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  1. #1
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    American Rescue Act spending

    If you want to add other aspects of the plan into the discussion, that's fine. My reason for posting is to see what people think state and local governments should be doing with their share.

    This is one link with a table showing what each state is getting.
    https://taxfoundation.org/state-and-...n-rescue-plan/

    Every state is getting a minimum of $1.25billion plus whatever for local governments

    If you have ideas on what YOUR state should do with it, you should at least attempt to let your representatives know. Like anything, you can't really complain about what they do if you don't at least try to make them hear your voice.

    Of course, SOME of what states do will likely ONLY benefit state government...and not the public.

    Not directly part of the stim bill, but yesterday $1bil in student loans were forgiven.
    What do you think about how that was handled?
    https://www.forbes.com/sites/zackfri...h=545317592460
    gotta love 'referential' treatment

  2. #2
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    It sucks for the tax payer but I see where it can also suck for the former student too if not forgiven. It's a suck fest which means it's probably a good thing
    My Ignore List: bklynny67, nastynice, OhSoSlick, spliff(TONE), zmaster52

  3. #3
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    Quote Originally Posted by brett05 View Post
    It sucks for the tax payer but I see where it can also suck for the former student too if not forgiven. It's a suck fest which means it's probably a good thing
    you're talking specifically student loan forgiveness
    for me it kinda depends whose loans were forgiven...

    As far as state spending, something that maybe should have been done on a national basis (which would get some off the unemployment roles that are hesitating because of the current $300 boost) is that people making less than $15/hr (since that's Biden's number) also get a weekly bump until September (when that $300 boost expires).
    gotta love 'referential' treatment

  4. #4
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    Quote Originally Posted by SiteWolf View Post
    you're talking specifically student loan forgiveness
    for me it kinda depends whose loans were forgiven...

    As far as state spending, something that maybe should have been done on a national basis (which would get some off the unemployment roles that are hesitating because of the current $300 boost) is that people making less than $15/hr (since that's Biden's number) also get a weekly bump until September (when that $300 boost expires).
    Student loans should never carry any interest.
    Itís crazy that they saddle people who have no income or have to start on the bottom rail on the corporate ladder with 3-6 or sometimes even higher interest rates on tens or hundreds of thousands of dollars.

    It should absolutely be tax payer funded. Iíd rather pay for it through taxes as an adult when I can absorb it then as a student where Iíll still be stuck as an adult paying for it because of the fact most young adults can barely cover the interest to start.


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    Yankees Farm System

  5. #5
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    Sep 2006
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    On the student loans, since the government controls them why not just cut the interest rate in half for all new loans and for the next something like 6 months forgive the interest and apply each payment fully to the principle. That way each person saves some on their loan and the problem is reduced in the future?

    The interest rates are already pretty low, but half off is half off.

  6. #6
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    Quote Originally Posted by brett05 View Post
    It sucks for the tax payer but I see where it can also suck for the former student too if not forgiven. It's a suck fest which means it's probably a good thing
    It's sucks how all those people who didn't die of asbestos aren't getting a payout for asbestos health damage...oh wait we don't think like that literally anywhere else.
    Let's get embedded tweets working again!

    https://forums.prosportsdaily.com/sh...5#post33780085

  7. #7
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    Quote Originally Posted by SiteWolf View Post
    you're talking specifically student loan forgiveness
    for me it kinda depends whose loans were forgiven...

    As far as state spending, something that maybe should have been done on a national basis (which would get some off the unemployment roles that are hesitating because of the current $300 boost) is that people making less than $15/hr (since that's Biden's number) also get a weekly bump until September (when that $300 boost expires).
    It noted that it was those that had been given partial forgiveness via borrowers defense (fraudulent activity by the school etc.).


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  8. #8
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    Quote Originally Posted by Scoots View Post
    On the student loans, since the government controls them why not just cut the interest rate in half for all new loans and for the next something like 6 months forgive the interest and apply each payment fully to the principle. That way each person saves some on their loan and the problem is reduced in the future?

    The interest rates are already pretty low, but half off is half off.
    The interest rates can often be in the 5-7 range which isnít very low... I agree with you they should be cut though.

    The cares act did set interest rate at 0% as well. Thatís only thought sept as of now but itís been extended a couple times. People donít need to make payments either until then.


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  9. #9
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    Quote Originally Posted by mngopher35 View Post
    The interest rates can often be in the 5-7 range which isnít very low... I agree with you they should be cut though.

    The cares act did set interest rate at 0% as well. Thatís only thought sept as of now but itís been extended a couple times. People donít need to make payments either until then.


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    these are loans that are backed by the government, but not made by the government....so banks would rightfully expect a return on their money and any reduction would have to be covered by the government

    my whole concern, when talking about forgiveness, has just been about how fair is it if only those with current payments to make benefit...not those who've just recently paid their's down or those still in school who are generating debt but not yet paying it

    but, if those 72,000 were effected through fraudulence, well that horse is a different color

    Nobody has a comment on how they think states should divi up this new money?
    gotta love 'referential' treatment

  10. #10
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    American Rescue Act spending

    Quote Originally Posted by SiteWolf View Post
    these are loans that are backed by the government, but not made by the government....so banks would rightfully expect a return on their money and any reduction would have to be covered by the government

    my whole concern, when talking about forgiveness, has just been about how fair is it if only those with current payments to make benefit...not those who've just recently paid their's down or those still in school who are generating debt but not yet paying it

    but, if those 72,000 were effected through fraudulence, well that horse is a different color

    Nobody has a comment on how they think states should divi up this new money?
    Most are guaranteed by government so I would think whatever option they do would likely include payouts for banks etc. sure depending on method chosen. Whatever forgiveness option is chosen will likely be a cost to government as opposed to banks though Iíd agree. They would still get a return though at a reduced interest rate just not necessarily the ridiculously high one initially expected.

    I think the entire student loan system and college pay structure is kinda broken I am not sure itís fair to current students or ones that racked up these debts and many likely struggled to pay off already as well as you get at. I think aiming at borrowers defense/fraudulent activity makes sense though these people were wronged.

    Iím not sure the best solution but there are millions of Americans paying for useless degrees/degrees from useless schools that are essentially saddled for half their lives or more with these debts they signed up for before they could legally drink because itís long been touted as the way to ďwork your way upĒ in America by going to university. Tons are in default stopping them from various things in life (for some this includes finishing the schooling they started even so they are stuck with no degree or way to pay to finish).

    Edit: As for the aid I would have to look into specifics of the state. My guess is many would need funding for unemployment etc. for example with higher demands over the last year. I think it would likely just helped fund things where states have had to deal with more since this started in a general sense than being used for something new.

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    Last edited by mngopher35; 03-20-2021 at 11:17 AM.

  11. #11
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    Quote Originally Posted by dbroncos78087 View Post
    It's sucks how all those people who didn't die of asbestos aren't getting a payout for asbestos health damage...oh wait we don't think like that literally anywhere else.
    Not related at all to my comment. Thanks?
    My Ignore List: bklynny67, nastynice, OhSoSlick, spliff(TONE), zmaster52

  12. #12
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    Quote Originally Posted by brett05 View Post
    It sucks for the tax payer but I see where it can also suck for the former student too if not forgiven. It's a suck fest which means it's probably a good thing
    Yup, basically everything in life is constituted by some form of inequality.
    Last edited by Crovash; 03-22-2021 at 11:06 AM.

  13. #13
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    Quote Originally Posted by Scoots View Post
    On the student loans, since the government controls them why not just cut the interest rate in half for all new loans and for the next something like 6 months forgive the interest and apply each payment fully to the principle. That way each person saves some on their loan and the problem is reduced in the future?

    The interest rates are already pretty low, but half off is half off.
    The interest rate on loans is already next to nothing, it's around 2%

  14. #14
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    American Rescue Act spending

    Quote Originally Posted by ciaban2.0 View Post
    The interest rate on loans is already next to nothing, it's around 2%
    The current rate on Stafford loans (the federally backed student loans) is b/t 2.8 and 4.3 depending on student type

    Federal student loans often don't cover cost and students often also take private student loans which are credit based and have a higher rate

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    Last edited by ewing; 03-26-2021 at 06:38 AM.
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    Quote Originally Posted by Raps08-09 Champ View Post
    My dick is named 'Ewing'.

  15. #15
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    American Rescue Act spending

    Quote Originally Posted by Scoots View Post
    On the student loans, since the government controls them why not just cut the interest rate in half for all new loans and for the next something like 6 months forgive the interest and apply each payment fully to the principle. That way each person saves some on their loan and the problem is reduced in the future?

    The interest rates are already pretty low, but half off is half off.
    Not all student loans are federal student loans. There is a general debt problem in the county and default rates on fed student are high. I think default on fed loans is really high bc rates are low. If American Express is charging you 14, you car loan is 18, and your student loan is 4 who are you going to pay last? People cant afford there debt and the loans are last in line. If you spend all your money before you get to the loan 0 dollars hits the principal regardless of rate

    Btw 16% if the student market in 2019 was private (who's average rate is much higher). I figured it would be higher

    https://studentloanhero.com/student-...bt-statistics/

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    Last edited by ewing; 03-26-2021 at 06:38 AM.
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    Quote Originally Posted by Raps08-09 Champ View Post
    My dick is named 'Ewing'.

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