Student Loan forgiveness - Retroactive?

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bbq&qqq
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Student Loan forgiveness - Retroactive?

Post by bbq&qqq »

I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
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Re: Student Loan forgiveness - Retroactive?

Post by stoptothink »

bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
In before the lock...How would forgiveness be retroactively applied :confused That's just not possible without opening pandora's box; in that case, what do you do with everybody, ever, who has paid off their federal loans or even paid their own way through school? What about every borrower moving forward? If forgiveness does happen (which IMO, is insane), it will be a one-time thing.
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8foot7
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Re: Student Loan forgiveness - Retroactive?

Post by 8foot7 »

Congratulations on paying back as agreed the taxpayer money you borrowed to get an education.
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arcticpineapplecorp.
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Re: Student Loan forgiveness - Retroactive?

Post by arcticpineapplecorp. »

bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
huh?

you were in forebearance and didn't have to pay.

but you did.

you could have waited to see if the forebearance would have ended, or been extended.

if it was extended (it was) you could have continued to not pay due to forebearance.

if instead it ended, you could have paid then when it ended (though it didn't yet).

but you already paid.

now you want to know if what you paid will be refunded?

there was no risk in waiting to pay because if it didn't get extended you could have paid it then. if it got extended, you wouldn't have to pay.

so the question is why did you pay when you really didn't have to? and why do you want a refund when you'd only get money forgiven if you still owed? you don't.

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phinanciallyfit
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Re: Student Loan forgiveness - Retroactive?

Post by phinanciallyfit »

Are you eligible for forgiveness through one of the existing programs or are you speculating that a new forgiveness program will be approved?

If you are eligible through the PSLF program, then apply for forgiveness and see what happens. I have a family member who went to got a nursing degree after a divorce (so had loans despite being in her 60s now) who had her remaining student loans forgiven last year through the PSLF program. She had made more payments than required through the program and was refunded the excess she had paid. So, if you are eligible, than you may be able to get a refund for the extra you paid.
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Re: Student Loan forgiveness - Retroactive?

Post by CoastLawyer2030 »

bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
Why did you pay off student loans that had a zero percent interest rate and were in forbearance?
stoptothink
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Re: Student Loan forgiveness - Retroactive?

Post by stoptothink »

CoastLawyer2030 wrote: Fri Aug 05, 2022 12:22 pm
bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
Why did you pay off student loans that had a zero percent interest rate and were in forbearance?
Some of us are just that debt averse. I'm certainly guilty of paying off some really cheap debt when it made no mathematical sense, like recently paying off the balance of a credit card that still had 6 more months of 0% APR. BUT, I certainly don't expect the bank to reimburse me for it.
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Re: Student Loan forgiveness - Retroactive?

Post by TropikThunder »

By referring to “forgiveness being back on the table”, I believe OP is talking about recently revived discussions to forgive $10,000 by executive order, not to any blanket forgiveness. In any case, I’ve never seen any discussion about extending that forgiveness to prior borrowers who don’t still have loans. Whether one paid off their student loans 12 years ago, 12 months ago, or 12 days ago, if you don’t still have a balance you don’t get forgiveness (and certainly won’t get a refund).

Please don’t sidetrack the thread by debating whether it’s possible or advisable for Biden to do this.
stoptothink
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Re: Student Loan forgiveness - Retroactive?

Post by stoptothink »

TropikThunder wrote: Fri Aug 05, 2022 12:33 pm By referring to “forgiveness being back on the table”, I believe OP is talking about recently revived discussions to forgive $10,000 by executive order, not to any blanket forgiveness. In any case, I’ve never seen any discussion about extending that forgiveness to prior borrowers who don’t still have loans. Whether one paid off their student loans 12 years ago, 12 months ago, or 12 days ago, if you don’t still have a balance you don’t get forgiveness (and certainly won’t get a refund).

Please don’t sidetrack the thread by debating whether it’s possible or advisable for Biden to do this.
I don't think anybody misunderstood what the OP was talking about...but, this thread was destined to be closed.
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Re: Student Loan forgiveness - Retroactive?

Post by London »

OP, how far back should we go?
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Re: Student Loan forgiveness - Retroactive?

Post by galawdawg »

8foot7 wrote: Fri Aug 05, 2022 11:41 am Congratulations on paying back as agreed the taxpayer money you borrowed to get an education.
+1. Yes, thanks for not expecting those of us who already paid our own way years ago to also bear the financial burden of your debt, we appreciate it!

Now, if more borrowers and policy makers took that same viewpoint... :beer
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Re: Student Loan forgiveness - Retroactive?

Post by Hery »

Questions- did you pay as a lump sum or did you pay your usual monthly payments? This is very important. They will definitely refund you if you paid monthly payments that you didn't need to during the forbearance. If you paid a lump sum or multiple lump sums I don't know- you will definitely have to call your loan servicer to talk that over- as they might not be willing to refund you.

If you are not already on this, I recommend you join the Public Service Loan Forgiveness Program Support (PSLF) Group on Facebook. It is a wealth of accurate information on the PSLF program with very knowledgable moderators. It also avoids the anti-PSLF crowd that turns up on forums like this. Don't let the negative guilting posts get you down- you are not doing anything illegal or immoral by pursuing PSLF. It is no different than tax code- no reason to pay more than you have to. Additionally, you likely took a lower paying job in public service in order to qualify for this program.

Good luck!
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Re: Student Loan forgiveness - Retroactive?

Post by an_asker »

8foot7 wrote: Fri Aug 05, 2022 11:41 am Congratulations on paying back as agreed the taxpayer money you borrowed to get an education.
+1!
London
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Re: Student Loan forgiveness - Retroactive?

Post by London »

Hery wrote: Fri Aug 05, 2022 1:20 pm Questions- did you pay as a lump sum or did you pay your usual monthly payments? This is very important. They will definitely refund you if you paid monthly payments that you didn't need to during the forbearance. If you paid a lump sum or multiple lump sums I don't know- you will definitely have to call your loan servicer to talk that over- as they might not be willing to refund you.

If you are not already on this, I recommend you join the Public Service Loan Forgiveness Program Support (PSLF) Group on Facebook. It is a wealth of accurate information on the PSLF program with very knowledgable moderators. It also avoids the anti-PSLF crowd that turns up on forums like this. Don't let the negative guilting posts get you down- you are not doing anything illegal or immoral by pursuing PSLF. It is no different than tax code- no reason to pay more than you have to. Additionally, you likely took a lower paying job in public service in order to qualify for this program.

Good luck!
Where did OP mention PSLF?
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Re: Student Loan forgiveness - Retroactive?

Post by stoptothink »

London wrote: Fri Aug 05, 2022 1:30 pm
Hery wrote: Fri Aug 05, 2022 1:20 pm Questions- did you pay as a lump sum or did you pay your usual monthly payments? This is very important. They will definitely refund you if you paid monthly payments that you didn't need to during the forbearance. If you paid a lump sum or multiple lump sums I don't know- you will definitely have to call your loan servicer to talk that over- as they might not be willing to refund you.

If you are not already on this, I recommend you join the Public Service Loan Forgiveness Program Support (PSLF) Group on Facebook. It is a wealth of accurate information on the PSLF program with very knowledgable moderators. It also avoids the anti-PSLF crowd that turns up on forums like this. Don't let the negative guilting posts get you down- you are not doing anything illegal or immoral by pursuing PSLF. It is no different than tax code- no reason to pay more than you have to. Additionally, you likely took a lower paying job in public service in order to qualify for this program.

Good luck!
Where did OP mention PSLF?
PLSF only matters if they are eligible and if they still have loans after paying the $30k. I don't know why they would be asking about retroactive forgiveness if they still had loans, so I assume OP is now student loan free.
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Re: Student Loan forgiveness - Retroactive?

Post by an_asker »

CoastLawyer2030 wrote: Fri Aug 05, 2022 12:22 pm
bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
Why did you pay off student loans that had a zero percent interest rate and were in forbearance?
Makes perfect sense. Long long ago, I had purchased a PC for $2400 at a 0% interest rate for a year. On the 12th month, I wrote out a check for the remaining balance. That's similar to what OP did (maybe they didn't pay the entire loan back, but just a portion).

The problem he is now having is that the 0% loan is being extended and apparently some folks won't even need to pay their loans back. That is what he's wondering whether he lost out on!

In the case of my analogy, the analogy would be: the store extends the 0% rate and is now considering of giving a $1000 discount to all purchases made during the 0% purchase period (if and only if you have still an outstanding balance).
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Re: Student Loan forgiveness - Retroactive?

Post by stoptothink »

an_asker wrote: Fri Aug 05, 2022 1:37 pm
CoastLawyer2030 wrote: Fri Aug 05, 2022 12:22 pm
bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
Why did you pay off student loans that had a zero percent interest rate and were in forbearance?
Makes perfect sense. Long long ago, I had purchased a PC for $2400 at a 0% interest rate for a year. On the 12th month, I wrote out a check for the remaining balance. That's similar to what OP did (maybe they didn't pay the entire loan back, but just a portion).

The problem he is now having is that the 0% loan is being extended and apparently some folks won't even need to pay their loans back. That is what he's wondering whether he lost out on!

In the case of my analogy, the analogy would be: the store extends the 0% rate and is now considering of giving a $1000 discount to all purchases made during the 0% purchase period (if and only if you have still an outstanding balance).
The thought process does make some logical sense, but I would love to hear of a single example ever of it working like this in real life. It's simply too messy. Allowing for this opens up a million different situations for which those who paid back student loans could argue they should be reimbursed as well - where does it stop?
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Re: Student Loan forgiveness - Retroactive?

Post by Hery »

London wrote: Fri Aug 05, 2022 1:30 pm
Hery wrote: Fri Aug 05, 2022 1:20 pm Questions- did you pay as a lump sum or did you pay your usual monthly payments? This is very important. They will definitely refund you if you paid monthly payments that you didn't need to during the forbearance. If you paid a lump sum or multiple lump sums I don't know- you will definitely have to call your loan servicer to talk that over- as they might not be willing to refund you.

If you are not already on this, I recommend you join the Public Service Loan Forgiveness Program Support (PSLF) Group on Facebook. It is a wealth of accurate information on the PSLF program with very knowledgable moderators. It also avoids the anti-PSLF crowd that turns up on forums like this. Don't let the negative guilting posts get you down- you are not doing anything illegal or immoral by pursuing PSLF. It is no different than tax code- no reason to pay more than you have to. Additionally, you likely took a lower paying job in public service in order to qualify for this program.

Good luck!
Where did OP mention PSLF?

Fair point. They did not. The Biden executive order and the long road of non-PSLF forgiveness are other options for loan forgiveness.

The federal loan servicers have been refunding payments made during the Covid forbearance, but I do not know if that applies to lump sum payments or payments that completely pay off the loans. Discussing directly with the servicer is the best approach here.
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Re: Student Loan forgiveness - Retroactive?

Post by strummer6969 »

bbq&qqq wrote: Fri Aug 05, 2022 11:14 am Did we throw away free money or will forgiveness be retroactively applied?
There's no such thing as free money from the government. Someone will pay for it through taxation or a hidden tax (aka inflation).
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Re: Student Loan forgiveness - Retroactive?

Post by CoastLawyer2030 »

an_asker wrote: Fri Aug 05, 2022 1:37 pm
CoastLawyer2030 wrote: Fri Aug 05, 2022 12:22 pm
bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
Why did you pay off student loans that had a zero percent interest rate and were in forbearance?
Makes perfect sense. Long long ago, I had purchased a PC for $2400 at a 0% interest rate for a year. On the 12th month, I wrote out a check for the remaining balance. That's similar to what OP did (maybe they didn't pay the entire loan back, but just a portion).

The problem he is now having is that the 0% loan is being extended and apparently some folks won't even need to pay their loans back. That is what he's wondering whether he lost out on!

In the case of my analogy, the analogy would be: the store extends the 0% rate and is now considering of giving a $1000 discount to all purchases made during the 0% purchase period (if and only if you have still an outstanding balance).
I have paid off 0% loans early as well, but not (1) zero percent loans that were in forbearance and required zero payments, or (2) zero percent loans where there was huge national discussion to "cancel" a substantial portion of that zero percent loan during said forbearance.
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Re: Student Loan forgiveness - Retroactive?

Post by Colorado13 »

strummer6969 wrote: Fri Aug 05, 2022 1:57 pm
bbq&qqq wrote: Fri Aug 05, 2022 11:14 am Did we throw away free money or will forgiveness be retroactively applied?
There's no such thing as free money from the government. Someone will pay for it through taxation or a hidden tax (aka inflation).

+1

I can't envision a reasonable way for this to be applied retroactively, nor should it be.
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Re: Student Loan forgiveness - Retroactive?

Post by arcticpineapplecorp. »

Even if you owe more than $10,000, it can still be wise to take advantage of the government’s pause on student loan payments. You can use the extra cash instead to wipe out high-interest credit card debt, for example, or to build up your emergency savings.

An important note: If you’re enrolled in an income-driven repayment plan or pursuing public service loan forgiveness, you definitely don’t want to continue paying your loans.

That’s because months during the government’s payment pause still count as qualifying payments for those programs, and since they both result in forgiveness after a certain amount of time, any cash you throw at your loans during this period just reduces the amount you’ll eventually get excused.

source: https://www.cnbc.com/2022/08/05/waiting ... o-now.html
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Re: Student Loan forgiveness - Retroactive?

Post by neurosphere »

Colorado13 wrote: Fri Aug 05, 2022 2:10 pm
strummer6969 wrote: Fri Aug 05, 2022 1:57 pm
bbq&qqq wrote: Fri Aug 05, 2022 11:14 am Did we throw away free money or will forgiveness be retroactively applied?
There's no such thing as free money from the government. Someone will pay for it through taxation or a hidden tax (aka inflation).

+1

I can't envision a reasonable way for this to be applied retroactively, nor should it be.
There are certainly some situations where the government returns student loan payments which were made but not required. Some can be returned at any time, others are refunded upon forgiveness (depending on the TYPE of forgiveness).

OP should describe what loans they have, what payment plan they were on, and what type of forgiveness they think they may be eligible for.

BUT, I suspect they are referring to a possible future forgiveness (e.g. similar to a fixed dollar amount as proposed or hinted at by certain elected government officials), not yet codified into law. And in such a case I am not aware of any current mechanism for getting payments returned.
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Re: Student Loan forgiveness - Retroactive?

Post by Godot »

bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
I did the same, but for different reasons. Paid off loan after FedLoan Servicing told me in writing that my loan did not qualify for PSLF. (This is after I spent numerous hours documenting, copying, certifying, and mailing application and relevant documents.) In fact it did qualify for PSLF. I wrote/emailed/called my congressman numerous times. No response. I wrote FedLoan Servicing. No response. Have kissed that money goodbye. Poorly conceived, organized, and executed program. Standard.
Last edited by Godot on Fri Aug 05, 2022 2:51 pm, edited 2 times in total.
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Re: Student Loan forgiveness - Retroactive?

Post by Godot »

stoptothink wrote: Fri Aug 05, 2022 11:35 am
bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
In before the lock...How would forgiveness be retroactively applied :confused That's just not possible without opening pandora's box; in that case, what do you do with everybody, ever, who has paid off their federal loans or even paid their own way through school? What about every borrower moving forward? If forgiveness does happen (which IMO, is insane), it will be a one-time thing.
Agree 100%! On another note: Not sure how this thread is still open.
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Re: Student Loan forgiveness - Retroactive?

Post by jarjarM »

Godot wrote: Fri Aug 05, 2022 2:44 pm
stoptothink wrote: Fri Aug 05, 2022 11:35 am
bbq&qqq wrote: Fri Aug 05, 2022 11:14 am I haven't been able to find any specifics on this and figured I'd see if anyone else here knew.

My wife and I paid off ~$30k last year in student loans because the forbearance was supposed to end. However, they end up extending the forbearance period and now forgiveness is supposedly back on the table(for real this time?). Did we throw away free money or will forgiveness be retroactively applied?
In before the lock...How would forgiveness be retroactively applied :confused That's just not possible without opening pandora's box; in that case, what do you do with everybody, ever, who has paid off their federal loans or even paid their own way through school? What about every borrower moving forward? If forgiveness does happen (which IMO, is insane), it will be a one-time thing.
Agree 100%! On another note: Not sure how this thread is still open.
:thumbsup

In before lock as well
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Re: Student Loan forgiveness - Retroactive?

Post by toddthebod »

#1, I can't believe this thread hasn't been locked. But #2, there is no way this could be implemented retroactively without Congressional action. There are a number of legal theories on how the Executive Branch could have the authority to forgive student loans, and absolutely none of them would allow for retroactive forgiveness and return of money.
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Re: Student Loan forgiveness - Retroactive?

Post by an_asker »

stoptothink wrote: Fri Aug 05, 2022 1:49 pm
an_asker wrote: Fri Aug 05, 2022 1:37 pm
CoastLawyer2030 wrote: Fri Aug 05, 2022 12:22 pm [...]
Why did you pay off student loans that had a zero percent interest rate and were in forbearance?
Makes perfect sense. Long long ago, I had purchased a PC for $2400 at a 0% interest rate for a year. On the 12th month, I wrote out a check for the remaining balance. That's similar to what OP did (maybe they didn't pay the entire loan back, but just a portion).

The problem he is now having is that the 0% loan is being extended and apparently some folks won't even need to pay their loans back. That is what he's wondering whether he lost out on!

In the case of my analogy, the analogy would be: the store extends the 0% rate and is now considering of giving a $1000 discount to all purchases made during the 0% purchase period (if and only if you have still an outstanding balance).
The thought process does make some logical sense, but I would love to hear of a single example ever of it working like this in real life. It's simply too messy. Allowing for this opens up a million different situations for which those who paid back student loans could argue they should be reimbursed as well - where does it stop?
I agree with what you wrote. But my response was to the specific question. Let me remove the extra quoted section. :sharebeer
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Re: Student Loan forgiveness - Retroactive?

Post by an_asker »

Godot wrote: Fri Aug 05, 2022 2:44 pm [...]
On another note: Not sure how this thread is still open.
Maybe because no one called a moderator ;-)
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Re: Student Loan forgiveness - Retroactive?

Post by LadyGeek »

^^^ Sorry for the delay. This thread has run its course and is locked. Speculation about future legislation is prohibited by forum policy, see: Unacceptable Topics
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