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Billionaire Robert F. Smith is paying off the student loans of every 2019 Morehouse grad..

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Comments

  • RedBlackDawgRedBlackDawg Posts: 354 ✭✭✭ Junior

    You are correct that there is a $15K FEDERAL student loan limit annually(last time I checked). Many students then take out private student loans to make up for the rest. I may be mistaken, but is Mr. Smith only going to wipe out outstanding federal student loans?

    If Mr. Smith pays off $150K loan for said student (regardless of federal or private), the IRS considers that income. Next April 15, said student will need to come up with approximately $50K for federal, state, and local taxes...all at once. That $50K might be hard to come up with if you have a liberal arts degree. My life experiences have taught me that nothing is ever truly "free".

  • UGA_2019UGA_2019 Posts: 157 ✭✭✭ Junior

     It sounds very much like the "everyone gets a loan" rules that got us into the housing crisis.

    We're definitely in agreement on this right here. "Everybody gets a loan" gets us into trouble, as we have seen before. To quote Jean Paul Getty, "If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem."

  • UGA_2019UGA_2019 Posts: 157 ✭✭✭ Junior

    @RedBlackDawg All my previous comments have been in reference to a proposed plan to forgive only federal student loan debt, that seems to be where the miscommunication has come from. Regarding Mr. Smith's generous gift to those graduates, they will not be paying taxes on the gift they received since paying off someone's student loans is considered a non-taxable gift. In that case, the only tax that applies is the gift tax which is the responsibility of the donor. If you google the phrase "h&r block what if someone else pays your student loans" the first link should be a nice article that explains why.

  • RedBlackDawgRedBlackDawg Posts: 354 ✭✭✭ Junior

    Wow, I stand corrected. I was not aware of this in the tax code. Good for the grads! They won the lottery (too bad, class of 2018 or 20, just luck of the draw). As for Mr. Smith, he obviously didn't become a billionaire making impulsive decisions.

    As for the larger question of college affordability, there is already available a means for ALL US citizens to have their college education expenses paid for....enlist in the military and serve your country after they pay for your college....

  • BamaDawgBamaDawg Posts: 2,506 ✭✭✭✭✭ Graduate

    Hey it wasnt my initial point to bust your (you know). I saw no problem with the statement. I was just irritated that I had been told to avoid it. Nothing personal.

  • KaseyKasey Posts: 25,670 mod

    I'll take you at your word, but your subsequent posts lead me to believe otherwise. All water under the bridge now

  • BankwalkerBankwalker Posts: 5,348 ✭✭✭✭✭ Graduate

    I shall denigrate you (plus any snotty ivy leaguers) as I please. You have chosen to change your name to hide from your past posting practices, which is pretty par for the course for a progressive embracing the intellectual dishonesty of the left. There is no “slippery slope”. What I posted is the known agenda of the democrat party.

  • KaseyKasey Posts: 25,670 mod

    Lead...past tense. I’m over it now. First beverage is on me next time

  • YaleDawgYaleDawg Posts: 6,389 ✭✭✭✭✭ Graduate
  • MODawgMODawg Posts: 479 ✭✭✭✭ Senior

    Well he did use a new n word: dindu. Don't think he meant to type that. Probably just a slip bc he was soooo mad. The black players for UGA are some of the "good ones", right @Bankwalker?

  • ghostofuga1ghostofuga1 Posts: 8,734 mod

    I've restrained myself from stepping in. But I do suggest this post not be taken any further.

  • MODawgMODawg Posts: 479 ✭✭✭✭ Senior

    I think you should have stepped in after he said that racist bs. Jmo of course

  • tfk_fanboytfk_fanboy Posts: 2,821 ✭✭✭✭✭ Graduate

    I reported his post shortly after it happened and no mod stepped in all day. "dindu" should not be allowed on here, especially in context of that poster and his other comments

  • KaseyKasey Posts: 25,670 mod
  • FirePlugDawgFirePlugDawg Posts: 5,480 ✭✭✭✭✭ Graduate

    If you had read my comment on Page 1 here, you wouldn't have been mistaken about the taxation. That comment gave the link to the Forbes article that said the gift was tax free to the students. I repeated that in my comment so that if one did not want to go to the link, they would have that tidbit.

  • FirePlugDawgFirePlugDawg Posts: 5,480 ✭✭✭✭✭ Graduate

    @BamaDawg Cannot quote as it says too long. This from the bottom of Page 3. You wrote: "I totally understand what your saying, but it doesn't negate the fact that the statement that was given was a lie. Hypothetically, I had a policy before ACA. Whether it was a "crap" policy or not is irrelevant. As you stated in your rebuttal, insurers dropped numerous policies because of the ACA. Then, because of ACA, they came out with new policies that in most cases were much more than the previously so called "crap" policies. Policies that a lot of people could no afford. Or as in my sister's case. Her previous insurer no longer provide insurance in the state she lived in. Therefore she had to get a different carrier, at a higher rate, that her kids' pediatrician did not take. Ergo, she did not get to keep the "kids'" doctor. I doubt she was the only one in the US that encountered this problem."

    My turn. Many problems with this. Obama's statement wasn't a lie. There is/was nothing in the ACA to make insurers shed doctors. NOTHING.

    (Don't understand what this means: "Hypothetically, I had a policy before ACA." You either did or did not.)

    As to insurers dropping policies - has nothing to do with any requirement or incentive in the ACA. Insurers drop and add policies all the time. For ANY reason.

    Also, you said, "Then, because of ACA, they came out with new policies...." There is no THEN. The ACA did what it did regardless of what the insurers did as to dropping/changing policies they offered. No relationship.

    As to pricing, short answer is that the original fees were affordable for the plans offered. They well may have been more that the crap policies that some lost due to the insurers dropping them. They were crap because the coverage was poor. Poor coverage can be a cheaper policy, but what have you purchased?

    The ACA was means tested so that the lower end got a subsidy, and the plans were VERY affordable. More recently efforts are set to eliminate the subsidy. Also, the individual mandate penalty expires this year. The individual mandate, while too small, was a gesture to increase the risk pool of policy buyers. More buyers, less risk for the insurers. Less risk for the insurers, the cheaper the policies are to the insurer, and through competition, the policies can be offered for less. So the ACA respects the power of the marketplace.

    As to your sister's insurer leaving the state, while odd, insurers pick their markets in which they think they can be competitive and make money. Medicare Advantage plans - Part C - make changes annually and do it by county. For commercial plans usually the polices change. In any case, you are linking the ACA to the change. May be linked or perhaps not. As to pediatricians, they are an odd bunch as to insurance.

    Who knew that health insurance is so complicated?

  • MeR3htidMeR3htid Posts: 2,525 ✭✭✭✭✭ Graduate

    I hear a lot of the male students at Morehouse have gender identity issues. If this is a societal trend and not exclusive to the Morehouse community then the African American community of which I am a part is in HUGE, HUGE trouble. 😎😎😎

  • RxDawgRxDawg Posts: 2,887 ✭✭✭✭✭ Graduate

    Talking about race isn't racism. People really need to get away from tossing this awful term around so cavalier.

  • BamaDawgBamaDawg Posts: 2,506 ✭✭✭✭✭ Graduate

    @FirePlugDawg


    Didn't know we were taking turns, but this will be my last post on the subject.

    As for the statement "if you like you doctor, you can keep your doctor", I am not going to change your mind and you are not going to change mine. I could go online and dig up 100 articles describing how that statement was a lie and how the ACA destroyed lives and you could do the opposite. This would turn into one of those arguments that @Kasey & @ghostofuga1 want us to avoid. So let's just agree to disagree.


    Go Dawgs

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