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 ...
It’s always easy to spend everyone else’s money.
Fantastic. Now I can afford the Harvard education I’ve always dreamed about.
It should be so easy....
And if so, what becomes of the students from the higher income brackets that most likely won't qualify for the Govt. loans? Does that mean that their parent's won't be able to apply for bank loans for their kids?
Bush strikes again!
God rewards those who work hard. Obama doesn't.
bump
If you are selected to attend Harvard:
Our new financial aid policy has dramatically reduced the amount families with incomes below $180,000 are expected to pay, and parents of families with incomes below $60,000 are not expected to contribute at all to college costs. We no longer consider home equity as a resource in our determination of a family contribution, and students are not expected to take out loans, which have been replaced by need-based Harvard scholarship. This new program has reduced the cost to middle income families by one-third to one-half, making the price of a Harvard education for students on financial aid comparable to the cost of in-state tuition and fees at the nation’s leading public universities. For a more detailed explanation of our program, please click here.
God save us!
My wife’s loans will be forgivin next year if she keeps working at the school she is at.
About the only thing keeping her there.
mr 0bama, please make it rain candy too...
“I want to borrow 2 billion dollars and get my education being a day trader.”
You gotta get a Gubmint Grant for that. I read it in the fine print. ;)
....an’ he go-na put gas in mah caw ‘n’ he’s go-na pay mah moegage!!!!!
The hell we can't.
I’m hoping - praying, actually - that someone used the word “discretionary” as a shortcut for “net income after taxes.” There’s a world of difference there, but to a young marshmallowhead working at the White House, it would be the same thing.
This man really believes there are no bounds on his and the government’s role in people’s lives.
I’m waiting for our ‘right’ to a vacation. Then we can stay at any Marriott/Hilton/Sheraton of our choice after the government has taken over the hospitality industry. Where does it stop ?
You’re right—what happens if I kick my husband or one of the kids out of the house before tomorrow? LOL
Exactly!
Or your long lost cousin Fred shows up on your doorstep needing a place to stay...
;-)
I just have to remember to fill the durn thing out tomorrow...
How does one prove the amount of one’s discretionary income? Is this another IRS intrusion?
But people that make student loans do not look at this at all.
Want to spend $100,000 that 4 year degree in sociology that pays $20,000/year when and if you can get a job? No problem say the financial aid people at the universities.
Making judgments about lending money to those little ability to pay it back is not even considered.
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