Click the Pic Thank you, JoeProBono
Gary and Harriet Enjoy the Beautiful View on a Honeymoon Hike
Follow the Exciting Adventures of Gary the Snail!
Abolish FReepathons -- Go Monthly
If you sign up, a sponsor will donate $10
Posted on 10/26/2011 11:50:48 AM PDT by jazusamo
Continuing his recent tack of bypassing Congress and enacting reforms “without them,” President Obama on Wednesday announced a package of student loan reforms designed to lower college graduates’ monthly payments, arguing his plan will redirect some of that borrowed money into the economy to promote job growth.
Speaking to a friendly audience of college students in Denver, Mr. Obama said the changes “won’t cost taxpayers a dime but will save you money and will save you time,” and tied the ever-rising cost of education to the nation’s lagging economy.
“Living with that kind of debt means making some pretty tough choices. … It could mean putting off buying a house. It may mean you wait longest to start a family,” he told the crowd, which erupted with cheers when the president spoke of moving ahead without waiting for Congress to act.
Under his plan, college graduates will be able to consolidate direct government loans and government-backed private loans into one monthly payment at a lower interest rate. Beginning next year, college students’ monthly payments will be limited to 10 percent of their discretionary income, and all loans will be forgiven after 20 years. That program was scheduled to take effect in 2014, but the administration has decided to bump up the starting date.
(Excerpt) Read more at washingtontimes.com ...
who is going to pay that?"
Well, since the balance is written off after 20 years, it is either skittle pooping unicorns or whatever taxpayers are left before the country collapses and goes Road Warrior.
Now....since higher learning institution are assured forced taxpayer support, they don't have to be competitive with other schools and they can charge those outrageous tuitions without ever lowering them. Why should they? Tuition to them is now assured by Obama, one way or another.
I know a lot of academics. They live like kings with housing, sabbaticals to traipse around the world on grants, sabbaticals to write books (a relative of mine included, a marxist), getting assistants to teach in the classrooms as substitutes for them half the time, benefits and perks out the kazoo.....and so forth.
What goes on in these unchecked institutions vis a vis government is both corrupt and scary....and there's BIG money involved in this industry. At the same time hardly anyone in the lumpen proletariet knows or cares about the administrative/financial goings-on in Big Education.
When Obama directs tax subsidies to students (which benefits the schools at the same time) EVERYONE who works inside the sheltered, ivy-covered walls of academia is happy as elite oysters comfortably nestled around cultured pearls.
Leni
Cool, enroll in college and take out government loans. Get your MRS, MR, or SO degree. Or continue to live in your parent’s basement and play video games all day. Avoid paying the loans for a few years and you’re off scot free. Now, how is this not costing the taxpayers $$$?
Well said. This will be nothing more than an ongoing guaranteed government dole for students and academia.
Barry,
Please limit the vote buying to handing out cigarettes.
Its alot cheaper.
And most of these numbskulls would vote for you anyway.
Thank you
Sorry, I'm not seeing the math add up.
This is typical vote-buying welfare that invites abuse and fraud.
True story. I struck up a conversation with a woman in an airport while waiting for a flight. The economy and the plight of recent college graduates came up. She openly (without a hint of shame) told to me how her daughter plans to take advantage of Sugar-Daddy Obama’s generosity.
Her daughter is majoring in a graphic design program at an expensive CA university and already has $56,000 in student loans.
Realizing that the labor market is depressed, instead of graduating, she is staying in school and living off student loans as long as she can. Which is what millions of others will do too.
She has no incentive whatsoever to limit how much debt she racks-up. She knows that she will not be held accountable to pay it back. Why stop at $56,000? $100,000! $150,000! $200,000! Sky’s the limit when you are spending free money!
After 20 years of repaying not much if any of her student loans, her debt will be forgiven.
How neat! Like free money or something!!
That is exactly how the system will be gamed.
And the politicians won’t stop bribing the people with their own money until we are Greece on steroids.
So sad.
Easy, cheap, government-guaranteed money caused the housing bubble. Now it has caused a higher education bubble.
This is the vote-buying politicians’ way to keep the bubble inflated and keep the money flowing to one of their best mouth-pieces... liberal professors.
Define:discretionary income
After finding that Obammy's definition of rich is a moving target....it's a legitimate question.
buying votes is the RAT M.O. makes me so glad i busted my azz to pay mine back...
Dude like paying college loans is so lame. Like why can’t we get the loans forgiven like after 10 years or whenever we think it’s cool. Just tax the people who work with stocks and stuff. And make sure I get academic credit for chilling with my peeps at the OWS protest while I work on my PhD in African Drumming Techniques. Also some subsidized medicinal weed would be sweet.
It was only a matter of time before this happened. McCain would have done the same.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.