Biden Forgives $20k of Pell Grant

hanimmal

hanimmal

Well-Known Member
xtsho said:
I can find things I agree with in the Democratic party, the Republican party, and even some Libertarian ideals. I'm not stuck on some stupid D, R, or Libertarian bullshit like so many seem to be these days.
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Once Republicans can get past these insurrection nut cases, stripping women’s rights, wanting to put guns in kids hands, and selling out to foreign dictators, I might be able to agree with you on the Republican thing. Maybe at some point in my lifetime it will be worth it, but I haven’t seen it yet.
 
hanimmal

hanimmal

Well-Known Member
BudmanTX said:
if you think that's high.....wait till you see SMU........ :shock:....80k

they get all that money and they still have a shitty football team.....smh
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Imagine being a partial scholarship football player who gets injured a couple years in and ends up with over $50k in loans and half the credits needed to become a gym teacher/football coach that will net them a solid $40k a year.
 
BudmanTX

BudmanTX

Well-Known Member
hanimmal said:
Imagine being a partial scholarship football player who gets injured a couple years in and ends up with over $50k in loans and half the credits needed to become a gym teacher/football coach that will net them a solid $40k a year.
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i know, that why with what biden is doing or trying to do is a good thing.....college is no joke and it is expensive in some academies....i hate to even look at Yale, Harvard etc etc etc...and this is just for a Bachelors.....the longer you go the more you will owe in the end.....wanna be a Dr :shock:
 
hanimmal

hanimmal

Well-Known Member
BudmanTX said:
i know, that why with what biden is doing or trying to do is a good thing.....college is no joke and it is expensive in some academies....i hate to even look at Yale, Harvard etc etc etc...and this is just for a Bachelors.....the longer you go the more you will owe in the end.....wanna be a Dr :shock:
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imagine the average loans for a pharmacist being $180k a year. At 7% interest rate they are adding another $12,600 a year, or having to pay over a grand a month just to interest.

And with the average pay being about $120,000 they would qualify for the $10k off, meaning the interest they paid more than makes up for it in one year. And people are crying like it is some massive handout. It is not.
 
BudmanTX

BudmanTX

Well-Known Member
hanimmal said:
imagine the average loans for a pharmacist being $180k a year. At 7% interest rate they are adding another $12,600 a year, or having to pay over a grand a month just to interest.

And with the average pay being about $120,000 they would qualify for the $10k off, meaning the interest they paid more than makes up for it in one year. And people are crying like it is some massive handout. It is not.
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your right it isn't, it's basically a drop in the bucket as it were, the students still owes
 
Fogdog

Fogdog

Well-Known Member
twentyeight.threefive said:
Where did you come up with 37K? You have to file taxes if you make more than $12,550 when filing single and are under 65. IDK that’s what I found anyways, I’m not a tax expert.

Even if we went with your 37K/year number almost half of high school graduates pay income tax then and so do some non high school graduates.
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Where did you come up with 37K? it's in a post I made to you a few pages back. Go back and look, I'm not going to spoon feed you.

Start with $37 k income for single and single filer head of household; for married filing jointly $67,521 is US median income. Deductions: 7.65% is deducted for Social security and medicare. Standard deduction is $12,950 (single filer) or $19,400 for head of household or 25,900 for married, filing jointly.

AGI = Median Income - 7.65% * MI - Standard deduction

Adjusted gross income:
Single: $21,220,
Single filer head of household: $14,770
Married filing jointly: $37,629

Except for married, no kids, these incomes meet threshold to qualify for Earned Income Tax Credit

EITC: $1502 no kids; $3618 w 1 kid, $5980 w 2 kids, $6728 w/3 kids its more but won't include.

Tax rates: I'm not going to set up a spreadsheet and do this by the book. It's about 12% for all the filers listed above.

Adjusted gross income; Gross tax ; after EITC
Single: $21,220, $2546 tax ; $1044 no kids / $1162 refund w/1 kid / 4272 refund w/2 kids
Single filer head of household: $14,770 ; $270 no kids / 3348 refund w/1 kid / 4956 refund w/2 kids
Married filing jointly: $37,629; $4523 tax; $4523 no kids / $905 1 kid / 2205 refund w/ 2 kids
Other deductions might apply, these are upper estimates.

Conclusions:
So, a couple of situations might lead to what would be a sizeable tax bill. Single or married, no kids. The rest of the situation, tax bills are tiny or refunds.

This doesn't change the original statement. These people are going to be virtually unaffected in their tax burden compared to people who make more than the median. Note also that half of everybody makes less than the median. Taxes, if any are less, effect of student loan forgiveness less too.

So I call bs on you and XTSO This idea that the poor will suffer due to the loan forgiveness is bunk. It's nice propaganda, but bunk.
 
S

schuylaar

Well-Known Member
xtsho said:
How much would it cost?
According to the University of Pennsylvania’s Wharton Budget Model, one-time maximum debt forgiveness of $10,000 per borrower — for those earning $125,000 per year or less — would cost $329.1 billion over a 10-year budget window.

The study finds that between 69% and 73% of the debt forgiven in this model scenario would go to households in the top 60% of the income distribution in the U.S.

The National Taxpayers Union Foundation also crunched some numbers. Based on a total of under 158 million taxpayers in the U.S. in 2019, the foundation says the plan would cost $2,085.59 per taxpayer.

“There’s a transfer of wealth from the society at large to people who borrowed to go to college right now,” says Andrew Lautz, director of federal policy at the National Taxpayers Union. “That has consequences for consumers. It has consequences for taxpayers.”
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You do understand this is Pell Grant only money? To qualify you must be poor. Literally. You're citing Wharton?' Like where Trump graduated from?
 
S

schuylaar

Well-Known Member
Fogdog said:
Where did you come up with 37K? it's in a post I made to you a few pages back. Go back and look, I'm not going to spoon feed you.

Start with $37 k income for single and single filer head of household; for married filing jointly $67,521 is US median income. Deductions: 7.65% is deducted for Social security and medicare. Standard deduction is $12,950 (single filer) or $19,400 for head of household or 25,900 for married, filing jointly.

AGI = Median Income - 7.65% * MI - Standard deduction

Adjusted gross income:
Single: $21,220,
Single filer head of household: $14,770
Married filing jointly: $37,629

Except for married, no kids, these incomes meet threshold to qualify for Earned Income Tax Credit

EITC: $1502 no kids; $3618 w 1 kid, $5980 w 2 kids, $6728 w/3 kids its more but won't include.

Tax rates: I'm not going to set up a spreadsheet and do this by the book. It's about 12% for all the filers listed above.

Adjusted gross income; Gross tax ; after EITC
Single: $21,220, $2546 tax ; $1044 no kids / $1162 refund w/1 kid / 4272 refund w/2 kids
Single filer head of household: $14,770 ; $270 no kids / 3348 refund w/1 kid / 4956 refund w/2 kids
Married filing jointly: $37,629; $4523 tax; $4523 no kids / $905 1 kid / 2205 refund w/ 2 kids
Other deductions might apply, these are upper estimates.

Conclusions:
So, a couple of situations might lead to what would be a sizeable tax bill. Single or married, no kids. The rest of the situation, tax bills are tiny or refunds.

This doesn't change the original statement. These people are going to be virtually unaffected in their tax burden compared to people who make more than the median. Note also that half of everybody makes less than the median. Taxes, if any are less, effect of student loan forgiveness less too.

So I call bs on you and XTSO This idea that the poor will suffer due to the loan forgiveness is bunk. It's nice propaganda, but bunk.
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It's a car payment no car.

The President has decided that the forgiveness positive features outweigh the negative..it gives roughly 14M a new lease on life. Also, President Biden feels it unsavory to be making money off poor people who didn't get their degree. This does not apply to private loans. This is to lift poor people up.
 
S

schuylaar

Well-Known Member
hanimmal said:
It is 10k forgiveness for under $125k earners with no pell grant, and an additional $10k for people who got one.
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It must be a Federal loan..Biden has no say over private industry.

How much of my debt could be forgiven?
President Joe Biden announced Wednesday that most federal student loan borrowers will be eligible for some forgiveness: up to $10,000 if you didn’t receive a Pell Grant, which is a type of aid available to low-income undergraduate students, and up to $20,000 if you did.

www.cnbc.com

After Biden’s announcement on student loan forgiveness, borrowers have countless questions. Here's what we know so far

After President Joe Biden's historic announcement on forgiving student debt, borrowers have countless questions. Here are some answers.
www.cnbc.com www.cnbc.com
 
Rob Roy

Rob Roy

Well-Known Member
schuylaar said:
You can make bucks on the sales side but must be licensed.
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Licensure is a scam to create barriers to entry, so that profits can be ensured to go to the "right people".

Historically billions of people have been attended to by "unlicensed" burial/cremation post death preparation people and nobody ever died from the result. :p
 
Rob Roy

Rob Roy

Well-Known Member
schuylaar said:
We're not a Banana Republic who shoots their President when dissatisfied- that's what the polls are for. Lee Harvey Oswald is of the same misguided fuckers we have now on the Right, different chapter.

End of conspiracy.
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The "we" you refer to is a collective term used to instill nationalistic fervor for empire expansion, and to mind control the masses. There is no "we" in the collective sense. It's a plantation master tactic to instill a sense of belonging in the mind controlled slaves and to quell critical thinking.
It's worked prety well.

Lee Harvey Oswald was a stooge, doubt he pulled the trigger or acted alone.
 
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