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Biden cancels $10,000 in federal student loan debt for most borrowers

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CreditCuriosity
Moderator Emeritus

Re: Biden cancels $10,000 in federal student loan debt for most borrowers


@sjt wrote:

@CreditCuriosity wrote:

Just so I and others tax payers can pay for their debt, not mine.  Wonderful idea right....  This isn't charity.   Nothing is "FREE".  Also really helps out with inflation as well. /end sarcasm


Don't forget a vast majority of PPP loans were forgiven...


Sorry wasn't for the PPP loans either or shutting down the country, etc..  That is another story though.

Message 21 of 26
Remedios
Credit Mentor

Re: Biden cancels $10,000 in federal student loan debt for most borrowers

This thread is coming very close to being infused with politics and that's not going to happen. 

 

If your opinion is so tied with your political views, find a different thread 

Message 22 of 26
SUPERSQUID
Valued Contributor

Re: Biden cancels $10,000 in federal student loan debt for most borrowers


@CreditCuriosity wrote:

It will make it way to supreme court likely as doubt he can do this by executive order, but that is what the supreme court will be deciding if they hear the case which I suspect they will.  I question whether he can do this with out the house as they control the check book hence likely to supreme court.  


Whats amazing is that Thomas Jefferson made the Louisiana purchase with an executive order.

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Message 23 of 26
pizzadude
Credit Mentor

Re: Biden cancels $10,000 in federal student loan debt for most borrowers

 

This article discusses which states have announced that they plan to tax student loan forgiveness -- this will be subject to change in the coming months, as states are reviewing, some may pass relevant legislation, etc..

 

At the federal level however there will be no taxation on this student loan forgiveness. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 24 of 26
pizzadude
Credit Mentor

Re: Biden cancels $10,000 in federal student loan debt for most borrowers

 

More information here, including FAQs:

 

https://studentaid.gov/debt-relief-announcement/one-time-cancellation

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 25 of 26
pizzadude
Credit Mentor

Re: Biden cancels $10,000 in federal student loan debt for most borrowers

Application for forgiveness is now live at:   https://studentaid.gov/debt-relief/application/

 

You can apply to request forgiveness through Dec. 31, 2023

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 26 of 26
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