https://old.reddit.com/r/StudentLoans/comments/14zii3o/i_got_the_idr_recount_email_my_loans_will_be
/h/peakpoors
Patriarch-ristmas
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Patriarch of Dramastan
1yr ago
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If you ever feel like you made a bad financial decision… read this thread on the “people” getting student loan forgiveness
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I see the poors are pretending to be big wallet niggas again est. 2016
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I'm still flummoxed these "people" have had a student loan for 20+ years to qualify for this shit. How the frick are gen xers and shit sitting around with 300k student loans still after two decades and supposedly making payments?
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IDR probably has their payments at <$100
Don't payoffs like this get taxed? Won't these people have huge tax bombs coming when they file?
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Federal student loan forgiveness is untaxable until 2025 under the American Rescue Plan Act (
)
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Care to explain a bit further? I'm a fiscal advisor in another country but I don't get it, is the forgiveness considered like some kind of taxable benefit?
Oh nevermind I read a bit further and some guy responded. Still open to more informations if you have it
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The simple answer is yes, a forgiven loan is normally counted as income
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If I read that right, whatever is getting written off is treated as income. Some of those r-slurs are talking about 300k in unpaid loans.
That’s going to be an insane tax bill. Then they are going have to taxed as 300k a year salaried person on all of their actual income.
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Yes but I'm sure these r-slurs will b-word about it
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Depends if its coming as a payout bonus from the government or if its "forgiven" and its just... written off? I'm not sure because I don't research these things because im financially responsible.
I did have like a 30k 401k loan my old employer paid off as a bonus to me when the company got bought so now I have to worry about paying like 8k or some shit next year.
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I'm also very curious about what kind of degree would require a 300k loan. I've never heard anyone mention anything above 150k, which already seems enormous.
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Lawcels. Law school tuition is basically flat regardless of the quality of the school, with HYS around 70k and the absolute bottom of the barrel still asking for 50k. Three years of that with undergrad loans and 300k total is possible. These predatory schools are well-worthy of a deep dive. Yeah, if you're graduating a T14, you can get Big Law and the associated salary and swiftly pay your loans off. If you're graduating from a bottom-tier school, if you pass the bar, which is a coin flip for someone going to a shithole like that, you're going to be making <50k a year, so the interest alone on your loan debt is almost half of your total income.
If you're not going to a T14 or if you're not getting significant scholarship money to a T30, law school is not worth it and you will be in debt forever.
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They take out loans to pay for tuition, rent, and their stupid lifestyle.
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iirc living expenses can be included as well
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These people will get a massive tax bill now, right?
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I'm actually getting mad reading this. What the frick lol? How do so many of these people have over 20 years of debt worth 100-300k?
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I must also be r-slurred because I thought this only applied to federal loans. How are there people with 300k worth of federal loans from twenty years ago?
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They pay $0 and interest keeps coming
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Just to illustrate with some quick math:
Assuming one of these tards have 300k total loans, and the interest averages around 6% (might have been higher in the past idk), and assuming no payment in 25 years: that is an original principal of 70k
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And that's not taking inflation into account, that's $70k in ~1998 dollars.
Jesus.
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Capitalism is fricking amazing for these r-slurs. Comrade Stalin would've put them against the wall decades ago.
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I mean I kinda feel like a bit of an idiot for actually paying off my loans instead of just ... not, putting that money into property and waiting for a hand out like this
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You have to have been paying for 20 years to qualify for this… you wouldn’t qualify for a land loan with this around your neck
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Yeah I used to be throwing money at them to get rid of it but after this I'm going to the minimum payments I can. No way am I gonna pay them down and then have more loan forgiveness pass or smthg
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Lol, imagine.
Was probably getting a SS check from the government and just sending it back to pay the loan.
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College should have been like 13 bucks back then too
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a barista with 335k in loans from an original 100k they took out in the 90s is such perfect bait i refuse to believe its real. all of these people should have mandatory community service hours + their mouths sewn shut + castration in exchange for salvation from their obvious r-sluration
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Sterilizing the poors isn't a half bad idea tbh
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Idgaf if you're broke as long as you didnt end up working for minimum wage for 20 years after getting an advanced degree. It take a special kind of stupid to not advance at ALL via intertia. I know plenty of r-slurs making six figures with degrees from University of Phoenix.
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I’m glad that they can live life a bit easier right now and all it was 1/3 of a tomahawk missile dropped on some goatfricker. Tbh anyone who actually cares about Americans should support this shit
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The people this helps the most are not providing substantial contributes to the country.
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I only support reparations going to the most deserving in our inner cities
all thos bright children who never even had the chance to take on massive debt
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Snapshots:
archive.org
ghostarchive.org
archive.ph (click to archive)
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I guess this means bernie is too old of a frick to run again, so the DNC is basically buying his demographic for biden again.
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