Announcement

Collapse
No announcement yet.

Student Loan Forgiveness for Frontline Healthcare Workers Act

Collapse
X
Collapse
First Prev Next Last
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Originally posted by Eaztkoast View Post
    Whoa. Contentious forum...
    Easy solution/compromise for those of use who REALLY could use debt relief/are not living large and those who have already been responsible and paying off those loans....
    Forgive debt (or a significant portion of it) for those who really need it, Anyone who has put forward payments to pay it down (within 5yrs) gets to claim it as a Tax Deduction.
    Is that a good compromise?
    define “really need it”

    Comment


    • Any refund if paid in cash? Parents or just students? Deduction? Why not a credit? Will a cash refund be issued?

      Comment


      • Originally posted by Eaztkoast View Post
        Whoa. Contentious forum...
        Easy solution/compromise for those of use who REALLY could use debt relief/are not living large and those who have already been responsible and paying off those loans....
        Forgive debt (or a significant portion of it) for those who really need it, Anyone who has put forward payments to pay it down (within 5yrs) gets to claim it as a Tax Deduction.
        Is that a good compromise?
        Deduction vs credit. Big difference. What about those who served in the military to pay for school. Do they get income supplementation now?

        Comment


        • Originally posted by ginmqi View Post

          Wow. An unabashed defense of the exploitative capital class and a complete FU to the working class. He also incorrectly compares national debt default (ie Argentina) to that of personal debt "defaults" by way of govt subsidizing/discharging people's debts. Not to mention the Fed could easily inject capital into the working class instead of the banks and wall street by immeditaely paying off some of the people's debts instead of propping up "the markets."

          Also, no where do we see the fact that the Fed and Congress/White House routinely bail out and issue "forgiveness" money to the tune of trillions to the capital class when equity markets and banks were in distress (2008 and 2020).

          But when it's time to help out the working people...all of a sudden we need to worry about property rights of the creditors and subsequent rise in interest rates?

          Truly despicable but what more do you expect from a piece published in the National Review? Par for the course.
          Please define "working class" and "capital class" for me. I'm not defending this article by any means. I think it's a clunky if not inaccurate way of looking at the problem. "Working people" took out multiple mortgages leading up to 2007/8. "Working people" took on tens if not hundreds of thousands of educational debt on the backs of future taxpayers. Why exactly do they need to be overlooked as responsible parties here or deserve a handout of some sort? BTW, I will defend National Review as a publication that doesn't typically yield "despicable" articles. That take is wrong as well IMO.

          Comment


          • Fair points...
            1) "Those who really need it": Income to student debt ratio >3, or a gradation scale thereof. Would not need to be absolute but adjustable based on this ratio (ie those with larger ratios would receive greater proportional forgiveness of current federally owned debt, additional advantages for public employment, charitable, akin to other loan forgiveness programs, etc)
            2) No one, no government, in my understanding of reality, is going to provide a cash infusion back to doctors for educational debt already paid. Cash infusion to Hospitals? Sure. CMGs? Of course. Poorly run for profit health systems, absolutely because they all have the lobbying, political clout, employee enough people, and marketing to argue they're providing an essential resource and are broke/ "really need it". Often times they're not broke, they spend a lot of money to endorse that false narrative (lobbying/marketing/trade organizations) to assist in culminating in their own increased revenues/dividends/bonuses etc, we provide that resource, people think we're rich, and many of us, particularly young docs working quite hard now on frontlines in part to help undo that, are consumed by debt and financially struggling. I don't see the AMA or ACEP really advocating that point as I imagine they don't want to bite the hand that feeds them but also because many of the administrators in those organizations are not in similar positions (paid off debt years ago at lower interest rates, are at a point in their careers they're not as clinically active, are more administrative than clinical). I say this because it's not realistic to expect or advocate for any cash infusion to doctors (nurses, PAs, maybe) but not doctors. In turn I think the only practical thing to advocate is tax forgiveness.
            3) To the point of time frame for both relief and subsequent tax deduction does not need to be absolute (e.g. any debt paid off within the past 5years can be counted as tax deductible on current annual income at a rate of 75%, between years 6-8, 66%, 8-10 50% or similar graduated structing).
            4) To those who served in the military or are currently serving, why not role it into existing military benefits (e.g elevated pension percentage, decreased years of active or reserve service requirements to reach that pension or fulfillment of obligations, quicker advancement of rank, etc). I claim little knowledge of military benefits other than what I've heard from my colleagues and would welcome any ideas or insight.

            If we're going to advocate for ourselves as a profession in this moment with any success, and I feel we should, we need to form a reasonable approach that is both defensible and deliverable as well as practical.

            Comment


            • “Income to student debt ratio >3,”
              You are 100% correct that an effective lobby would be needed.
              The question becomes how the system could be gamed. Any limits or boundaries on debt or income? Rolling averages or phased forgiveness?
              Time frames?
              I COULD game the system, low pay for forgiveness and catch-up bonuses. I guarantee that avenue would be explored. High income would be the first objection followed by running up high debt.
              The current government programs address both. Just not in the time frame you suggest.
              Good luck rounding up funding for the organized lobbying. Creative ideas.

              Comment

              Working...
              X