Recently there has been talk in the news about Biden forgiving student loans. Keep in mind that he will only be able to forgive government student loans, all those others with private student loans still have to pay them back. Responsible people who paid off their loans will also get punished. Also, Congress doesn’t have that money to pay back those loans, it has to get a loan and the taxpayers will pay it back with interest.
Those whose loan are forgiven are going to be surprised when they get a form that reports the forgiven amount as income, and they have to pay taxes on it.
There is a saying about how the luxuries are the last to go. I've seen that when times are tough, people don't give up their beer, cigarettes, fast food... happy hours, and so on.
It's actually worse than that. Were I to walk on a car lot and buy a car using your money, I would get a different car than I would if I were paying. The same applies to school. Nothing but the best for me if you are paying. Unfortunately, those passing a *very* small portion of their education cost to others will be paying for everyone else for the rest of their lives. Little Red Schoolhouses have been replaced with sprawling facilities simply because someone else is paying.
Those whose loan are forgiven are going to be surprised when they get a form that reports the forgiven amount as income, and they have to pay taxes on it.
There is a saying about how the luxuries are the last to go. I've seen that when times are tough, people don't give up their beer, cigarettes, fast food... happy hours, and so on.
It's actually worse than that. Were I to walk on a car lot and buy a car using your money, I would get a different car than I would if I were paying. The same applies to school. Nothing but the best for me if you are paying. Unfortunately, those passing a *very* small portion of their education cost to others will be paying for everyone else for the rest of their lives. Little Red Schoolhouses have been replaced with sprawling facilities simply because someone else is paying.