« previous next »
Pages: [1]   Go Down

Author Topic: U.S. to forgive some $108B in student loan debt, report says  (Read 1001 times)

0 Members and 1 Guest are viewing this topic.

rangerrebew

  • Guest
U.S. to forgive some $108B in student loan debt, report says
« on: December 02, 2016, 11:44:59 am »
U.S. to forgive some $108B in student loan debt, report says
By Amy R. Connolly   |   Dec. 1, 2016 at 12:35 PM
Comments2 Comments
share with facebook
share with twitter
The Government Accountability Office found taxpayers will foot the bill for some $108 billion in forgiven student loans as borrowers enroll in income-driven repayment plans. Photo by zimmytws/Shutterstock

WASHINGTON, Dec. 1 (UPI) -- An estimated $108 billion in student loans will be forgiven in the next two decades as a growing number of borrowers seek income-driven payment assistance programs, the Government Accountability Office said Wednesday.

The GAO, in a report to Congress that analyzed the cost of income-driven repayment plans, found some $29 billion more in student loans will be discharged due to borrower death or disability. Overall, the sum is double the amount estimated by the U.S. Department of Education, the report found.

The GAO criticized the department for underestimating the cost of the repayment plans and significant accounting flaws that altered projected revenues.

http://www.upi.com/Top_News/US/2016/12/01/US-to-forgive-some-108B-in-student-loan-debt-report-says/3751480609793/?spt=mps&or=5&sn=tn_int
« Last Edit: December 02, 2016, 11:45:37 am by rangerrebew »
Logged

Offline catfish1957

  • If you are a democrat.... You are my enemy. We will never forget May 30, 2024. FJB
  • Political Researcher
  • *****
  • Posts: 31,991
  • Gender: Male
Re: U.S. to forgive some $108B in student loan debt, report says
« Reply #1 on: December 02, 2016, 11:55:10 am »
Someone is eventually going to have to eat that debt.  Think of that the next time you fill out that 1040 form.
Logged
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline Cripplecreek

  • Hero Member
  • *****
  • Posts: 12,718
  • Gender: Male
  • Constitutional Extremist
Re: U.S. to forgive some $108B in student loan debt, report says
« Reply #2 on: December 02, 2016, 12:04:33 pm »
Quote from: catfish1957 on December 02, 2016, 11:55:10 am
Someone is eventually going to have to eat that debt.  Think of that the next time you fill out that 1040 form.

Wasn't forgiving that debt part of the plan floated by Trump recently?
Logged

Offline catfish1957

  • If you are a democrat.... You are my enemy. We will never forget May 30, 2024. FJB
  • Political Researcher
  • *****
  • Posts: 31,991
  • Gender: Male
Re: U.S. to forgive some $108B in student loan debt, report says
« Reply #3 on: December 02, 2016, 02:17:07 pm »
Quote from: Cripplecreek on December 02, 2016, 12:04:33 pm
Wasn't forgiving that debt part of the plan floated by Trump recently?

Yeah, another one of those highly conservative concepts (/s).  God help us.
Logged
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline Night Hides Not

  • Hero Member
  • *****
  • Posts: 5,344
  • Gender: Male
Re: U.S. to forgive some $108B in student loan debt, report says
« Reply #4 on: December 02, 2016, 02:25:41 pm »
According to https://nces.ed.gov/fastfacts/display.asp?id=73,  the 120 colleges with the largest endowments accounted for $345 billion. I suggest a one time "contribution" from these colleges to pay for the bailout, as they benefitted enormously from those student loans.

My suggested "contribution"? 108/345 = 31.3%.
Logged
You can avoid reality, but you cannot avoid the consequences of avoiding reality.

1 John 3:18: Let us love not in word or speech, but in truth and action.

geronl

  • Guest
Re: U.S. to forgive some $108B in student loan debt, report says
« Reply #5 on: December 02, 2016, 03:40:00 pm »
completely insane

Here is an idea, force colleges to take out the loans and pay them back
Logged

Offline catfish1957

  • If you are a democrat.... You are my enemy. We will never forget May 30, 2024. FJB
  • Political Researcher
  • *****
  • Posts: 31,991
  • Gender: Male
Re: U.S. to forgive some $108B in student loan debt, report says
« Reply #6 on: December 02, 2016, 03:44:27 pm »
Quote from: geronl on December 02, 2016, 03:40:00 pm
completely insane

Here is an idea, force colleges to take out the loans and pay them back

Amen.   When pseudo-conservative POTUS spews giveaways and bailouts, I think Atlas' Shoulders just tipped down a few more degrees.

The worker ants are about fed up, I tell ya.
Logged
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline rodamala

  • Hero Member
  • *****
  • Posts: 1,534
Re: U.S. to forgive some $108B in student loan debt, report says
« Reply #7 on: December 02, 2016, 07:22:52 pm »
Logged

Offline Weird Tolkienish Figure

  • Technical
  • *****
  • Posts: 18,245
Re: U.S. to forgive some $108B in student loan debt, report says
« Reply #8 on: December 02, 2016, 07:28:03 pm »
My wife has substantial student debt and we had to do a income based program or else we wouldn't be able to afford anything.


When it's forgiven, it's taxable income. After it is forgiven in 25 years, the government will have made way more money off of us then they have provided to us. Something like 6 figures according to a calculator I saw online.


What're ya' gonna do?  :shrug:
Logged
Pages: [1]   Go Up
« previous next »