Posted on 10/25/2011 3:14:56 PM PDT by reaganaut1
The White House says President Barack Obama plans to offer millions of student loan borrowers the ability to lower their payments and consolidate their loans.
Obama on Wednesday will use his executive authority to accelerate a measure passed by Congress that reduces the repayment cap on student loans from 15 percent of discretionary income to 10 percent. The White House wants it to go into effect in 2012, instead of 2014. About 1.6 million borrowers could be affected.
Also, the 5.8 million borrowers who have loans from both the Family Education Loan Program and a direct loan from the government would be able to consolidate them into one loan.
(Excerpt) Read more at google.com ...
[ Currently, total student loan debt exceeds $1 TRILLION!!! That’s taxpayer dollars thrown down a rat hole, in many cases, for people like Moochelle and the OWS numbskulls who don’t believe that they should have to repay their student loans. ]
I used to think i was so smart by paying off my student loans, now Obama has made me feel stuipid because I could have just waited and let the gubermint re-pay it.
students would vote for him whether he did or not.
Yes, let’s nationalize a lot more bad debt so that taxpayers can eventually foot the bill. Brilliant.
Yes, EXACTLY.
Unfortunately for decades we have allowed presidents to abuse and completely distort the meaning and limitations of Executive Orders.
They were intended to just apply to the people in the executive branch just like any boss could tell his workers to start at 7:00 am instead of 7:30.
They were never intended to give the president the ability to bypass congress. If that were the intent, we would never had needed congress as the president could be a dictator by simply implementing an executive order.
What was her interest rate?
There aren’t nearly enough scholarships for all students. Maybe colleges and universities should drastically lower their costs so middle-class kids and low-income kids can attend college without having to mortgage their futures to do so.
>>If you had a student loan and you payed it off, don’t you feel pretty stupid right now? Maybe if we all just don’t pay off our bills, Mr. Stupid will pay them for us.
In the Obamanation, work is for suckas! So, is paying your bills. Every day, progressives give me a new reason to hold them in even more contempt!
another day, another Excutive Order...another trillion.
Yes, much higher. Which is of course what happens whenever govt gets involved. They are also much more difficult for every day Americans to get, and colleges control the amounts according to what they deem you need. I understand this is because the govt has made the colleges responsible for the loans if the are defaulted upon.
All of it makes it so much more difficult for middle class or lower income people to go to college. And should they put in loan forgiveness, none will be given out. Unless of course you are part of a favored “class” of student, like oh say...foreign or illegal.
Perhaps this was part of his plan all along - banks used to provide 80% of student loans until congress voted to take them over completely. Consider that no payments are made until 6 months after graduation - that is a lot of money going out to schools with ZERO coming in for 5 or 6 years.
In a nutshell: Barack Obama plans to offer millions of students bribes.
Obama is on a vote-buying bender for which he will stick the achievers with the bill.
Well, I’m not paying my electric bill next month and if VA Dominion Power dares to turn off my lights, I’m gonna sic Obama on them. That should do it.
Man I wish people would bother to read instead of all this knee jerk reaction! It’s beginning to sound more and more like the DU around here. Come on people, all the O did was reduce the minimum payment from 15% of disposable income to 10%. No real debt relief here as this is kind of like those minimum credit card payments, if all you do is make the minimum payment you’re screwed as interest continues to rack up on the principal, compounded year after year means that some will die still in debt to the government on student loans (which is probably the whole point).
Student loans are the biggest scam that the government ever came up with. You can never ever get out of them, they can’t be discharged in bankruptcy and they are given out like candy to 18 year old teens that have no idea what they are really signing up for. If they go to your standard East Coast Ivy school they could come out with $200,000 in debt (that’s a house payment!) at 7% interest. These kids (and some of them are yours) are being royally ripped off as the easy money keep tuition artificially high and continues to feed one of the last bubbles (the education bubble) in Amerika where colleges raise tuition by 20-30% per year in some cases (The UC system for example).
My kids are working their tails off while going to college. They both are planning on graduating without debt. What does this plan of that idiot-in-charge mean to someone like me who never took out loans?
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