College/tuition: The largest of scams in plain site

I've explained why I think the Supreme Court would rule the student loan cancellation unconstitutional.

Can you explain why you think I have Type II Diabetes?

 

I definitely can, but only if you pay my fake doctor fees first.

If it is unconstitutional, then let it go to the Supreme Court.

There a 6-3 disadvantage...it should go down real smooth.

 

I feel like you weren't aware of my explanation and were trying to play "gotcha" with your doctor comment. And now that you've read my explanation, you're trying to backpedal.

If you'd kept it civil, there'd be nothing to backpedal from.

 

lol

 

Says the guy who had to pay $25,000,000 to settle the Trump University fraud claims:

Statement by Donald J. Trump, 45th President of the United States of America
08/25/22

Joe Biden and the Radical Left Democrats have just orchestrated another election enhancing money grab, this time to the tune of $300,000,000,000—and just like I predicted, it’s coming right out of the pocket of the working-class Americans who are struggling the most! Crippling inflation, unaffordable energy prices, and WAR—all things that should never have happened. But if that wasn’t enough, now Americans are bailing out College Administrators who fleeced students, and those who opted for Degrees there was no way they could afford. America is a nation in decline, and the cliff into oblivion is within sight. Stop voting for Democrats! MAKE AMERICA GREAT AGAIN!

 

Projection

 

So they b**** about the poor getting some relief, but nothing about the Fat Cats on Wall street getting bailed out like Fannie Mae and Freddie Mac, and nothing about the corporate tax breaks that companies get to the tune of TRILLIONS of dollars or the 1.5 TRILLION dollar tax break for the rich....

WTF is wrong with people they vote for people with a boot on their necks.

DD

 

How many of you owned a school? Exactly. Trump is actually educated on this issue.

@MojoMan
@generalthade_03

 

Very nice mentions.

 

You can have a balance, cap the amount of loans you can get each each. Colleges have drastically raised their costs and added buildings and administrators knowing that 18-19 year olds with blank check books are looking for colleges to attend.

The issue can be addressed with having universities meet tuition requirements for students to get loans and cap the amount of loans.

A lot of idiots went to mediocre 50-60K schools to get an undergrad with loans over equally competitive schools for half the price.

Also with so many students in the portal, a lot of poor online schools have emerged and the quality of work of those getting a degree has gone way down.

It is fixable, just like infrastructure and to a degree healthcare, the housing market and the border issues but it requires both parties in congress and the senate caring about the American people and neither does at this point.

 

There doesn’t seem to really be a problem when President Trump passes massive tax cuts for the ultra rich and corporations but I am supposed to be pissed when people with student loans get $10,000 excused?

Sorry if that doesn’t really move me much. It just doesn’t really sound sincere.

Also, if they lived in reality, they would realize that a lot of those cops (especially), plumbers and truckers have student loans themselves.

 

I guess it depends on whether or not you believe in the rule of law.

 

Has anyone sued the admin for loan forgiveness?

 

These 13 states could tax Biden student loan forgiveness: analysis

https://nypost.com/2022/08/29/these-13-states-could-tax-biden-student-loan-forgiveness-analysis/

excerpt:

The Biden administration’s plan to reduce student loan burdens by $10,000 could come with a catch for some Americans — they’ll be expected to pay taxes on the savings.

That’s the upshot of an analysis by the Tax Foundation, a nonpartisan think tank, that says some beneficiaries of the Biden loan plan could be on the hook for as much as $1,100 in taxes.

The White House has said that the forgiven portions of student loans will not be considered taxable income for the purposes of federal income tax, and most states follow federal guidance on such discharged debt.

But 13 states — including New York — may break from the federal government and consider the discharged debt as taxable income.

The Tax Foundation analysis estimates that borrowers in Hawaii could face the highest maximum liability if the state decides to tax the reduction — as much as $1,100, depending on the borrower’s tax bracket.
​

more at the link

 

That's cruel of those states.

 

https://time.com/6209453/student-loan-debt-lawsuit-standing-biden/


Republicans Search for Someone Who Can Sue Over Biden's Student Loan Debt Plan

BY BRIAN BENNETT
AUGUST 29, 2022 6:57 PM EDT

As soon as Biden announced his order, various conservative legal groups began exploring who would have legal standing to sue, which would require proving they would be harmed by Biden’s order. One possibility: the House could sue over the order next year, if Republicans win enough seats to take control in the fall.

 

The Oil and Gas industries got more than DOUBLE what the college debt cancellation did just in the last year in subsidies.

The Republicans are such a whiny b**** assed party.

DD

 

Had this discussion with a buddy who is a tax agent, this is basically what he said...


STUDENT LOAN RELIEF: the vast majority of people making this argument in the country, are all making a freshman level accounting mistake. They are confusing a balance sheet asset write off with an actual current capital expense. Student loans are owned by the fed gov. The money was paid out to the colleges ages ago. It’s long already been spent. The loans are now an asset held on the fed govt’s books. Canceling them is literally nothing more than an accounting entry that reduces the overall amount of govt assets. Absolutely no cash changes hands. No new financial burden is incurred. No taxes are needed. Even ignoring MMT entirely, writing off the loans (the government owns 92% of them) does not cost tax payers a penny!

DD

 

Some have drawn a contrast between this bailout and corporate bailouts we've done, arguing that many people's jobs depend on the solvency of these companies. I think I've decided for myself that bailing out student borrowers is actually more justified than bailouts we've done for banks, airlines, auto companies, etc.

The stock market is a risk management tool. Investors can buy exposure to market risk to monetize their ability to absorb risk, and then they can diversify their investment portfolios to manage and mitigate their risks. When big publicly-traded corporations get run over by some economic disaster, those investors -- who signed up for this risk, who get paid premiums in exchange for taking this risk, are presumably prepared to absorb the loss, have arrayed from themselves mitigations to soften the blows, and ultimately can avail themselves of bankruptcy protection and the social safety net -- lose their shirts. Obviously, its disruptive for the companies and employees, but the assets are still there, they can go into reorganization and continue to operate (we may have over-learned from the Lehman Brothers collapse, because the bulk of their assets was capital, which they had speculated away; it's very different for an auto company that owes factories or an airline company that owns a fleet).

By contrast, people go to school to invest in their future employability, but they don't have a risk management tool for that investment. They are long on their educational choice. They can't sell their expertise forward before they go to school. They can't even buy diploma insurance. They just make a bet on their own future employability. For many or even most people, that bet pays off. But many people will lose this bet and it's a risk they can't offload. They don't even get bankruptcy protection like investors do. So the losers of this bet will have it impoverishing them, ruining their credit, and grinding them down for potentially their whole lives.

So if anywhere there is a failure of the market to manage risk where the government should step in, it's in education. A bailout without solving the underlying problems isn't my favorite form of intercession. But, if we're comparing student bailouts to corporate bailouts, student bailouts are more meaningful for people than corporate bailouts are. Our markets are built to protect people when disaster strikes corporations, but it isn't built to protect people from bad college investments.

 

Wouldn't cutting off future streams of interest revenue and repayment of principal balances be considered a "new financial burden"?