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Obama Breaks Down Student Loan Overhaul (Student loans will be forgiven!!!!)
Foxnews ^
| 3/30/2010
| Staff
Posted on 03/30/2010 8:46:30 AM PDT by Red in Blue PA
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To: ichabod1
Muslim?
Exempt from Obama care
Justice department and Janet Napolitano will not look too closely at you
Interest free loans
Get out of jail free card
Free legal defense
201
posted on
03/30/2010 11:20:11 AM PDT
by
listenhillary
(Capitalism = billions raised from poverty, Socialism = billions reduced to starvation)
To: idkfa
The funny thing is that federal direct loans as they stand charge essentially the same interest as private FFEL loans. So much for the “middle man” gouging students.
To: The Pack Knight
Thanks for the clarification.
203
posted on
03/30/2010 11:23:16 AM PDT
by
avacado
To: 444Flyer
204
posted on
03/30/2010 11:25:12 AM PDT
by
TenthAmendmentChampion
(Darwinism is to Genesis as Global Warming is to Revelations.)
To: onemiddleamerican
205
posted on
03/30/2010 11:28:20 AM PDT
by
11th_VA
To: avacado
10 percent of their discretionary income”
“discretionary income”? Are you kidding me! That makes it all meaningless!
maybe that means income after taxes—which won’t be much :(
206
posted on
03/30/2010 11:30:25 AM PDT
by
Freedom56v2
("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
To: Nickname; CatDancer
"So if I buy more house than I can afford, wear designer clothing and only eat Wagyu beef, arugula and truffles I have less discretionary income and repay at a lower rate? And have the debt forgiven after 20 years as long as I live beyond my means but make my payments?
Or do they tell me what to buy, wear and eat based on my income?
I was going off the assumption that by somewhere in the 2015-2020 timeframe none of us will have any discretionary income because it will all be going to cover health insurance and other government programs...
207
posted on
03/30/2010 11:34:18 AM PDT
by
green pastures
(Cynicism-- it's not just for breakfast anymore...)
To: dinoparty
Time for me to go back to school! It will be the new retirement!
208
posted on
03/30/2010 11:40:04 AM PDT
by
keats5
(Not all of us are hypnotized.)
To: Lazamataz
Right. We folks who were stupid enough to pay off our loans have been “historically oppressed”!
We want pie!
209
posted on
03/30/2010 11:43:10 AM PDT
by
keats5
(Not all of us are hypnotized.)
To: Red in Blue PA; All
I am opposed to this in principle, but I have to say what the heck. I have student loans.
Mine won’t be forgiven because I barely make the minimum payments, and mine aren’t capped at 10 percent of my discretionary income.
Ticks me off.
210
posted on
03/30/2010 11:44:37 AM PDT
by
rwfromkansas
("Carve your name on hearts, not marble." - C.H. Spurgeon)
To: hoosierham
Honestly, half of one of my paychecks goes to student loans for my wife and I (and we owe less than the average).
This really MAKES ME FURIOUS because another $200 or so would REALLY help us out.
I don’t like this in general, but it makes me mad that Obama is limiting it to future loans.
211
posted on
03/30/2010 11:46:52 AM PDT
by
rwfromkansas
("Carve your name on hearts, not marble." - C.H. Spurgeon)
To: Hoosier Catholic Momma
212
posted on
03/30/2010 11:47:05 AM PDT
by
green pastures
(Cynicism-- it's not just for breakfast anymore...)
To: atomicweeder
"Four years = $200,000"
Except, even if you are an independent undergrad student, you are capped currently at $57,500 total lifetime loan limits. It goes up for grad/professional to $138,500, and medical is $224,000. There are already numerous loan forgiveness programs for doctors/nurse practitioners usually if they agree to work in a rural, under-served area.
213
posted on
03/30/2010 11:54:31 AM PDT
by
rednesss
(fascism is the union,marriage,merger or fusion of corporate economic power with governmental power)
To: The Pack Knight
That’s because by law the FFELP and Direct Loan programs are identical.
214
posted on
03/30/2010 11:55:22 AM PDT
by
rednesss
(fascism is the union,marriage,merger or fusion of corporate economic power with governmental power)
To: Skywalk
Free money ping, my little graduate.
215
posted on
03/30/2010 11:56:42 AM PDT
by
radiohead
(Buy ammo, get your kids out of government schools, pray for the Republic.)
To: radiohead
216
posted on
03/30/2010 11:57:02 AM PDT
by
radiohead
(Buy ammo, get your kids out of government schools, pray for the Republic.)
To: avacado
No problem. I think Obama is just trying to take credit for more “change” than he actually signed into law. He wants future students to thank him for creating an “entitlement” that was largely already in place. All this really does for students is lower some students’ minimum payments (depending on their income and the size of their loan, a lot of borrowers are paying less than 10% anyway), shorten the “forgiveness” date from 25 years to 20 (most student loans are amortized over 10 years), and expand the Pell grant program (which of course has been around for decades).
The worst part of this “student loan reform” is the cost and the fact that the projected “savings” are as big a lie here as they are in the rest of the health care act.
I don’t even particularly care that much about ending the private student loan program. Federally subsidized and guaranteed “private” loans were hardly the stuff of free-market capitalism anyway.
One thing this bill doesn’t change is the fact that student loans are generally non-dischargeable in bankruptcy, unless the debtor can show “undue hardship”, which is a pretty high bar. I was a bit surprised by that.
To: USMCPOP; keats5
WHERE'S MAH PIE??????
AH WANT MAH PIE!!!!!
218
posted on
03/30/2010 12:14:26 PM PDT
by
Lazamataz
("We beat the Soviet Union. Then we became them." -- Lazamataz, 2005)
To: Abathar
The man must have a big stash somewhere... What? You want some of what he's been smoking???
219
posted on
03/30/2010 12:28:10 PM PDT
by
SoldierDad
(Proud Papa of two new Army Brats! Congrats to my Soldier son and his wife.)
To: TheThirdRuffian
20 years if working in the Dreaded Private Sector. 10 years if you go into the Hack’o’rama.
220
posted on
03/30/2010 12:36:47 PM PDT
by
massgopguy
(I owe everything to George Bailey)
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