ALL MSU grads for the last 30 years are eligible for up to $10,000 in federal loan forgiveness!

[MWmetalhead]

Although I like the meme, trade schools are not exactly angels...

ITT Tech instantly comes to mind.

[km1125]

Do "beauty" schools fall under the trade banner?

[bmw]

I have a question - when are people finally going to wake up and realize that the federal government has simply gotten too big for its own good and that its spending on everything you can possibly think of is largely responsible for the cost of everything skyrocketing? Maybe the time has come for the government to do away with federal student loans and a whole host of subsidies for private industry.

[audiophile]

Sooo true! This was a good video everyone should watch!

I know this thread is about BIDEN handing out the bucks, but this video speaks to the larger issue of the government in general handing out the bucks....

http://youtu.be/sYXDxAom-Zg

[craig11152]

In my opinion there is a fundamental difference between the Government handing out money and the Government NOT collecting money in the form of taxes.
A not insignificant amount of "corporate welfare" is about NOT collecting taxes versus handing out cash.

They aren’t handing out money… nobody is getting money in their bank account here.

They did hand out money in the form of a loan. People did "getting money in their bank account". If they don't collect on the loan they handed out money.
If I loan you $100, literally handing it to you or figuratively handing it to you through Venmo then after you pay me back $50 I tell you to forget the rest I essentially handed you $50.

[audiophile]

I agree Craig.

Do they pay taxes on the loan that was forgiven?

[Matt]

I agree Craig.

Do they pay taxes on the loan that was forgiven?

I highly doubt they've thought that far ahead.

[Rate This]

In my opinion there is a fundamental difference between the Government handing out money and the Government NOT collecting money in the form of taxes.
A not insignificant amount of "corporate welfare" is about NOT collecting taxes versus handing out cash.

They aren’t handing out money… nobody is getting money in their bank account here.

They did hand out money in the form of a loan. People did "getting money in their bank account". If they don't collect on the loan they handed out money.
If I loan you $100, literally handing it to you or figuratively handing it to you through Venmo then after you pay me back $50 I tell you to forget the rest I essentially handed you $50.

Loans are generally paid directly to the institutions and not to the borrower. So again there was not $50,000 dropped in somebody’s bank account. And there won’t be $20,000 dropped in one either. For some reason folks think this is a car loan or personal loan or something. It’s completely different.

[km1125]

"Both federal and private loans are disbursed directly to your school, which takes out tuition, fees and room and board if you live on campus. Any remaining funds from the loan will be distributed to you, according to your school’s policy. You may then return any funds you don’t need or use the money for living expenses, transportation, and books and supplies."

[Rate This]

"Both federal and private loans are disbursed directly to your school, which takes out tuition, fees and room and board if you live on campus. Any remaining funds from the loan will be distributed to you, according to your school’s policy. You may then return any funds you don’t need or use the money for living expenses, transportation, and books and supplies."

Many times there are no remaining funds. You guys make it sound like a get rich quick scheme or something, with the student dancing to the bank with the remainder of the money.

[km1125]

"Both federal and private loans are disbursed directly to your school, which takes out tuition, fees and room and board if you live on campus. Any remaining funds from the loan will be distributed to you, according to your school’s policy. You may then return any funds you don’t need or use the money for living expenses, transportation, and books and supplies."

Many times there are no remaining funds. You guys make it sound like a get rich quick scheme or something, with the student dancing to the bank with the remainder of the money.

At the very least, they're walking away with the knowledge from some classes that must have some value or they never would have been charged in the first place. If they actually completed the degree, then they got that at a very discounted rate. They definitely benefitted. Not necessarily a 'get rich quick' scheme though, but why should EVERYONE ELSE have to pay for them? They ALREADY had the benefit of getting the money upfront so they didn't have to delay the schooling and actually EARN the money they were spending, so why SHOULDN'T they have to pay it ALL back?

[Rate This]

"Both federal and private loans are disbursed directly to your school, which takes out tuition, fees and room and board if you live on campus. Any remaining funds from the loan will be distributed to you, according to your school’s policy. You may then return any funds you don’t need or use the money for living expenses, transportation, and books and supplies."

Many times there are no remaining funds. You guys make it sound like a get rich quick scheme or something, with the student dancing to the bank with the remainder of the money.

At the very least, they're walking away with the knowledge from some classes that must have some value or they never would have been charged in the first place. If they actually completed the degree, then they got that at a very discounted rate. They definitely benefitted. Not necessarily a 'get rich quick' scheme though, but why should EVERYONE ELSE have to pay for them? They ALREADY had the benefit of getting the money upfront so they didn't have to delay the schooling and actually EARN the money they were spending, so why SHOULDN'T they have to pay it ALL back?

How is one supposed to earn $80,000 or so? Then scale that up. At what age will they enter the workforce? 45? 55? Are folks at those ages desirable entering the workforce when compared to a 22 year old you can pay peanuts to? The same 22 year old who then will go on an Income based repayment plan? The whole system is fucked up. I maintain that they need to mandate a $10,000 a year cap on tuition in order for the institution to qualify for participation in Federal loan programs. If their number of students starts to dwindle they’ll adjust accordingly.

[MotorCityRadioFreak]

College is just debtors prison now unless you can get near a full ride. We need to start encouraging the trades more, especially to blue collar areas. I think community college should be at no cost, but it's going to take time to quell the lobbyists from blocking progress.

[km1125]

... . I maintain that they need to mandate a $10,000 a year cap on tuition in order for the institution to qualify for participation in Federal loan programs. If their number of students starts to dwindle they’ll adjust accordingly.

I'm kinda liking that plan!! It solves TWO problems! Less overall federal spending (probably) and also force those institutions to come up with reasonable solutions of they want to suck on the government teet.

[MotorCityRadioFreak]

... . I maintain that they need to mandate a $10,000 a year cap on tuition in order for the institution to qualify for participation in Federal loan programs. If their number of students starts to dwindle they’ll adjust accordingly.

I'm kinda liking that plan!! It solves TWO problems! Less overall federal spending (probably) and also force those institutions to come up with reasonable solutions of they want to suck on the government teet.

Rank and file Republicans will never agree to it.