt.
That all ended with the Reagan administration in 1986. And it was done with bi-partisanship.
Tax Reform Act of 1986
Tax Reform Act of 1986 | US Tax Code Changes & Impact | Britannica
Tax Reform Act of 1986, the most-extensive review and overhaul of the Internal Revenue Code by the U.S. Congress since the inception of the income tax in 1913 (the Sixteenth Amendment). Its purpose was to simplify the tax code, broaden the tax base, and eliminate many tax shelters and preferences.
Tax Reform Act of 1986, the most-extensive review and overhaul of the Internal Revenue Code by the U.S. Congress since the inception of the income tax in 1913 (the Sixteenth Amendment). Its purpose was to simplify the tax code, broaden the tax base, and eliminate many tax shelters and preferences. It was intended to be essentially revenue-neutral, though it did shift some of the tax burden from individuals to businesses. Signed into law by Republican President Ronald Reagan on October 22, 1986, the Tax Reform Act of 1986 (TRA) was sponsored in Congress by two leading Democrats, Representative Richard Gephardt of Missouriand Senator Bill Bradley of New Jersey, and was strongly supported by the chairman of the House Ways and Means committee, Democratic Representative Dan Rostenkowski of Illinois. Support for broad revision of the tax code had been mobilized at the behest of the Reagan administration in 1985 with the founding of the ad hoc organization Americans for Tax Reform by Grover Norquist.
….After the passage of the act, tax code revision became a much more frequent event, resulting in the return of many tax breaks and an increase in the number of tax brackets. Of particular note were the Revenue Reconciliation Act of 1990 under President George H.W. Bush, the Revenue Reconciliation Acts of 1993 and 1997 under President Bill Clinton, and the Economic Growth and Tax Relief Act and Reconciliation Act of 2001 under President George W. Bush.
Click Above Link For Full information
Wow, I had no idea about any of this!
And that’s by design.
Look up all the legislation signed by Reagan, Bush, Clinton, Bush, Obama and Trump. Poor, low income folks have been getting screwed royally for 40 years. And mainly White folks who vote Republican have been getting screwed.
They have successfully kept folks distracted on shit like Abortion, Blacks, Gay marriage, Muslims, Mexicans, CRT and the “BoogeyMan” of the week.
None of that shit has anything to do with the quality of your life. But it keeps folks distracted on how we are getting Fucked.
Everybody is getting Fucked.
It’s why folks need to Vote out all these Jokers and get regular, everyday working folks in there who give a damn about the guy at the bottom, not people in there doing everything they can to keep there cushy positions in office. Regardless of what letter they got at the end of the name.
Pay your debts
It goes back to the 1960s.
The powers that be saw the results of the Civil Rights Movement and Counter Culture/Anti-War movement.
When the smoke cleared, the powers that be tried to figure out how the Fuck mofos were able to achieve what they did.
They figured out it was the American Education System.
The folks out there doing Social Change in the 50s/60s are considered the most educated generation in American history. Even Blacks were highly educated with Jim Crow in place.
So, the War on Education kicked in during the late 60s during Governor Reagan, CA (R) administration.
What happened to California's free tuition? A history of fees and budget issues
The 23 schools in the CSU system will see a 5 percent—about $270—increase for in-state students. Meanwhile, students at the nine UC campuses will see a 2.5 percent increase—about $280—for the next school year.
www.abc10.com
May 20, 1967 Address by Governor Ronald Reagan on the Installation of President Robert Hill, ChicoState College
05201967a
www.reaganlibrary.gov
Fast Forward to the 1980s and he becomes POTUS and kicks in “Reaganomics”.
He made college education a for-profit system and drastically cut public and advanced education funding for schools.
Reagan was presented a report called “A Nation At Risk” which he used to gut the American Education system and make it what it is today.
What 'A Nation At Risk' Got Wrong, And Right, About U.S. Schools
Thirty-five years after the landmark report warned of a "rising tide of mediocrity" in U.S. education, the statistics have been questioned, but the concerns still feel urgent.
www.npr.org
With college, he turned it into a for-profit business creating the narrative that working folks need to “Have A Skin In The Game”.
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WASHINGTON (AP) _ President Reagan is asking Congress to reduce financial aid to college students by $2...
apnews.com
With the rise of school loans, that benefits Wall Street/Banks.
So to reform the system….that means you need to take money away from Wall Street.
Remember…Politicians don’t answer to the American people, they get their orders from Wall Street….Thanks to the SCOTUS decision on Citizens United.
Citizens United Explained
The 2010 Supreme Court decision further tilted political influence toward wealthy donors and corporations.
Why us that such a hard concept for people to understand?
So the covid waiver was sent out to those who were paying and those who were not paying, but was like fuck it let me take advantage of this opportunity and get my payment counts if you work in the public sector.
The PSLF program is for those who work in the public sector and you do this for 10 years and get all your loan waived. I got mines waived after only making payments for like 8 years......
COVID-19 Relief for Student Loan Borrowers
Last Updated: Thursday, June 16, 2022
Alert
Student Loan Repayment to Start After August 31, 2022
Visit StudentAid.gov/coronavirus for updates and information on how to prepare for payments to resume. Learn more below about the 0% interest rate and temporary suspension of payments, including how to request a refund for payments made during the COVID-19 forbearance.
As we navigate the challenges posed by the spread of COVID-19, we remain committed to supporting borrowers. Should you have any questions about your loans and these relief efforts, sign in to Account Access or contact us for assistance.
0% Interest for Student Loans
- The interest rate on all U.S. Department of Education (ED)-owned student loans serviced by FedLoan Servicing has been temporarily reduced to 0% through August 31, 2022.
- FedLoan Servicing has automatically adjusted accounts so that interest doesn't accrue (i.e., accumulate). These adjustments became effective March 13, 2020.
- This 0% interest rate change applies to all ED-owned loans in any status (in school, in grace, in repayment, in deferment/forbearance, etc.).
- FedLoan Servicing has automatically adjusted accounts to temporarily suspend payments.
- This temporary suspension of payments is scheduled to last from March 13, 2020, through August 31, 2022.
- A borrower can request that the suspension of payments be removed at any time. If this relief benefit is removed, billing will resume.
- Any payments (Direct Debit or otherwise) processed from March 13, 2020, through August 31, 2022, can be refunded; refund requests can be made by contacting us.
- Direct Debit payments are automatically paused while payments are temporarily suspended.
- While payments are temporarily suspended and the interest rate is reduced to 0%, you still have the option to make manual payments (i.e., via Account Access or mobile app) on your loans in any amount to make progress toward reducing your balance.
View how payments are applied
Public Service Loan Forgiveness (PSLF) & Income-Driven Repayment (IDR)
- Borrowers with a Direct Loan, who work full-time for a qualifying employer during the suspension, will receive credit toward PSLF for the period of suspension as though on-time monthly payments were made.
NOTE: Borrowers will be required to submit a Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (PSLF form) to certify employment for the suspended payments to qualify toward the 120 payments needed for forgiveness. - Borrowers currently on an IDR plan will have suspended payments count toward IDR forgiveness.
PSLF or IDR borrowers who made payments during the COVID-19 suspension:
The following options are available to you:
- Receive a refund – if you made payments and now realize you didn’t have to, you can request a refund for all payments made since March 13, 2020.
- Opt back in to the suspension of payments – if you have opted out of the suspension, you are able to put the forbearance back on your account to suspend payments through August 31, 2022.
If you do not want a refund, please see the Payment Processing Page for information on how your payments made during the COVID-19 suspension will be applied.
Federal Student Aid's coronavirus/COVID-19 web page is located at StudentAid.gov/coronavirus. The page includes information about relief to student loan borrowers, including those who have defaulted on their federal student loans. Please visit the page regularly for updates.
Thanks. You actually told me this before.. thanks for explaining it again. Will those applying now get years credited for entire covid payment pause? In theory, paying 7 years for 10 year cerdit?
Yup as long as you work for a company that is a non profit or you work for the federal government or some type of entity like that...
If you know your jobs EIN number, you can look it up to see if they are an eligible company...
Yay. 3rd year in a row…..just got off phone with MOHEA bout this…..program takes a long time for just a bitch ass little 10 racks
Good shit....Glad to hear
“Your Debt Is Someone Else’s Asset”: Calls Mount to Cancel Debt & Halt Wealth Transfer to the Rich
www.cadtm.org
“Your Debt Is Someone Else's Asset” : Calls Mount to Cancel Debt & Halt Wealth Transfer to the Rich – CADTM
As calls grow for Biden to extend the moratorium on student debt, we speak with the Debt Collective's Astra Taylor and feature her new film for The Intercept, “Your Debt Is Someone Else's Asset,”…
You used to be able to declare bankruptcy on school loans.
The Bush administration stopped that in 2005.
Bush signs tougher bankruptcy bill into law
President Bush signed the biggest rewrite of U.S. bankruptcy law in a quarter century on Wednesday, making it harder for debt-ridden Americans to wipe out their obligations.
Bush signs tougher bankruptcy bill into law
President Bush signed the biggest rewrite of U.S. bankruptcy law in a quarter century on Wednesday, making it harder for debt-ridden Americans to wipe out their obligations.www.nbcnews.com
And I forgot to add that Biden and Hillary when they were Senators, both voted Yes to pass the bill.
Biden was a big cheerleader for it.
Joe Biden's greatest betrayal: The one Senate vote that makes it hard to support a Biden run
As a Senator in Delaware, Biden shepherded to passage a law that decimated bankruptcy protection for milllions
Joe Biden's greatest betrayal: The one Senate vote that makes it hard to support a Biden run
As a Senator in Delaware, Biden shepherded to passage a law that decimated bankruptcy protection for milllions
www.salon.com
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