Author Topic: Has anyone applied for the student loan forgivness?  (Read 5951 times)

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Toad

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Has anyone applied for the student loan forgivness?
« on: September 09, 2022, 06:21:09 PM »
I got sick of waiting for Slow Joe to come clutch on his promises. I cashed in all my chips and paid off my loans in June. I was very eligible to have what was left, paid off. I heard a blurb about, that if you paid this year, (or paid off) you were eligible for money. Any ideas how to get money back?
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old tom

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Re: Has anyone applied for the student loan forgivness?
« Reply #1 on: September 09, 2022, 07:27:35 PM »
There's that pesky " Constitution" thing in your way. Don't expect anything, and you won't be disappointed.

Onepoint

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Re: Has anyone applied for the student loan forgivness?
« Reply #2 on: September 10, 2022, 10:16:44 AM »
I have no idea how it will be ran, if it will be through a bank like PPP program was or directly through the IRS or something.  And I thought I heard something about being means tested as well.
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projo198

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Re: Has anyone applied for the student loan forgivness?
« Reply #3 on: September 10, 2022, 12:59:59 PM »
My wife wants to, but I told her I'd really rather she didn't.

I don't believe in it for others and would be a hypocrite to take advantage of it myself.
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Danjal

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Re: Has anyone applied for the student loan forgivness?
« Reply #4 on: September 10, 2022, 04:09:05 PM »
Watch taxes on it if you do decide to take it.
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Rocketvapor

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Re: Has anyone applied for the student loan forgivness?
« Reply #5 on: September 10, 2022, 04:29:10 PM »
I don't think Ohio will tax it.
https://www.wdtn.com/news/ohio/will-ohio-tax-canceled-student-loan-debt/


Were your loan(s) paused?
and you just couldn't wait to pay them off?

Maybe a Go-Fund-Me. 
We could all put in a dollar. 
Comes out of our pockets anyway  :roll:


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my soft hearted wife says "Poor Toad" before I even get it out.
« Last Edit: September 10, 2022, 04:48:07 PM by Rocketvapor »
Well I guess my new **** stirrin paddle don't work . I got a like . WTF 😈

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thresher_593

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Re: Has anyone applied for the student loan forgivness?
« Reply #6 on: September 10, 2022, 08:19:29 PM »
I don't think Ohio will tax it.
https://www.wdtn.com/news/ohio/will-ohio-tax-canceled-student-loan-debt/


Were your loan(s) paused?
and you just couldn't wait to pay them off?

Maybe a Go-Fund-Me. 
We could all put in a dollar. 
Comes out of our pockets anyway  :roll:


Every time I mention Toad,
my soft hearted wife says "Poor Toad" before I even get it out.

We could sell that boat you were building.

Just tryin to be helpful.
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Re: Has anyone applied for the student loan forgivness?
« Reply #7 on: September 10, 2022, 08:45:36 PM »
OK, it took me until about half a dozen posts to figure out this thread was about Biden's student loan cancellation program.

I'm ambivalent:  One the one hand, I figure it's a really good thing anytime middle class folks can pry some sort of benefit from Uncle Sam's hands.  On the other hand, it makes me quite pissed off.  I throttled back post-secondary education for myself and my children so as not to saddle myself (or them) with debt.  Now I find out that my reward for acting responsibly it have .GOV spit in my face.

If you ask me, it's just Uncle Joe trying to buy votes . . . he can kiss my behind.

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Toad

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Re: Has anyone applied for the student loan forgivness?
« Reply #8 on: September 10, 2022, 08:55:05 PM »
My wife wants to, but I told her I'd really rather she didn't.

I don't believe in it for others and would be a hypocrite to take advantage of it myself.

Why? You like me, are old. We been paying taxes for how long? We finally get a chance to get a piece back. Take it.

Watch taxes on it if you do decide to take it.

All things point to the forgiveness being nontaxable. These loans in question were the Fed subsidized Stafford and Pell loans. These are fixed interest. You get earned income tax rebates for paying on them. If they are paid off...they aren't actually getting paid off, the money is from the fed. It's already been spent. It's just a matter of the loan owner no longer has to pay off the amount. The only thing the tax payer is losing is the fractions of a percent the fed actually sees after the clearing houses take their processing percentage.
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"I hate to admit Toad is more right than wrong."--panoz77
When you are dead, you don't know you are dead. It is difficult only for the others. It is the same when you are stupid.

Toad

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Re: Has anyone applied for the student loan forgivness?
« Reply #9 on: September 10, 2022, 09:07:04 PM »
I don't think Ohio will tax it.
https://www.wdtn.com/news/ohio/will-ohio-tax-canceled-student-loan-debt/


Were your loan(s) paused?
and you just couldn't wait to pay them off?



No. I paid all the way through. The COVID forbearance (which means you don't have to pay your loans right now) is ending Jan 2023. I didn't take the pause. That would have been economical suicide. While those that applied for the pause, didn't have to make payments for the last 2'ish years, their interest on the face value of the loan kept on adding up. It's kinda like having a credit card with $60,70,80K balance on it. Don't make a payment for 2 years and see what kind of interest you tacked on.
The VA - Giving Veterans a second chance to die for their country since 1930.
"I hate to admit Toad is more right than wrong."--panoz77
When you are dead, you don't know you are dead. It is difficult only for the others. It is the same when you are stupid.

Rocketvapor

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Re: Has anyone applied for the student loan forgivness?
« Reply #10 on: September 10, 2022, 10:02:57 PM »
I think interest was suspended during the freeze.
COVID-19 Loan Payment Pause and 0% Interest
https://studentaid.gov/announcements-events/covid-19/payment-pause-zero-interest
Well I guess my new **** stirrin paddle don't work . I got a like . WTF 😈

Flo just received her EXPERT Mid range card from the NRA.

https://www.yahoo.com/news/famed-ex-uss-john-f-003916449.html

Danjal

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Re: Has anyone applied for the student loan forgivness?
« Reply #11 on: September 11, 2022, 01:09:40 AM »
I don't think Ohio will tax it.

That's Ohio. Now check the feds.
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Rocketvapor

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Re: Has anyone applied for the student loan forgivness?
« Reply #12 on: September 11, 2022, 01:40:34 AM »
"While you won’t have to pay federal income tax on your student loan forgiveness, you may still possibly face state income tax if you live in one of the 43 states that have a state-level income tax."

Even if you are taxed it's likely going to be a fraction of the amount forgiven.
I don't have any student loans or bills that I need to settle on but taxable lump sum payments cost me.
It drives up my income and more of my Social Security is taxable (Fed, not Louisiana).
I start my RMD from 401(k) this year.  Fed tax will hurt.
There is a bill in committee (that probably won't go anywhere) to eliminate Federal Income Tax on Social Security (with a means threshold). 
I need to decide if I take the first one this year or delay it until April and end up with 2 next year. 
and what to buy with all the extra money :)
« Last Edit: September 11, 2022, 10:36:18 AM by Rocketvapor »
Well I guess my new **** stirrin paddle don't work . I got a like . WTF 😈

Flo just received her EXPERT Mid range card from the NRA.

https://www.yahoo.com/news/famed-ex-uss-john-f-003916449.html

95bravo

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Re: Has anyone applied for the student loan forgivness?
« Reply #13 on: September 11, 2022, 09:12:41 AM »
I did a jr. college in late 60's with an army interruption and finished my associates degree with GI bill...my high school trade school became my carrier job...they had college prepay for my kids,so no loans to repay...I have never liked making monthly payments and tried not to live beyond what we could afford...been retired since 2010...biggest bills are insurance and TAXES.  The advise of an older coworker about watching your money and where you put ,plus my guardian angel ,worked for us.

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Re: Has anyone applied for the student loan forgivness?
« Reply #14 on: September 11, 2022, 11:16:03 AM »
Just remember there is no such thing as free money, at this point every dollar they "give" us is costing both a devalued dollar and taxes that we pay indirectly.

The problem with our govt right now is its no a zero sum accounting.  Aside from in most cases social spending is simple bribery, they come up with this spending, say its paid for through increased tax income either via more money being moved which is taxes or higher taxes from certain sectors, they are bragging about deficit reduction right now, yet none of it has actually happened, they just pretend it will as they plan for it to and even so we go another trillion in debt and devalued dollar for the year,    However even if you don't take it, it doesn't not get spent, it just gets spent elsewhere later. 

We are so far down that hole, may as well take advantage of what you can when you can and most importantly retire as much debt as you can.   
Experience is the hardest kind of teacher, it gives the test 1st and the lesson after.

Courage is knowing it may hurt and doing it anyway.
Stupidity is the same.
This is why life is so hard.