Student Tax Option Plan

Student Tax Option Plan The Student Tax OPtion (STOP) Act is proposed legislation that makes all student loan payments, including interest and penalties, a tax CREDIT.

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The concept that it can be resolved by waving a magic wand to forgive student loans is and has not been presented realis...
10/27/2020

The concept that it can be resolved by waving a magic wand to forgive student loans is and has not been presented realistically.

First, most “forgiveness solutions” ignore the need to forgive loans year after year as more indebted students graduate or become liable for their student loans.

Second, most “forgiveness solutions” place income caps on whose loan could be forgiven. One proposal sets the cap at $50,000 of income; the current Biden proposal sets a cap at $125,000. Is there a reason why a student with an income of a dollar less than the cap should have their loans forgiven and student with an income of dollar more than the cap should not?

Third, “forgiveness solutions” reflect forgiveness on FEDERAL loans and students are still left with significant balances on their PRIVATE education loans.

Fourth, the current Biden proposal only covers FEDERAL loans from attending public colleges/universities and traditional black colleges/universities. Private colleges/universities are not covered.

Fifth, a “forgiveness solution” creates significant disruption in the student loan program. https://bit.ly/3iPgSGU

A realistic solution provides a way for both current and future student loan holders to turn the tide on their financial...
10/24/2020

A realistic solution provides a way for both current and future student loan holders to turn the tide on their financial situation in a gradual way as efforts to increase both federal and state support of post-secondary education gain success over the years. That solution is to recognize student loan payments (principal, interest and fees) as federal tax CREDITS.

This immediately increases the CURRENT income of student loan holders directly proportional to their individual debt service and tax liability.

This also eliminates the need for Congress to appropriate funds to forgive student loans year after fiscal year.

A federal tax credit solution creates a new middle class. A class that has disposable income that can be used for automobile purchases, home purchases, family formation (marriages and children). LEARN MORE ABOUT THE STOP ACT AND HOW IT CAN CREATE A NEW MIDDLE CLASS: https://bit.ly/3iPgSGU

3.6 million people over 60 years of age now owe $89.9 BILLION.This caused a 161% increase in student loan debt held by t...
10/23/2020

3.6 million people over 60 years of age now owe $89.9 BILLION.

This caused a 161% increase in student loan debt held by those over age 60 (from 2010-2017).

The average loan balance in 2017 for those over 60: $33,800. In what seems to be unthinkable, 114,000 persons in 2015 had their Social Security payments garnished to repay student loans. LEARN MORE: https://studenttaxoption.org/student-loan-crisis/

The impact on older Americans is stunning, in 2008 lenders began requiring parents (or grandparents) to cosign for their...
10/22/2020

The impact on older Americans is stunning, in 2008 lenders began requiring parents (or grandparents) to cosign for their child’s (or grandchild’s) loans. This happened because the credit ability of students was insufficient to cover the increased costs of tuition, books, fees and housing.

Consequently, persons over 60 years of age now owe $89.9 BILLION owed by 3.6 million persons 60 years old and older. LEARN MORE: www.studentaxoption.org

Doris hadn't planned on taking on debt at this stage in her life, but when her first grandchild needed a little help pay...
10/21/2020

Doris hadn't planned on taking on debt at this stage in her life, but when her first grandchild needed a little help paying for college in 2005, she was eager to help out!

Even though she had never attended college herself, she was in a good financial place with a thriving career. She saw no issues with co-signing for a loan to help her grandson.

Then the 2008 financial crisis hit and her grandson couldn't find a job when he graduated. When he finally found employment, he could barely make ends meet. So, Doris decided to help out by continuing to help with her grandson's student loans.

Now, instead of buying her dream condo in Florida, she's spending her extra money from her social security check paying off student loans.

Doris is not alone. Doris is just one of the over 3.6 million Americans 60 or older who still have student loan debt. Learn how you can help individuals like Doris by learning more about the STOP Act. https://bit.ly/2ZC8YsM

But, student loans don't impact me, they only impact younger people. FALSE!The impact on older Americans is stunning, in...
10/20/2020

But, student loans don't impact me, they only impact younger people.

FALSE!

The impact on older Americans is stunning, in 2008 lenders began requiring parents (or grandparents) to cosign for their child’s (or grandchild’s) loans.

This happened because the credit ability of students was insufficient to cover the increased costs of tuition, books, fees and housing.

People over 60 years of age now owe $89.9 BILLION owed by 3.6 million people 60 years old and older.

This caused a 161% increase in student loan debt held by those over age 60 (from 2010-2017). The average loan balance in 2017 for those over 60: $33,800.

114,000 persons in 2015 had their Social Security payments garnished to repay student loans. https://bit.ly/2ZC8YsM

Like many first-generation college graduates from immigrant families, Rick wanted to do well for himself to make up for ...
10/17/2020

Like many first-generation college graduates from immigrant families, Rick wanted to do well for himself to make up for all of the sacrifices his parents had made, his father working two full-time manual labor jobs, his mother working countless mornings at the diner across the street.

So, when Rick got accepted to his dream top-tier medical school and consequentially a highly selective surgical residency in a major city with a high cost of living, he knew that all of the sacrifices his parents made were paying off!

He wanted to do what was in his power to make them proud. But, his parents, who had not graduated from high school, let alone college, and had never had a credit card in their lives, didn't warn him would he took on 4 years of undergraduate loans followed by medical school loans.

He then got accepted to his dream job.

Although Rick had excelled in undergrad and medical school and had the promised of a flourishing career and family life, he didn't really understand student loans. And, after 5 years of paying the minimum loan payment, he still owned $357,422.

Rick is just one of the millions of individuals who, despite his best efforts is shackled by student loan debt and sees no way out. Even if he pays $1,200 a month to his loans and he and his wife stay in their one-bedroom apartment with the new baby, they are still looking at more than 20 years of student loan payments.

LEARN HOW YOU CAN HELP FIX THE STUDENT LOAN CRISIS FOR PEOPLE LIKE RICK: https://bit.ly/36XO8J3

The student loan crisis has had incredible impact on the social and economic development of its loan holders. One in eig...
10/16/2020

The student loan crisis has had incredible impact on the social and economic development of its loan holders.

One in eight divorces are reported as directly related to student loans. Student loans are cited as causes for not purchasing new autos, homes, getting married or starting families.

Between 2005 and 2014, an estimated 400,000 student loan borrowers did not buy homes.

$393 is the average student loan payment for Americans. Imagine if that money ended up back in your pocket. What would y...
10/15/2020

$393 is the average student loan payment for Americans. Imagine if that money ended up back in your pocket. What would you do with it? https://bit.ly/3iR3UbO

Let's stop ignoring root causes and create a sustainable solution! 40% of student loans taken out in 2004 are expected t...
10/13/2020

Let's stop ignoring root causes and create a sustainable solution!

40% of student loans taken out in 2004 are expected to default by 2024 and only half of loans from 1995-1996 were paid off 20 years later; the half not paid off still owed an average of $10,000, about half of the original loan amount.

The average student loan balance today is $37,172.

The sheer size of the student loan debt has a significant impact on the economy. Student loans are almost 11% of all installment debt, higher than auto loans and credit card debt; only exceeded by home mortgage debt.

Auto loans in default by more than three months is higher now that at the height of the 2008 financial crisis. Auto loans are considered the “first debt” payment of choice, a bellwether indicator. Students are hard pressed to make their loan payments as demonstrated by the US government garnishing more than $600 million from student borrower’s paychecks in 2017.

LEARN MORE ABOUT THIS CRISIS: https://bit.ly/2ZC8YsM

In 2008 lenders began requiring parents (or grandparents) to cosign for their child’s (or grandchild’s) loans. Today $89...
10/10/2020

In 2008 lenders began requiring parents (or grandparents) to cosign for their child’s (or grandchild’s) loans. Today $89.9 BILLION in student loan debt is owed by 3.6 million people 60 years old and older. https://bit.ly/2ZC8YsM

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