Instead of having no payments required for their student loans, borrowers in 13 states may have to pay thousands of dollars this year - because forgiven loans count as income for income taxation purposes

submitted by iamonlyoneman from justthenews.com

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[–]Canbot 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

It is a bank bailout, not debt forgiveness. It is a scam. More money for the rich from the pockets of the poor.

What should be done is to allow bankruptcy forgiveness. Allow these debts to be treated like all other loans. Simple as that.

[–]iamonlyoneman[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Student loans can be discharged in bankruptcy but it's an extra step and added expense to the process of your bankruptcy proceeding. AND you're not guaranteed to get it.

[–]IkeConn 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

/s/WellThatSucks

[–]SoCo 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

I hope this isn't news to college educated people. Basic understanding of our income tax system makes this expected.

[–]iamonlyoneman[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

A woman with a degree in economics is a socialist elected to congress in new york. College ain't all it's cracked up to be!

[–]jamesK_3rd 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

So I can pay 500 bucks for the govt to pay off 10k in loan debt.. sold.. sign me up twice

[–]iamonlyoneman[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

That's the smart way to think of it. The idiots will be outraged when their tax "returns" are smaller than expected or they even have to pay.

[–]NuclearBadger 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

lol what happens when they don't pay tax?

prison?

[–]iamonlyoneman[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

yes actually

[–]russkayacabbage 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Al Capone was only tried on tax evasion; shows how powerful that is.