Student loans currently aren’t even profitable for the government. A July report from the Government Accountability Office (GAO) found that federal loans are actually projected to cost the government $197 billion, instead of bringing in what the Education Department estimated as a $114 billion profit, because of the various pauses and changes over the last couple of years.
The price of student-loan forgiveness pales in comparison to other major federal expenditures. Defense spending is projected to cost nearly $8.7 trillion over the next decade, according to the Congressional Budget Office, and will cost $796 billion in 2022 alone.
That $300 billion is also a fraction of how much borrowers hold right now; America’s student loan debtors currently owe $1.7 trillion.
While Biden has not publicly confirmed his plans for broad student-loan relief, he has said himself he will make the decision before August 31, when student-loan payments are set to resume. In April, he shot down $50,000 in relief — an amount many Democratic lawmakers and advocates have been pushing for — and recent reports have suggested his final amount will be near $10,000, which he pledged on the campaign trail.
Tag: student loan forgiveness
No Way Out but War
Permanent war has cannibalized the country. It has created a social, political, and economic morass. Each new military debacle is another nail in the coffin of Pax Americana.
No Way Out but War
H/T: Unorthodox Truth
What About the “Woke” Right?
According to our conservative friends, being “woke” refers to those who are ridiculously politically correct and who speak out too much on social injustice. It’s commonly used as a pejorative term when referring to those on the left, increasingly paring it with phrases like “woke mob” or as a sledgehammer, using “anti-woke” to proclaim their vehement opposition.
What About the “Woke” Right?
Once Again – Fuck Noam Chomsky + The Education Department Will Forgive $5.8 Billion in Student Loans for Disabled Borrowers
Once Again – Fuck Noam Chomsky
Noam is calling for the unvaxed to be isolated from the rest of the racially pure Germans… oh… I’m sorry… from the vaccinated in America. What he is doing is what he used to call the ‘voluntary propaganda of the intellectual class’ and he should be called out for it. Harshly.
The Education Department Will Forgive $5.8 Billion in Student Loans for Disabled Borrowers
Stimulus Bill Has This Hidden Student Loan Tax Benefit
Stimulus Bill Has This Hidden Student Loan Tax Benefit
The provision of the stimulus bill, if enacted, would change this, at least temporarily. It would exempt all student debt cancellation — whether complete or partial — from federal taxation. And the provision’s language is broad in that it appears to cover all types of student loans including Direct federal loans, federally guaranteed FFEL loans, and private student loans as well.
Perhaps most importantly, the window of coverage to January 1, 2026 means that it also, in theory, would cover any broad student debt cancellation enacted by President Biden or by Congress in the next four years, and would exempt any such cancellation of student debt from taxation. State taxing authorities, however, could still potentially consider student loan forgiveness as taxable.
Related:
17 Million Won’t Get Stimulus Checks—Expect The Same For Student Loan Cancellation
According to the Washington Post, this means that 17 million fewer Americans — including 12 million adults and 5 million children — will get a stimulus payment. As a result, individuals who earn between $80,000 and $100,000 as well as married or joint filers who earn between $160,000 and $200,000 will not get any stimulus check.
Ms. Cat’s Chronicles 