AH WANT MAH PIE!!!!!
Posted on 03/30/2010 8:46:30 AM PDT by Red in Blue PA
He will also talk about the provision's less controversial expansion of Pell Grants, as well as supporting historically black and minority institutions and caps on student loan repayments.
According to the White House, "New borrowers who assume loans after July 1, 2014, will be able to cap their student loan repayments at 10 percent of their discretionary income and, if they keep up with their payments over time, will have the balance forgiven after 20 years."
(Excerpt) Read more at whitehouse.blogs.foxnews.com ...
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
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.
Thanks for the clarification.
ROFLMAO !!!
10 percent of their discretionary income”
“discretionary income”? Are you kidding me! That makes it all meaningless!
Time for me to go back to school! It will be the new retirement!
Right. We folks who were stupid enough to pay off our loans have been “historically oppressed”!
We want pie!
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.
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.
But it’s not 4/1 yet!
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.
That’s because by law the FFELP and Direct Loan programs are identical.
Free money ping, my little graduate.
ping for later
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.
AH WANT MAH PIE!!!!!
What? You want some of what he's been smoking???
20 years if working in the Dreaded Private Sector. 10 years if you go into the Hack’o’rama.
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