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The New Coffee Room

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  3. Friday SCOTUS - Student Loan Forgiveness

Friday SCOTUS - Student Loan Forgiveness

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  • LuFins DadL LuFins Dad

    @Axtremus said in Friday SCOTUS - Student Loan Forgiveness:

    My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.

    Would she have qualified for $10k~$20k of forgiveness?

    Lucas would have qualified. Would have he benefited? No.

    AxtremusA Offline
    AxtremusA Offline
    Axtremus
    wrote on last edited by
    #32

    @LuFins-Dad said in Friday SCOTUS - Student Loan Forgiveness:

    Lucas would have qualified. Would have he benefited? No.

    Assuming Lucas has a loan exceeding the $10k~$20k that qualifies for forgiveness, how do you figure that the would not have benefited?

    LuFins DadL 1 Reply Last reply
    • AxtremusA Axtremus

      My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.

      Would she have qualified for $10k~$20k of forgiveness?

      MikM Away
      MikM Away
      Mik
      wrote on last edited by
      #33

      @Axtremus said in Friday SCOTUS - Student Loan Forgiveness:

      My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.

      Would she have qualified for $10k~$20k of forgiveness?

      Yes. Some principles are more important than personal advantage.

      “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

      AxtremusA 1 Reply Last reply
      • MikM Mik

        @Axtremus said in Friday SCOTUS - Student Loan Forgiveness:

        My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.

        Would she have qualified for $10k~$20k of forgiveness?

        Yes. Some principles are more important than personal advantage.

        AxtremusA Offline
        AxtremusA Offline
        Axtremus
        wrote on last edited by
        #34

        @Mik said in Friday SCOTUS - Student Loan Forgiveness:

        Yes. Some principles are more important than personal advantage.

        Which principles are these, in this case?

        1 Reply Last reply
        • MikM Away
          MikM Away
          Mik
          wrote on last edited by
          #35

          You cannot ask that question with a straight face.

          “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

          1 Reply Last reply
          • AxtremusA Axtremus

            @LuFins-Dad said in Friday SCOTUS - Student Loan Forgiveness:

            Lucas would have qualified. Would have he benefited? No.

            Assuming Lucas has a loan exceeding the $10k~$20k that qualifies for forgiveness, how do you figure that the would not have benefited?

            LuFins DadL Offline
            LuFins DadL Offline
            LuFins Dad
            wrote on last edited by
            #36

            @Axtremus said in Friday SCOTUS - Student Loan Forgiveness:

            @LuFins-Dad said in Friday SCOTUS - Student Loan Forgiveness:

            Lucas would have qualified. Would have he benefited? No.

            Assuming Lucas has a loan exceeding the $10k~$20k that qualifies for forgiveness, how do you figure that the would not have benefited?

            Mik’s right about the principals, but forget about that for a minute. Just the basic math doesn’t work to his benefit.

            1. You are already wrong by stating student loan (singular). Biden’s plan covers Federal Direct Subsidized Student Loans (in total). Federal Direct Subsidized Student Loans have the following limitations: 5.5% Fixed Interest Rate for new loans this year, 4.99% Last year, and 3.73% the year before.

            2. Subsidized Student Loans for Undergraduate Degrees have limits of $3500 for Freshmen, $4500 for Sophomores, $5500 Juniors and Seniors. The TOTAL in subsidized loans a student can take out is $23K if they take 5 years to get their degree. For Luke’s example, his total eligible amount of forgiveness would have been $8K. For Freshman and Sophomore Years.

            3. a $3500 loan at 3.73% would equal roughly $1200 in interest and fees over a 7 year payment plan. The $4500 loan at 4.99 % would be $1800 in interest over 7 years. Now Lucas isn’t paying the minimum AND we are paying the interest on the loans, so his interest will be far lower, but for the sake of this argument, the $8,000 forgiveness he would receive would save him a total of $9800 in total.

            4. Estimates place the average taxpayers burden for the plan to be $2500-$3500 per tax payer, not including the interest for the country financing this debt. However, Luke’s career track will not lead him towards a median income. In his projected future tax bracket, his estimated bill for the loan forgiveness will be between $6K and $8K. My projected extra tax bill will also be in the same range. So we will invest a minimum of $12K for a total of $9800 in savings. Not a great deal.

            And again, that is not including the interest the US will accrue in financing this debt and the fact that we are on an earlier payoff plan that will minimize our interest.

            The Brad

            1 Reply Last reply
            • LuFins DadL Offline
              LuFins DadL Offline
              LuFins Dad
              wrote on last edited by
              #37

              Now I suppose he could take that $9800 and put it in I Bonds since the extra cash back in the market would drive inflation back up, raising the I Bond rates, but the real income would be so damaged that it still wouldn’t be worth it

              The Brad

              1 Reply Last reply
              • AxtremusA Offline
                AxtremusA Offline
                Axtremus
                wrote on last edited by
                #38

                Sure I can. Different people value different principles differently. The question asks what principles are being valued more than that $10k~$20k of student loan forgiveness.

                CopperC 1 Reply Last reply
                • AxtremusA Axtremus

                  Sure I can. Different people value different principles differently. The question asks what principles are being valued more than that $10k~$20k of student loan forgiveness.

                  CopperC Offline
                  CopperC Offline
                  Copper
                  wrote on last edited by Copper
                  #39

                  @Axtremus said in Friday SCOTUS - Student Loan Forgiveness:

                  what principles are being valued

                  The principle of I promise to pay.

                  And the principle of a court order to garnish your wages until you do.

                  Plus penalty, interest, fees and court costs.

                  George KG 1 Reply Last reply
                  • CopperC Copper

                    @Axtremus said in Friday SCOTUS - Student Loan Forgiveness:

                    what principles are being valued

                    The principle of I promise to pay.

                    And the principle of a court order to garnish your wages until you do.

                    Plus penalty, interest, fees and court costs.

                    George KG Offline
                    George KG Offline
                    George K
                    wrote on last edited by
                    #40

                    @Copper said in Friday SCOTUS - Student Loan Forgiveness:

                    The principle of I promise to pay.

                    Now that's just crazy talk.

                    "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                    The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                    1 Reply Last reply
                    • Doctor PhibesD Offline
                      Doctor PhibesD Offline
                      Doctor Phibes
                      wrote on last edited by
                      #41

                      Hey, if they'd give me the money, I'd take it, same way I took Trump and Biden's Covid handouts which I honestly didn't need - admittedly, we did "donate" some of that cash to people who were struggling.

                      But I knew they never would.

                      I was only joking

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