Student Loan Debt – The Real Story
Joe Biden got elected on it. Dangled it in front of everyone. Then did it right before the midterms when his approval rating was less than 40%. You may say this is sounding like a political piece. Well it is and isn’t. The reality is that student loan debt along with a cast of other hot button topics is a political football. It’s used to gather votes.
Is Student Loan Payment Tax Deductible? – No – Just the interest.
For years, students got tax breaks by deducting the interest paid on their student loans. Not much, but enough to matter over time. Now, Joe has not only forgiven mostly all student loan debt, but he has made it a tax free event.
Unlike credit card debt forgiveness, student debt will be 100% tax free. No tests to meet. No questions asked.
But who will pay for it all? Well the VP cannot even answer that one straight up.
We know who will – It’s called the middle class as always. Possibly even some of the same people that had their loans forgiven will see their taxes go up. Who knows. Only Biden knows…but not really.
So once again the folks who took an honest way out have to pay. They are paying for the housing screw up along with the car bail outs.
Is Student Loan forgiveness happening?
According to the latest white house info, you can go to a website and register (sounds like Obummer care) and apply for it. They claim that most forgiveness is automatic.
What is amazing is that if I’m married and I and my wife make $249,999, I can have my loans forgiven. How is that fair?
The silver lining is that you can do something about it. Choose not to participate.
I’ll let my new ebook explain the rest.
CLICK HERE to download it