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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

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 ...


TOPICS: Breaking News; Culture/Society; News/Current Events
KEYWORDS: academia; academicwelfare; education; ivyleaguewelfare; obama; obamamoney; studentloans; welfare
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To: RockinRight; All
These investments complement President Obama’s broader agenda for higher education and will help us reach his goal of America having the highest proportion of college graduates in the world by 2020.

http://www.whitehouse.gov/sites/default/files/10326-higher-ed.pdf

(with absolutely no thought given to QUALITY)
61 posted on 03/30/2010 9:02:52 AM PDT by Red in Blue PA (Thinking of using 911 for protection? Google "Brittany Zimmerman")
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To: Red in Blue PA
This is a 100% guaranteed money-loser.

Assume you go to a private school at $50k/year.

Four years = $200,000.

Assume a starting salary of $50k a year.

Assume a 5% increase a year in salary.

Even if you paid 10% of your TOTAL income each year, your maximum payback in 20 years would be $165,000.

TAXPAYERS LOSE $35,000.
62 posted on 03/30/2010 9:04:28 AM PDT by atomicweeder
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To: RummyChick

What about students that were getting ready for a student loan in the next few months?


63 posted on 03/30/2010 9:05:14 AM PDT by Sir Beowolf (We The People!)
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To: east1234
He’s good at the wealth redistribution game. We won’t be able to overturn this one

Apart from 0bamacare, this is the next bill that is going to get the ax when we take over. This bill is totally nuts.

64 posted on 03/30/2010 9:05:22 AM PDT by SmokingJoe
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To: Dr. Ursus

This is a domino-effect that has got to be stopped. Next, 0 will be looking to set up a governmental loan office for people who can’t get loans due to bad credit...oh wait, Freddie and Fannie already exist.

Maybe a government administered VISA or MasterCard...they’ll call it GRAB, Governmental Redistributive Assets Bureau. Paying interest is optional...in fact paying back anything is optional, if you’re a registered Dim’crit.


65 posted on 03/30/2010 9:05:28 AM PDT by downtownconservative
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To: atomicweeder

Everything obama does is a guaranteed money-loser!

He never worked in the real world!


66 posted on 03/30/2010 9:05:34 AM PDT by Red in Blue PA (Thinking of using 911 for protection? Google "Brittany Zimmerman")
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To: rhombus

Student loans should be structured like a mortgage and require a down payment of some sort, like so:

Tuition up to $5000/semester - 25% down
$5001 - $10,000/semester - 20% down
$10,001 - $25,000/semester - 15% down
Over $25,000/semester - 12% down

This way, it puts *some* downward pressure on tuition, as, no matter what loan they get, they can’t finance it all. Let the lending be done privately, but regulate as such - while I’m not a fan of regulation, such a method would control costs while still giving reasonable access to student aid. Scholarships can give a student an opportunity for zero-down, as well as grants, but having a large chunk (the loan-borrowing student body) restricted as above would be enough, I think, to keep some control on the market while not making it impossible for anyone but the uber-rich to go to college.

Grants, such as the Pell Grant, can also be “capped” at such a level that it would make tuition increases over XXX% per year difficult as the grant wouldn’t “catch-up”. While this is essentially a form of price control, what we have now is a reverse price control anyway, i.e., the endless subsidy of tuition means costs go up, up, up with no incentive to cut them.

Just my $0.02.


67 posted on 03/30/2010 9:06:41 AM PDT by RockinRight (Obama Logic: Global Warming causes blizzards, and deficit spending balances budgets.)
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To: ErnBatavia

68 posted on 03/30/2010 9:07:46 AM PDT by 444Flyer (Obama's long war against America is in progress.)
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To: Red in Blue PA; All

As part of the expanded income-based repayment plan, 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.

Public service workers such as teachers, nurses, and those in military service will see any remaining debt forgiven after just 10 years.

http://abcnews.go.com/WN/Politics/health-care-obama-signs-student-loan-overhaul-legislation/story?id=10239569&page=2


69 posted on 03/30/2010 9:08:25 AM PDT by jimbo123
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To: jimbo123
WTF!
70 posted on 03/30/2010 9:09:12 AM PDT by Red in Blue PA (Thinking of using 911 for protection? Google "Brittany Zimmerman")
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To: atomicweeder

Multiply that by millions of students every year over decades and you have even more trillions of dollars added to our already massive $13 trillion Federal debts. 0bama’ insanity just has to be stopped at all costs.


71 posted on 03/30/2010 9:09:32 AM PDT by SmokingJoe
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To: silverleaf
"So, we have $68 Billion in “savings”- but it’s not going to the deficit- it’s going back to the little people to forgive their loans - especially loans used for tuition at those black and minority schools"

You left out the part about thousands, and thousands, of new bureaucrats required to move the process into the government's hands.

72 posted on 03/30/2010 9:09:53 AM PDT by norton
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To: Red in Blue PA

The federal government is destroying everything.


73 posted on 03/30/2010 9:11:32 AM PDT by Psycho_Bunny (Socialism is for people who've given up.)
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To: nina0113

I assume that there will be formulas students have to use. Still, I had to pay my school loans back and I did. My daughter is paying hers back now. Those coming after us need to do the same instead of looking for me to do it for them. If they can’t afford school, get a job first and go later. Or go to community college. Or do both.


74 posted on 03/30/2010 9:11:41 AM PDT by twigs
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To: Red in Blue PA

Aw man! I knew I shoulda shoved my nose into the gubmint trough when I had the chance!!!!

/ONLY kidding, people...


75 posted on 03/30/2010 9:11:45 AM PDT by Titus Quinctius Cincinnatus (We bury Democrats face down so that when they scratch, they get closer to home.)
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To: Red in Blue PA

That’s Obama’s bribe to the kids. He’s bribing them with other people’s money.


76 posted on 03/30/2010 9:12:24 AM PDT by popdonnelly (I'm so old, I remember when free enterprise was praised, and communism was shunned.)
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To: Psycho_Bunny; All
One would think this country had no 10th Amendment watching the actions of those in DC!
77 posted on 03/30/2010 9:12:51 AM PDT by Red in Blue PA (Thinking of using 911 for protection? Google "Brittany Zimmerman")
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To: Red in Blue PA

If someone gives you money they’re gonna’ tell you how to spend it. Except in the case of the people giving money to Washington.

But, if the government pays your college they’ll teach you what they want you to know. That would be the Bill Ayers part of the obama destroy’s america law.


78 posted on 03/30/2010 9:12:55 AM PDT by Terry Mross ("God, please send Pat Leahy to Murtha's house.")
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To: Joe 6-pack
This isn’t about loan forgiveness...this is about more control. I wonder how much “volunteer” service will be expected in order to have one’s student loan repayed...

That's what I'm terrified of.

79 posted on 03/30/2010 9:13:04 AM PDT by bgill (The framers of the US Constitution established an entire federal government in 18 pages.)
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To: Red in Blue PA

WTF! is right...


80 posted on 03/30/2010 9:13:12 AM PDT by jimbo123
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