on loan from the federal government

The government plans to forgive $100 billion in student debt  — but it’s not as forgiving as it sounds

  • At least $108 billion of student debt will likely be forgiven by the federal government in coming years, according to a report by the Government Accountability Office.
  • But because of stipulations in forgiveness plans, even those students who receive forgiveness may not be completely off the hook.
  • Many still get stuck with big tax bills.
  • Here’s who needs to worry about tax: If you get public service loan forgiveness — which, as the name suggests, involves you working in public service — then you don’t have to fret. 
  • But if you get forgiveness from what’s simply an income-driven repayment plan, or IDR, it’s a different story. Read more

Didn't think you needed to protest the US government yet? Check this out:

Online art school friend just got this email from their college. The feds are taking away federal grant and loan funding for programs that don’t “fit their specs”. Programs that include film, photography, media arts, and audio. So basically if you are an art major you are screwed unless you can afford to pay for school yourself. Fuck that.

When I told them, an online history major friend said, “Part of a fascist régime is getting rid of art. It’s like, playbook stuff. Get rid of arts, cripple education, do everything possible to keep the lower classes from rising, villainize a whole group, etc.”

This cannot stand. We need to get out and vote and march and get these jackasses out of power.

“That’s pretty much the one thing we as Americans still have is the ability to protest and freely exchange information.”

They think they can keep us down? They think they can take away everything good about this country? Well they are in for a surprise.

flu-season-deactivated20161118  asked:

What are subsidized direct loans what are unsubsidized direct loans and what are the differences between the two?

Subsidized

  • For undergrad students
  • Only for students who can demonstrate financial need
  • The government will pay the interest on your loans while you’re in school, during the first 6 months after graduation, and during deferment (if applicable)

Unsubsidized

  • For undergrad OR grad students
  • No financial need requirement
  • YOU are responsible for paying interest on your loans at any time and interest will accrue while you are in school

So, if possible, get a subsidized loan and max those out before you get an unsubsidized loan, otherwise, you’ll be responsible for paying back more on your loans.

Here’s more information on student loans from Federal Student Loans.

I’m going to get Kennedy’s tax cut out of the Senate Finance Committee, and we’re going to get this economy humming again. Then I’m going to pass Kennedy’s civil rights bill, which has been hung up too long in the Congress. And I’m going to pass it without changing a single comma or a word. After that we’ll pass legislation that allows everyone in this country to vote, with all the barriers down. And that’s not all. We’re going to get a law that says every boy and girl in this country, no matter how poor, or the color of their skin, or the region they come from, is going to be able to get all the education they can take by loan, scholarship, or grant, right from the federal government. And I aim to pass Harry Truman’s medical insurance bill that got nowhere before.
—  Lyndon B. Johnson, to aides Jack Valenti, Bill Moyers, and Cliff Carter, as they sat with him in his bedroom before he went to sleep at 4:00 AM on November 23, 1963 – just hours after being sworn in as President following John F. Kennedy’s assassination.
Congressional Democrats are pushing for “debt-free” college.

On Tuesday, Democrats in the Senate and House introduced twin resolutions “to ensure that students have access to debt-free higher education.” The measures call for the federal government to support states in making greater investment in colleges and expanding financial aid measures so that students can eventually expect to have “no debt upon graduation from all public institutions of higher education.” This could be huge in 2016.

Every day that they take longer to not discharge our loans is making it worse for people in this position. You’re pushing people into homelessness and poverty. You’re taking from our children.
—  Tasha Courtright, one of the former Corinthian students refusing to pay their loans. The group has officially made progress with the federal government.

sprinklesmakelifebetter  asked:

In the SOTU President Obama addressed making college more affordable for future students, but what will the government due for those already suffering from student loan debt? Are there any loan reform plans on the way in 2015? #AsktheWH

sprinklesmakelifebetter, thanks for the question! The President has already implemented several programs the help students with student loan debt.

The first two you need to know about are Income-Based Repayment and Pay As You Earn. Both make sure that students are paying what they can afford, and when they can afford it.

Both programs cap payments based on borrowers’ income — and you can learn more about them at StudentAid.gov (which is our federal government’s one-stop shop for all student aid related questions).

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“Most states have no nondiscrimination protections for LGBT people,” says David Stacy, government affairs director for the Human Rights Campaign, a national gay-rights group. “With limited or no federal protections, an LGBT person can get legally married in most states, but then be evicted from an apartment and denied a home loan.”

Marriage is the beginning, not the end. (via NPR)

These Students Might Be Justified in Walking Away From Their Loans

The students whose schools were closed had their private student loans forgiven by the government (at the taxpayers’ expense). The Department of Education paid Corinthian investors (who owned $505 million in unpaid student loans) $7.5 million as part of the deal to turn Corinthian schools over to ECMC. Students’ whose schools didn’t close did not have their loans forgiven, even though their new schools may not offer the programs they were enrolled in prior to the sale. Even the students whose schools are closed will not have their federal student loans forgiven. Just the private ones. The Corinthian Fifteen are now demanding that the government forgive the federal loans they incurred going to fraudulent schools.

reuters.com
Wells Fargo admits deception in $1.2 billion U.S. mortgage accord

“(Reuters) - Wells Fargo & Co (WFC.N) admitted to deceiving the U.S. government into insuring thousands of risky mortgages, as it formally reached a record $1.2 billion settlement of a U.S. Department of Justice lawsuit.

The settlement with Wells Fargo, the largest U.S. mortgage lender and third-largest U.S. bank by assets, was filed on Friday in Manhattan federal court. It also resolves claims against Kurt Lofrano, a former Wells Fargo vice president.

According to the settlement, Wells Fargo "admits, acknowledges, and accepts responsibility” for having from 2001 to 2008 falsely certified that many of its home loans qualified for Federal Housing Administration insurance.

The San Francisco-based lender also admitted to having from 2002 to 2010 failed to file timely reports on several thousand loans that had material defects or were badly underwritten, a process that Lofrano was responsible for supervising.“

Too big to jail? Seems so. Why is no one in jail for this? You’ll notice this was a Friday news story as to get the least amount of press.