POF to Mrs. POF: "Honey, I don't currently know how much that Bugatti Veyron Super Sport will cost. But don't worry, we'll figure that out on the back end."
Posted on 06/10/2014 6:08:08 AM PDT by LucianOfSamasota
Using his pen again in “this year of action,” President Obama today signed an executive order to ease the burden of student debt at the expense of “millionaires.”
The program, “Pay as You Earn,” expands an existing federal loan option available to undergrad and graduate students. It issues caps on monthly loan payments at 10 percent of the borrower’s discretionary income and forgives their remaining balance after 20 years.
For those working in public service or the government, any remaining debt is forgiven after 10 years. An estimated 5 million more borrowers will become eligible under the new plan. Before today, only those who took out loans after 2007 were entitled to “Pay as You Earn” benefits.
To finance the program, Obama proposed closing “tax loopholes” for the wealthy, or what he called “millionaires.”
“This should be a no-brainer,” he said today at the White House. “It would be scandalous if we allowed those kinds of tax loopholes for the very, very fortunate to survive while students are having trouble just getting started in their lives.”
(Excerpt) Read more at dailysignal.com ...
I had three part time jobs to cover my expenses at Iowa.
THESE are the people that the Dems are coming after.
This can in no way be legal.
“It issues caps on monthly loan payments at 10 percent of the borrower’s discretionary income and forgives their remaining balance after 20 years”
What a fricking joke, let me guess whom determines what that 10% discretionary income number is. This is just a bailout.
POF to Mrs. POF: "Honey, I don't currently know how much that Bugatti Veyron Super Sport will cost. But don't worry, we'll figure that out on the back end."
Who makes the decision of what is discretionary? The gubment? The earner? It's all a bunch of bullshit! If you borrow money to go to college, PAY IT BACK!
How the Hell does he get away with it? Why doesn’t another branch call him out on these outrageous actions and infringements? All we get are a couple of mealy-mouthed responses and then it fades away after a day or two.
What infuriates me is this whole problem with leftist-run universities tripling their prices in 30 years all because their students can get “free” money from the government. If there were no student loans at all, then higher education would be affordable, just like it used to be. As soon as you get the damned government involved, everything turns to sh!t. Just like health care — “free” care makes it totally unaffordable.
We scrimped to get our kids through college and they came out with very small loans they can pay off in short order. To this day, my wife drives a 17 year old Explorer we bought new. We would’ve loved to have bought a new car somewhere along the line, but we planned for our kid’s futures instead. I just love being played for a sucker by government.
I was wondering that as well..... That's how things USED to work??
10% of DISCRETIONARY income...
That means, just keep on adding to your debt for 20 years, and you won’t have to pay ANY of it back.
Good grief!
Yes, so why don't they speak up?
so all those women who go to astronomically expensive ivy league colleges using loans, who then get married and stay home with the kids.... will never have to repay a SINGLE CENT under this plan!!??
because they never earn a salary 10% of zero is ... zero! and 20 years of zero ... is ZERO!
What King Barack is basically saying is (yet again) your money is not yours. It is up to the state as to how to spend you ill-gotten gains. You owe your life to the state. All hail the state! And King Barack.
What's legality got to do with it? This is the Reign of Obama, Lord of the 57 state strong USA Banana Republic, where Executive Orders get things DONE!
Well, until he and his cadres are stopped, he has all the authority in the world. Every day that he goes unchallenged and continues to expand executive authority, he moves a step closer to full on tyrant. Obama is following the Hugo Chavez model and he is close to becoming a Latin American style maximum leader.
kinda takes the profit motive out of student loans, eh? I like it.
I can’t stand these ponytail beer-gutted morons that call themselves “professors” pigging out at the trough, working less than 40 hour weeks, junketing during summers, spring and Christmas breaks and pulling down more than 100K/year
So, if kids want to go to college and not pay it back, so what?
So does this mean I don’t have to keep funding my daughters 529 college fund? Just let her get a loan and the government will forgive the balance after 20 years.
Um....the pony tailed professors have already been paid. Its the banks, or the gubmint guarantee behind the loan (you and me) that gets stiffed.
This program will actually encourage more to go to college (with no plans of paying it back), and the pony tailed professor gets even more dough.
What tax loophole is he referring too?
nope nope, there will be a drying up of school loans because no one has to pay them back, they have been turned into grants, so there will be a related drying up of slush to go around to the pony tailed “professors”
WHAT???? He’s got to be kidding, where is Congressional oversight??
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