Posted on 04/17/2015 5:28:23 AM PDT by afraidfortherepublic
rresponsibility: A new report finds that 27.3% of student loans are delinquent. Why does this matter? Because thanks to President Obama, about $1 trillion dollars of student loan debt is owed to the federal government.
Obama keeps trying to portray the student loan crisis as a problem suffered by students burdened by a mountain of debt when they graduate, and who are unable to make enough money to pay it back.
But that's not the real crisis.
First, average student loan debt is only a little over $20,000. A student who gave up his $5-a-day Starbucks habit could pay off the principal in about a decade.
Second, despite the endless hue and cry about rising tuitions, the amount students actually pay to go to college — net of grants, aid, discounts, and what not — has barely budged, according to the College Board.
The problem isn't even that, at nearly $1.2 trillion, the total amount of student loan debt now exceeds that of auto loans or credit card debt.
The real crisis is one Obama himself manufactured since taking office.
In 2010, Obama eliminated the federal guaranteed loan program, which let private lenders offer student loans at low interest rates. Now, the Department of Education is the only place to go for such loans.
(Excerpt) Read more at news.investors.com ...
We have people paying off court fines and probation fees with students loans. And I can’t say as one has ever attended college. They get the money and spend it knowing they will not attend school. Disgusting by true. And they are not shy about the source of the money, either.
“A student who gave up his $5-a-day Starbucks habit could pay off the principal in about a decade.”
How DARE they ask people to be responsible for their debts and actually make some sacrifices to clean them up!
That’s just mean. You must be one of those EVIL Conservatives! ;)
Everything ObaMao does is designed to bring America down. This is just another element. He is the “closer”, the “usurper”. Why’s this a surprise?
As an aside, to show you how STUPID Liberals are, I had one waltz in for a job interview, demanding $10.10 an hour because _Resident 0bama SAID that was the new minimum wage!
(She was confused - that’s for union contracts, only. I didn’t hire her.)
If we’re making loans that can’t be paid back..... the common sense answer is to quit making those type of loans in the future. Those would be bad loans. The answer is not to just quit trying to collect the repayment of existing loans.
He knows exactly what he is doing. The promise of loan forgiveness schemes to people up to their eyeballs in hock will keep ‘em voting for Democrats for the next 49 years.
There is also a constant, underlying message since Obama was elected that these should be “forgiven”, and I am sure this administration is working behind the scenes to make this happen.
These kids (I believe) truly think they will not have to pay it back. Look at all the people who walked away from their under water mortgages 5-6 years ago, thinking there would be no consequences. Where did they get that idea?
And is it catching up with these people? I don’t know, because the news says nothing. It used to be a disgrace to be foreclosed on, and there were penalties in that your credit was damaged for years. Is that true today? I don’t know.
Some stay in school because they want to keep getting the money. They don’t wat to have to settle for a job. They’re too good to have to work.
Many are 25-28 and have never had a job. They’ve got two degrees and are ready to start at the top. They know everything because they have a political science degree but can’t find work because no one wants to hear them pontificate all day.
Obama created this mess in 2010 when he nationalized the student loan program. Any lender worth his salt could see this disaster coming.
In his true narcissistic way, Obama thinks he knows better than anyone else how to do things when, in fact, he has no experience at doing anything. He shouldn't be allowed to play with anything sharp or pointy. He always injures himself. And unfortunately, the nation as well. But then, that has always been his goal to begin with.
“There is also a constant, underlying message since Obama was elected that these should be “forgiven”, and I am sure this administration is working behind the scenes to make this happen.”
I am sure the administration is working behind the scenes to make sure that loan forgiveness is always promised but never delivered because of “those evil Republicans who would rather give their billionaire buddies tax breaks” etc.
Forgive student debt and you get a one-time boost from grateful former debt-slaves. Keep forgiveness dangling in the distance (if only Republicans are defeated) and you have a lifetime supply of devoted, dependent voters.
If we offshore all our jobs to third world countries, then it doesn’t make sense to keep educating our own kids, when there won’t be jobs for them.
There’s nothing to worry about here. It’s all part of the plan. When it looks like a democrat presidential campaign will lose out comes the “student debt forgiveness” and ONLY the democrats will give you the free stuff.
if a person prevails and gets a deferment or loan forgiveness. The IRS steps and strives to collect on taxes for bad debt forgiveness. It is happening with people whom are disabled and student loans are forgiven supposedly than comes the IRS requesting taxes to be paid on the bad debt.
Tuition and books weren’t too expensive until the Federal gov’t got so involved in paying for it. Cars, clothes, vacations, and partying wasn’t meant to be included into student loans, and weren’t, as long as parents were securing these loans. Banks didn’t make loans to students when their families could afford to pay for part of the costs and the student could work and pay the rest.
Enter Big Gov’t. What do you expect?
Meanwhile, I am a white, middle class, Judeo/Christian male, with who works full time and is going to college full time and need a school loan to bridge me until my company can give me tuition reimbursement to pay it back.
And I cannot get a loan.
I went to a college that ran on the "quarter" system, three three month quarters and then an optional three month summer break. Just before starting the break, a classmate, Mr Goldner went to the financial aid office and took out a large student loan. He returned three months later with a golden tan and driving a brand new car. He then went back to the financial aid office and took out a another large student loan, and they gave it to him.
This was going on in the mid 1960's, nothing new here, some people are born scam artists.
Regards,
GtG
“There is also a constant, underlying message since Obama was elected that these should be “forgiven”, and I am sure this administration is working behind the scenes to make this happen.”
I believe Obama and the Democrats are setting the stage for student loan forgiveness by decree just before election day 2016.
Consider the following scenario. Hillary flames out over the next six months. Elizabeth Warren, Obama’s choice, is presented to the American people as the perfect candidate for the first female president. Warren is a fresh face to most Americans, and doesn’t have Hillary’s baggage. The media propaganda machine can turn her into the champion of the people. Warren picks current HUD secretary Julian Castro, a male left wing Hispanic with strong family ties to LaRaza as her VP candidate. The Democrats are running the perfect historic “diversity” ticket and are prepared to go into the election with huge majorities of the black vote, hispanic vote, and white progressive/moderate female vote. For the GOP to have a chance, the conservative base will have to come out in record numbers.
After a brutal Republican primary season Jeb Bush prevails because the conservative vote is once again fragmented between Walker, Cruz, and Rubio. Jeb chooses a female as his running mate, perhaps Susana Martinez Governor of New Mexico in a move to somewhat counter the Democrat diversity ticket.
Thirty days before election day, about the first of October, Obama goes on television to announce by decree he is forgiving all outstanding student loans. No conditions, all forgiven. He has no legal power to do this but who will stop him? Warren (or even Hillary if she does make it to the nomination) and the mainstream media immediately hail this brave decision to save America’s youth from debt slavery. Now the camera turns to GOP nominee Jeb Bush (or whoever else is running for the GOP). The GOP nominee has two options:
1) Declare the Obama proclamation unconstitutional and illegal (which it is) and immediately lose the youth vote, and the votes of parents whose children have significant loan debt. Know the liberal propaganda machine will pound the message of Republican insensitivity and hatred of young people daily until the election. Know that every Republican Congressman and Senator is going to be asked for an opinion and those in close races will almost certainly lose the youth vote, and their elections, if they support the rule of law.
2) Immediately cave and publicly state you support the decision and will do nothing to oppose it once in office. This action almost certainly causes enough conservative voters to stay home in disgust on election day to ensure a complete Democrat sweep.
Under either scenario, the Democrats win POTUS and likely turn both houses of Congress. The Republic is officially dead and the new POTUS comes into power able to rule by decree as all checks and balances will be gone and the precedent firmly established to rule by decree with no consequences.
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