Posted on 09/17/2009 7:22:06 PM PDT by rabscuttle385
The Democratic-led House approved a bill Thursday that would overhaul college lending and spend tens of billions of dollars on student grants, community colleges, school construction and early childhood education.
The bill would end a program that subsidizes private lenders that provide federally guaranteed student loans. The government itself would make all such federal loans as of July 1, effectively cutting out banks and other lenders as middlemen. That would be a major shift because direct government lending in the last academic year accounted for about a quarter of federal loan volume.
(Excerpt) Read more at washingtonpost.com ...
Young men and women:
You are truly screwed.
0bummer owns your colleges, college loans, home loans, car companies, future earnings, and he’s making a bid for your body.
Hope you don’t mind slavery. It’s all yours for the next 60 years!
Wasn’t it the stimulus bill that had provisions for government student loans in exchange for 3 months of service in the youth corps?
Perhaps it’s more about that than anything else.
The Uber State is emerging.
This is so FAR unconstitutional as to be laughable.
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It is, and apparently most are fine with letting the government takeover everything and live their lives as slaves. I’m close to being over it and moving.
Hope you don’t mind slavery. It’s all yours for the next 60 years!
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This country isn’t the only game in town. Honestly, if the majority here, chooses to live under tyranny, I don’t want to be here anymore.
Exactly. I think this is where it's headed. And it was all done quietly, with no announcement and no debate that I can see.
ping....
this had better fail in the senate! this had better not affect MEFA....
You aren't serious, are you?
I have two kids in college....state schools....nursing program. There's no way in Hades we could afford to pay for it without loans. We make a good living...but paying ~15K per year for two kids? Gimme a break.
Still, wouldn't it be nice to reprise Obamacare with this, and tell the universities "We'll decide how much we pay you per graduate - 50%? 40%? And don't bother raising tuition, because reimbursement is capped at $5000."
Our son is paying half his tuition, we are paying the other half. The day after he graduated high school, he was to start his summer job working at a local factory. In previous years college students made about $6,000.00 a summer for their work. Because of the recession, his job was never started. They put a hiring freeze on, and did not hire even a single student (and haven't since). He thankfully was able to get his old job back at a grocery store, and made a whopping $1,500.00 for the whole summer. So for him, student loans are a necessity, regardless of all our pre planning.
My husband has been laid off almost as much as he has worked for the last year (for a while, it was one week on, one week off). It is at the same factory my son had hoped to work for. We are now seeing our savings vanish, and we now have to make a very hard decision. Do we take out a Plus student loan for this semesters tuition, or do we wipe out almost the rest of our non-invested savings? Do we put ourselves in financial risk for our sons future, or do we just let him throw away the past two years of Dean's list education? He is working part time to pay for all the extra expenses, food, gas etc, so him doing more isn't an option.
Anyway, after my rant, that is the reason someone besides a MD would take out a student loan.
You misunderstood my point. It has nothing to do with finances. I just have come to believe that college itself is pointless for young people unless they plan to use it for a specific skill set that one can only receive from a university, such as medicine, law, or engineering (borderline, one can teach oneself that but usually requires some accreditation). I will elaborate on my reasons for that later on.
You misunderstood my point. It has nothing to do with finances. I just have come to believe that college itself is pointless for young people unless they plan to use it for a specific skill set that one can only receive from a university, such as medicine, law, or engineering (borderline, one can teach oneself that but usually requires some accreditation). I will elaborate on my reasons for that later on.
Look for federal loan issuers to have a preference for Leftist Studies majors, and others unlikely to pay back their loans.
Getting a college degree is the gateway to getting a professional job. And Obama is going to appoint ACORN to administer seeing to it that only the "correct" people get through the gate.
Some moonbat leftist in the House has already said that the funding will be restored when the final bill goes to committee.
I wish we didn't live in a society that values a degree to the point that an experienced individual without one will almost always earn less that one who does.
Good reason to become your own boss at all costs.
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