3 thoughts on “The Student-Loan Disaster Continues”
Something I saw mentioned early on, which I haven’t seen again on this subject–
A forgiven loan is considered income. President Brandon cannot force states with income taxes to also change the rules regarding those loans. So all those baristas and aspiring influencers are suddenly going to owe New York or Illinois or California or Oregon tax on another $10,000 dollars. Taxes that on money they never actually got which are not offset by withholding on people who are not known for saving, who think of that refund as some sort of bonus or “found money” where even a few hundred dollars less can be felt.
Or am I wrong, and that’s why we haven’t heard much about this?
I think the answer is, it depends.
I was a Mechanical Engineering student at Purdue (BSME, MSME), and worked summers at the Chrysler Car & Truck Assembly Plant in Fenton, MO to earn tuition money, and during the undergrad school year as a pizza delivery guy. My two favorite jobs of my whole life were one summer’s assignment as a janitor in the Truck Plant (where I learned everything about industrial production), and at the Pizza Keg, which paid my rent and fed me. (It also gave me the unforgettable experience of a winter night delivery to a girl’s dorm that was literally like the Castle Anthrax scene from Monty Python and the Holy Grail. ) My MSME program was tuition-paid and stipended under my research assistantship from AFOSR. Point being, I worked and went to school, and never took out a loan. My younger son, perhaps spurred by my reminiscences, also went the pizza route during his studies, and is now a hugely successful software engineer.
Something I saw mentioned early on, which I haven’t seen again on this subject–
A forgiven loan is considered income. President Brandon cannot force states with income taxes to also change the rules regarding those loans. So all those baristas and aspiring influencers are suddenly going to owe New York or Illinois or California or Oregon tax on another $10,000 dollars. Taxes that on money they never actually got which are not offset by withholding on people who are not known for saving, who think of that refund as some sort of bonus or “found money” where even a few hundred dollars less can be felt.
Or am I wrong, and that’s why we haven’t heard much about this?
I think the answer is, it depends.
I was a Mechanical Engineering student at Purdue (BSME, MSME), and worked summers at the Chrysler Car & Truck Assembly Plant in Fenton, MO to earn tuition money, and during the undergrad school year as a pizza delivery guy. My two favorite jobs of my whole life were one summer’s assignment as a janitor in the Truck Plant (where I learned everything about industrial production), and at the Pizza Keg, which paid my rent and fed me. (It also gave me the unforgettable experience of a winter night delivery to a girl’s dorm that was literally like the Castle Anthrax scene from Monty Python and the Holy Grail. ) My MSME program was tuition-paid and stipended under my research assistantship from AFOSR. Point being, I worked and went to school, and never took out a loan. My younger son, perhaps spurred by my reminiscences, also went the pizza route during his studies, and is now a hugely successful software engineer.
WTF is wrong with kids these days?