Obama issues another executive order bypassing Congress

American Thinker ^ | 06/09/2014 | Rick Moran

[SeekAndFind]

In a bid to give one of the Democrat's vital constituencies a lhand, President Obama will issue an executive order today that will cap student loan repayments at 10% of a borrower's monthly income.

Politico:

President Barack Obama said in his weekly address Saturday that he would take action on student loan issues in the coming days, but gave no details. The executive order, first reported by the New York Times, will expand on a 2010 law that capped borrowers’ repayment but left a hole in eligibility for people with older loans. Those left out of that relief include people who borrowed before October 2007 or stopped borrowing by October 2011.

“This makes it simpler to have one set of terms,” said Jason Delisle, director of the New America Foundation’s Federal Education Budget Project. But he pointed out that all borrowers already have the option of basing loan repayments on their income.

Federal student loan debt reached more than $1 trillion last year, an amount that has some economists concerned is creating a chilling effect on spending, home-buying and other economic drivers.

“This is commencement season, a time for graduates and their families to celebrate one of the greatest achievements of a young person’s life,” Obama said Saturday. “But for many graduates, it also means feeling trapped by a whole lot of student loan debt.”

[cripplecreek]

Summer recess should be a real treat this year.

[Ray76]

Nothing like interfering with contracts. Just like with GM.

[FlingWingFlyer]

The lawless bass turd. It’s the Chicago way. Just another Chicago thug politician.

[grania]

mygosh....someone who's well connected with an employer (say a family business) could work for that business for the required number of years at minimum salary on paper and then get a balloon payment when the loan expires.

the rich get richer.....

[Rapscallion]

Obama may extend loan payments even if he is not legal to do so but remember loan interest will increase and pile up so doing what Obama wants will make students worse off. Reducing loan payments is another lie from our sociopathic president.

[evaporation-plus]

I believe after 20 years the loan is considered paid up, even if a balance is owed.

[Jane Long]

“This makes it simpler to have one set of terms,” said Jason Delisle, director of the New America Foundation’s Federal Education Budget Project.

New America Foundation....lefty "think tank" chaired by Google's Eric Schmidt and includes son of Geo Soros and other lefties like Fareed Zakaria on their board.

Tells us all we need to know about this new "policy".

[chris37]

And congress seems perfectly ok with letting this president play dick tater.

[Dilbert San Diego]

But after 20 years, if there is still unpaid principal, then somebody is taking a hit, when the loan is forgiven/written off at that point.

[Mr Rogers]

“I believe after 20 years the loan is considered paid up, even if a balance is owed.”

No. Student debt goes on forever, unless repaid.

[Wyatt's Torch]

So he’s just rewriting debt covenants and obligations so these people can overborrow on homes. Sounds like a great plan.

[madprof98]

That was not right! He should have forgiven all those student loans—and sent Pajama Boy and his parents a big fat check besides!!!

[evaporation-plus]

According to studentaid.gov, “25-year forgiveness—If you repay under IBR and meet certain other requirements, any remaining balance will be forgiven after 25 years of qualifying repayment.”

[lostboy61]

It’s good to be King!

[Mr Rogers]

I know people whose loans are older than 25 years who are still working to repay them. Maybe they didn’t “meet certain other requirements”...

[evaporation-plus]

Changes have been made to the loan requirements over the years.I don’t think older loans were grandfathered.

[Logical me]

Just bought millions of students who will now be committed communists Democrats. What a break, they say. Whoopee! He is my man.

[tumblindice]

And student loans can’t be discharged in bankruptcy.
I’m surprised Barry hasn’t ordered the Senate to change the BR law, as Henry VIII had Parliament do a `hurry-up’ change of the law against beheading crazy women so he could lop off Lady Rochford’s melon.
Maybe King Barry could just issue a royal Decree absolving the debt ... who ever thunk we would be living under a crypto-royal tyranny?

[tumblindice]

tyranny= tranny/trannie