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Student Loan Forgiveness for Frontline Healthcare Workers Act

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  • Student Loan Forgiveness for Frontline Healthcare Workers Act

    https://www.google.com/amp/s/www.for...l-workers/amp/

    Devil will be in the details of how they define contributing to fighting COVID. I have intubated/put central lines in multiple rule outs, etc even though I’m not in NYC. My wife has worn the hazmat suit and done swabs that came back positive even though she is not in NYC.

    Any chance this actually happens?

  • #2
    Originally posted by okayplayer View Post
    Any chance this actually happens?
    No, not for physicians anyway. It's just a bill introduced to pander. Happens all the time.

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    • #3
      Governor Cuomo indicated that all those healthcare workers that were brought in to assist with hard hit hospitals and temporary workers will be required to pay income taxes completely.
      Politicians make “statements” and vote differently when it comes to money.

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      • #4
        Surprised this is not of interest to folks here..

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        • #5
          Originally posted by okayplayer View Post
          Surprised this is not of interest to folks here..
          interest in what way?

          If it comes time they want to forgive my loans I won't complain. But certainly not actionable at this point. I think it's near zero chance anything of the sort happens.

          How would they answer to all the other people in student loan debt - who may now be out of work - that say "what about us"?

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          • #6
            Originally posted by okayplayer View Post
            https://www.google.com/amp/s/www.for...l-workers/amp/

            Devil will be in the details of how they define contributing to fighting COVID. I have intubated/put central lines in multiple rule outs, etc even though I’m not in NYC. My wife has worn the hazmat suit and done swabs that came back positive even though she is not in NYC.

            Any chance this actually happens?
            This kind of stuff disgusts me. It’s one thing to pass a law that all education moving forward will be given free. It is another to say that the people who have already paid their loans back will be penalized for doing so, while people who paid minimum loan amount will be getting a free ride.

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            • #7
              Originally posted by okayplayer View Post
              Surprised this is not of interest to folks here..
              Why would it? We just went through a Democratic nomination where multiple candidates were talking about doing this for everybody. It's of no interest to folks here because it's a long, long way from even being realistic. It's a pipe dream, at best.

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              • #8
                Here is what irks me.... There is a constant feed of new posters on the facebook forum from newly minted physicians taking out jumbo doctor mortgages (or a mortgage at all), going on nice vacations, and buying new cars all in lieu of paying off the student loan balance.

                I also saw what colleagues spent all the student loan money on, and it wasn't always books.

                Hazard pay, interest subsidy, or 0 percent forbearance for a period- I can deal with that. Full on student loan forgiveness? Nah

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                • #9
                  Originally posted by Brains428 View Post
                  Here is what irks me.... There is a constant feed of new posters on the facebook forum from newly minted physicians taking out jumbo doctor mortgages (or a mortgage at all), going on nice vacations, and buying new cars all in lieu of paying off the student loan balance.

                  I also saw what colleagues spent all the student loan money on, and it wasn't always books.

                  Hazard pay, interest subsidy, or 0 percent forbearance for a period- I can deal with that. Full on student loan forgiveness? Nah
                  Here's my legitimate question: has the government ever did something that rewarded citizens who have been fiscally responsible. I can't really think of anything off the top of my head.

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                  • #10
                    Originally posted by CordMcNally View Post

                    Here's my legitimate question: has the government ever did something that rewarded citizens who have been fiscally responsible. I can't really think of anything off the top of my head.
                    This is honestly becoming more and more of my life strategy calculus. In addition to obvious and oft discussed tradeoffs, you're much more likely it seems to be a random beneficiary of some kind of program if you actually have debt as opposed to were responsible.

                    I wasnt going to be super aggressive in paying off student loans anyways, but each year that passes the likelihood of something positive coming down the line just increase.

                    At this point it would have been really cheap to eliminate student loans for people.

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                    • #11
                      Originally posted by Brains428 View Post
                      Here is what irks me.... There is a constant feed of new posters on the facebook forum from newly minted physicians taking out jumbo doctor mortgages (or a mortgage at all), going on nice vacations, and buying new cars all in lieu of paying off the student loan balance.

                      I also saw what colleagues spent all the student loan money on, and it wasn't always books.

                      Hazard pay, interest subsidy, or 0 percent forbearance for a period- I can deal with that. Full on student loan forgiveness? Nah
                      THIS, 100%. Also, I've heard so many "well I'll just go do public service and get them forgiven" speeches by co- students, residents, attendings partying it up, buying BMWs etc that I've ignored all "drs need loans paid off" messages. You need to buy a car in residency sure, buy a used car. But a BMW bc you "worked so hard studying" for 4 extra years, nope. Go work construction for 4 years, or be a janitor, etc and see what "working hard while living paycheck to paycheck" really means (no disrepect to those professions they were just the first to come to mind). Pay off your loans. You knew the cost when you signed for them. Are schools too expensive now yes, but guaranteeing loans being paid off only incentivizes them to increase their cost of admission/attendance.

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                      • #12
                        Originally posted by CordMcNally View Post

                        Here's my legitimate question: has the government ever did something that rewarded citizens who have been fiscally responsible. I can't really think of anything off the top of my head.
                        Here is my facetious question: Why would you want to help citizens who are fiscally responsible?

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                        • #13
                          Does the proposed bill in current form allow for forgiveness of refinanced student loans?

                          The bill does mention eligible private loans and defines them as an educational loan as defined by Truth in Lending Act section 140(a), which I'm having a hard time making heads or tails of.

                          https://maloney.house.gov/sites/malo...rs_Maloney.pdf

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                          • #14
                            Originally posted by CordMcNally View Post

                            Here's my legitimate question: has the government ever did something that rewarded citizens who have been fiscally responsible. I can't really think of anything off the top of my head.
                            Several tax policies:
                            •encouraged homeownership- deductions for interest, property taxes, rolling basis into new residence, and exemption on sale.
                            •favorable long term capital gains rates
                            •favorable tax advantaged and deferral options available for those intelligent hard working individuals that make a boatload of money (not available to “common folk”. One can easily defer taxes in amounts greater than the gross pay of an average worker.
                            •Raised the life time gift tax limit.
                            To benefit from the above policies, one need to be fiscally responsible.

                            Well, the last one you COULD be just lucky. Very few irresponsible folk benefit from the above.

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                            • #15
                              Would any of you delay paying off student loans if you were sitting on the money currently in order to wait out these proposals given the very slim chance that: 1. This legislation passes and 2. High income earners aren’t excluded?

                              They are refinanced at a very low rate (1.9% and 2.6%) FWIW.

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