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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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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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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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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These people will get a massive tax bill now, right?
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