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 ...
Can the would-be dictator decide that all of Obamacare takes effect in 2012?
According to Rasmussen, 66% Oppose Forgiveness of Student Loans.
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.
Is it true that the government student loan program has much higher interest rate than private lending agencies offered before the takeover?
Who knew the President had the power to accelerate Congressional legislation.
If it has been done before, I must have forgotten.
Congress abdicates their power again.
He is so out of control now. Just think how bad it will be if he wins/steals the 2012 election.
Okay, I’m waiting for the GOP candidates to call for Pell Grants to be abolished. Haha. Along with all the other FAFSA stuff. Outstanding students in need can obtain private scholarships.
he took over student loan program so he could be a HERO to the students(blah) he thinks
My daughter just paid off all hers. Saved and saved and then emptied out the savings account to do it. She will be peeved.
His message is, "try and stop me."
If Congressional Republicans challenge him, he'll say it's just more proof that they don't care about us. That's all he plans on doing from now till the elections.
Imho, any and every story about barackhussein belongs in the ‘politics/elections’ category.
A quick executive order to dismiss half the SCOTUS, close Congress, add some more Czars, cancel the 2012 election and the socialist utopia only a dream a few years ago can become a reality.
Dicky Daley could only plow under an airport in the dark of night but it inspired another ruthless Chicago thug to plow under the entire nation.
Yep... sure do. $15K in student loans paid off in less than 5 years. Not happy about this.
Does he even have the authority to do this? Anyone know?
A real headline would read: OBAMA TO BUY STUDENT VOTES
Headline should read:
Obama Decrees Student Loans Be Paid Back By Taxpayers Instead Of Students.
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.
Perhaps, the first thing they should have been taught in college is that a ‘LOAN’ is borrowed money that has to be repaid.
Reducing the payment amount doesn’t get the loan repaid sooner, it only drags it out for a longer period of time. That’s the second thing these morons should have been taught with their student LOAN money!!!
I’m sending a letter to my Democrat Congressman and both my brain dead Senators telling them they should quit because we don’t need them anymore. We are now under dictatorship.
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