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MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS
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Government & Elections
MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS
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http://truth-out.org/news/item/9054-indentured-servitude-for-seniors-social-security-garnished-for-student-debts Here's a story of a grandma 68 yrs old went back to college in her 50's with&nbs
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Cat:d51398b3-89f9-463d-bf1b-4b885f02c9eeForum:af978875-5bc6-4b07-a6fb-b18062132f95
Cat:d51398b3-89f9-463d-bf1b-4b885f02c9eeForum:af978875-5bc6-4b07-a6fb-b18062132f95Discussion:b2391371-a9ef-476f-a29a-067585248d83
Forums » Politics & Society » Government & Elections » MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS
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MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS
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MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS
posted at May 11, 2012 7:46 PM EDT
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Posts: 12532
First: February 29, 2008 Last: May 17, 2013 |
Here's a story of a grandma 68 yrs old went back to college in her 50's with a student loan balance of about 3500.00. Could not find a job...had poor health and now her SS check is garnished 15% cause she now owes b/t $17,000--20,000
How can that be. ? Well Congress has removed nearly every consumer protection from student loans. Stats are the US seniors 60+ owe $36.5 billion. The total debt is over 1 trillion overall. Congress cannot agree on $6 billion to save the students, yet they managed to agree in a matter of days in September 2008 to come up with $700 billion to save the banks; and the Federal Reserve found many trillions more. ( This above is a snapshot of what this article is about... suggest everyone read it....it also involves your healthcare. Republicans want to take the money from a health care fund that promotes preventive care; Democrats want to eliminate some tax benefits for small business owners especially those who incorporate just for tax breaks & don't hire anyone i.e. professionals in partnerships and those who organize themselves as a business for tax purposes but earn little if any income from the enterprise ) |
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Re: MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS
posted at May 12, 2012 9:38 AM EDT
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Posts: 1923
First: November 27, 2011 Last: May 18, 2013 |
In Response to MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS: http://truth-out.org/news/item/9054-indentured-servitude-for-seniors-social-security-garnished-for-student-debts Here's a story of a grandma 68 yrs old went back to college in her 50's with a student loan balance of about 3500.00. Could not find a job...had poor health and now her SS check is garnished 15% cause she now owes b/t $17,000--20,000 How can that be. ? Well Congress has removed nearly every consumer protection from student loans. Stats are the US seniors 60+ owe $36.5 billion. The total debt is over 1 trillion overall. Congress cannot agree on $6 billion to save the students, yet they managed to agree in a matter of days in September 2008 to come up with $700 billion to save the banks; and the Federal Reserve found many trillions more . ( This above is a snapshot of what this article is about... suggest everyone read it....it also involves your healthcare. Republicans want to take the money from a health care fund that promotes preventive care; Democrats want to eliminate some tax benefits for small business owners especially those who incorporate just for tax breaks & don't hire anyone i.e. professionals in partnerships and those who organize themselves as a business for tax purposes but earn little if any income from the enterprise ) Posted by JANMB You are VERY misinformed - President Obama & HHS has already raided this particular part of Obamacare. You're smart - look it up. Did you know that the President's very own budget proposal for 2013 cut the Prevention and Public Health Fund (PPHF) by $4 billion over ten years. And the President's deficit reduction plan included cuts to the Prevention Fund, which would result in a 25 percent reduction in this investment by FY 2015 And back in November 2011, the Supercommittee Democrats proposed cutting the trust fund by $8 billion, more than half the $15 billion set aside for the fund in its first 10 years. President Barack Obama signed legislation on February 22, 2012 that cuts the fund by $5 billion over 10 years to help pay for other initiatives, including a continuation of payroll tax breaks. In September 2011 President Obama recommended cutting the fund by $3.5 billion over 10 years starting in fiscal year 2014 to reduce the federal deficit. In February 2012, in his fiscal year 2013 budget request, he recommended $4 billion in cuts. The cuts also were used to help fund that payroll tax deduction/ and Democrats voted for this measure last year. Many Democrats have supported all these efforts and cuts to the PPHF - so what's a little more cause it is for . . . . . . . the students. Now for that senior that went back to college - depending upon their age, might have been a very bad plan. Now I'm gonna guess that these are Fed. Subsidized Student Loans and yes, if you end up defaulting on them after all the payback methods offered, the government can get it's money in many ways - even attaching the SS benefit check or an IRS refund. Take a walk down your street - MAIN Street USA and find out how many of those hardware stores, restuarants, frame shops, etc. are all organized under those Sub-chapter S Corps. I know many artist, musicians, craftsmen that are also set up this way. These are the people that would be affected by such a move as the Democrats have suggested. Under Sub-chapter S, these owners are employees and pay themselves a salary - remaining money, if any, is then distributed to them as a shareholder. |
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Re: MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS
posted at May 16, 2012 3:46 PM EDT
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Posts: 12532
First: February 29, 2008 Last: May 17, 2013 |
In Response to Re: MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS: In Response to MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS : You are VERY misinformed - President Obama & HHS has already raided this particular part of Obamacare. You're smart - look it up. Did you know that the President's very own budget proposal for 2013 cut the Prevention and Public Health Fund (PPHF) by $4 billion over ten years. And the President's deficit reduction plan included cuts to the Prevention Fund, which would result in a 25 percent reduction in this investment by FY 2015 And back in November 2011, the Supercommittee Democrats proposed cutting the trust fund by $8 billion, more than half the $15 billion set aside for the fund in its first 10 years. President Barack Obama signed legislation on February 22, 2012 that cuts the fund by $5 billion over 10 years to help pay for other initiatives, including a continuation of payroll tax breaks. In September 2011 President Obama recommended cutting the fund by $3.5 billion over 10 years starting in fiscal year 2014 to reduce the federal deficit. In February 2012, in his fiscal year 2013 budget request, he recommended $4 billion in cuts. The cuts also were used to help fund that payroll tax deduction/ and Democrats voted for this measure last year. Many Democrats have supported all these efforts and cuts to the PPHF - so what's a little more cause it is for . . . . . . . the students. Now for that senior that went back to college - depending upon their age, might have been a very bad plan. Now I'm gonna guess that these are Fed. Subsidized Student Loans and yes, if you end up defaulting on them after all the payback methods offered, the government can get it's money in many ways - even attaching the SS benefit check or an IRS refund. Take a walk down your street - MAIN Street USA and find out how many of those hardware stores, restuarants, frame shops, etc. are all organized under those Sub-chapter S Corps. I know many artist, musicians, craftsmen that are also set up this way. These are the people that would be affected by such a move as the Democrats have suggested. Under Sub-chapter S, these owners are employees and pay themselves a salary - remaining money, if any, is then distributed to them as a shareholder. Posted by GailL1 I did look it up..... THE TRUTH IS ---The U.S. has roughly 6 million businesses that employ people, and 20 million businesses without employees or solo operators or those who just incorporate for tax writeoffs. i.e professionals in partnerships and those who organize themselves as a business for tax purposes but earn little if any income from the enterprise. Small businesses are defined as having fewer than 500 workers each. |
Forums » Politics & Society » Government & Elections » MIGHT BE SURPRISED WHAT STUDENT LOANS HAVE TO DO WITH SENIORS
