Mixed feedback on student debt relief

President Joe Biden’s loan forgiveness of $10,000 is a vote-buying stunt and an insult to American taxpayers [“Prez presents student loan debt plan,” News, Aug. 25]. What about the past responsible students who paid their loan commitments by sacrifice and struggle? Or the parents who sacrificed to help their children pay for higher education?

People made choices like taking one or two jobs, forgoing spring break and family vacations, putting off big purchases, no premium cable, etc.

Why does income above $125,000 exempt some? Because they worked hard and succeeded by using degrees to get gainful employment?

This forgiveness gift should be taxable. Those who have repaid have done so with taxed dollars.

And is this gift going to those who have been in default without attempting to pay back their loan, rewarding bad behavior? If so, this will embolden others to default on loans in hopes of a bigger taxpayer bailout.

Let’s nationalize all student debt and fix the interest rate tied to a lower national prime interest rate.

Loan forgiveness should be reserved for students entering careers in underserved communities or meeting national security needs.

I went to college and responsibly paid back my loans. Who’s the fool?

— Patrick O’Farrell, Islip

It took me nearly 20 years to pay off my student loans, and I must say it doesn’t seem fair that I wasn’t lucky enough to get a nice $10,000 knocked off. But I’m not all that mad about a generation of young adults stuck in debt getting a bit of help.

I don’t necessarily agree with the decision, and it doesn’t seem right to give a handout to some of the most privileged people in our society, but if it frees them up to be able to put some money back into the economy, perhaps it’s a win in the end for everyone.

Corporations have been getting bailed out by taxpayers for decades, and I am confident that anyone you hear complaining about this loan forgiveness won’t say anything when corporations get their handouts.

Thousands of businesses likely abused loans from the government Paycheck Protection Program in 2020 when they didn’t really need them and then had them forgiven. Those loans saved many businesses, but some made massive profits while collecting checks.

So please don’t go around crying about normal working-class people getting a break for once.

— Philip Bianco, St. James

It irks me that some pundits call people “suckers” for paying their student loans. Those of us who paid our loans did so because it was the right thing to do. No, I will not personally benefit from the student loan forgiveness, and neither will my children. But my grandchildren might. And that’s good enough for me. Today, the next generation of college students have an opportunity pay off loans that are at times predatory, compounding unpaid interest into the principal.

Helping students pay for college allows them easier access toward upward mobility. When individuals achieve upward mobility, America benefits. Often, they are the first in their families to go to college, as I was. So, stop whining, America, and be happy for the kids.

— Carl Viñas, Huntington

When a student makes income-based payments and the current payment does not cover the monthly interest due, the difference is added to the principal owed. What you owe increases monthly by the amount of unpaid interest due.

So, when forgiving $10,000 of your outstanding debt, the government effectively is repaying some of the increased debt. The more debt you have, the less reduction you will see in your original loan balance.

Also, if the states decide to treat the loan forgiveness as taxable income, you will have to use cash to pay taxes.

  — John R. Volpe, East Meadow

The writer works on tax returns for an accounting firm.

Kids will never learn integrity this way. Why not also cancel credit card bills, car payments and mortgage payments? President Joe Biden could just print money 24/7.

— Richard Cardozo, Westbury

Instead of canceling student debt, cancel car loans. This way, we can sell our gas-guzzling SUVs and buy electric cars. That would help everyone breathe and maybe satisfy those concerned about climate change, fearing for their lives.

— Bernie McGrath, Holbrook

The debt relief plan unfortunately uses joint total income on a tax return. It should instead be linked to the income of the individual debtor. Right now, a couple with, say, $255,000 in total income, where the spouse with the debt has, say, $60,000 of that total, will not be allowed the forgiveness.

— Michael Lefkowitz, East Meadow

Transferring debt from people who borrowed it to people who didn’t is just in time for the midterm elections.

— Bradley Morris, Astoria