Skip to comments.Obama Breaks Down Student Loan Overhaul (Student loans will be forgiven!!!!)
Posted on 03/30/2010 8:46:30 AM PDT by Red in Blue PA
He will also talk about the provision's less controversial expansion of Pell Grants, as well as supporting historically black and minority institutions and caps on student loan repayments.
According to the White House, "New borrowers who assume loans after July 1, 2014, will be able to cap their student loan repayments at 10 percent of their discretionary income and, if they keep up with their payments over time, will have the balance forgiven after 20 years."
(Excerpt) Read more at whitehouse.blogs.foxnews.com ...
The man must have a big stash somewhere...
tithing? no, just paying back a loan
This guy is ruthless, he will say and do anthing to get people to like him
He’s good at the wealth redistribution game. We won’t be able to overturn this one.
Evil is good and good is evil. And let us reward irresponsibility.
what about those students before 2014???
I bet there are a lot of doctors with big student loans
WTH ??? Is there a cap on how much they can borrow ???
"discretionary income"? Are you kidding me! That makes it all meaningless!
Pay as little as possible, and then have the remainder forgiven. Who knows? Maybe they will drop what people need to pay to .000001%.
Nothing surprises me anymore.
I like that ‘discretionary’ part - that means that if you spend all your money on a home and car you couldn’t afford if you were actually making the payments you should, your discretionary income will be so minuscule that you can get the 10% for the loan payments from under your sofa cushions.
Fannie Mae & Freddie Mac all over again....
“as well as supporting historically black and minority institutions “
Got that whitey?? Your day in the sun is OVER!
A lot of people don't have much dicretionary income after paying utilities,rent or mortgage ,taxes,transportation,clothing, and food.
This is just another giant giveaway aimed squarely ay buying the votes of obama supporters.
Slim’s a Chump, Volume 12
Paid back student loans on time on original terms.
This guy is really starting to tick me off.
So if I understand this correctly, young people are now economically encouraged to stay in an expensive out-of-state or private college as long as they can, and rack up a massive student loan balance. When they graduate, they will basically be paying just interest because of the 10% cap, and that interest will be tax-deductible. After 20 years, the taxpayers will pick up the difference (probably through more debt pile on taxpayers).
This man has absolutely no clue about human nature and economics. The Americans who elected him are fools and they’ve destroyed our county.
“According to the White House,...”
Stopped reading right there...lol..they lie about EVRYTHING!
I want to borrow 2 billion dollars and get my education being a day trader.
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.