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Obama Breaks Down Student Loan Overhaul (Student loans will be forgiven!!!!)
Foxnews ^ | 3/30/2010 | Staff

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 ...


TOPICS: Breaking News; Culture/Society; News/Current Events
KEYWORDS: academia; academicwelfare; education; ivyleaguewelfare; obama; obamamoney; studentloans; welfare
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To: east1234

This is a giveaway to his most ardent supporters -— left wing academia and will encourage people to get meaningless degrees that don’t help them get jobs.

The persons who pay will be, as usual, capitalists and those who actually produce things or services.


21 posted on 03/30/2010 8:52:47 AM PDT by TheThirdRuffian (Nothing to see here. Move along.)
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To: Red in Blue PA

Geez, that makes all of us who paid back our loans in full with interest feel real good.


22 posted on 03/30/2010 8:52:58 AM PDT by norraad ("What light!">Blues Brothers)
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To: avacado

A doctor could get out with $400,000 in loans, get a job at a clinic paying $40,000 and then consult on the side. His discretionary income would come out of the $40,000. He could be making $300,000 consulting.

This is THEFT folks!


23 posted on 03/30/2010 8:53:05 AM PDT by Red in Blue PA (Thinking of using 911 for protection? Google "Brittany Zimmerman")
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To: Red in Blue PA
It's gonna be just like Christmas every day!

Lawzy!

Massa Obama is the bes massa I done evah had!

24 posted on 03/30/2010 8:53:21 AM PDT by onemiddleamerican (FUBO - and all your terrorist buddies, too!)
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To: Red in Blue PA

Where’s mine? I went to school a while ago. Where’s my forgiveness?


25 posted on 03/30/2010 8:53:38 AM PDT by Lazamataz ("We beat the Soviet Union. Then we became them." -- Lazamataz, 2005)
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To: TheThirdRuffian

And the degrees will be worthless, as they will be given out to anyone for anything.


26 posted on 03/30/2010 8:53:40 AM PDT by Red in Blue PA (Thinking of using 911 for protection? Google "Brittany Zimmerman")
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To: Red in Blue PA

Certain students, of course. Just sayin.


27 posted on 03/30/2010 8:53:58 AM PDT by Overtaxed Patriot (Lock and load.)
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To: Red in Blue PA
"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."

An attempt to kill the profit motive in a capitalist society. Also an attempt to mollify medical professionals for the impending low wages under Obamacare.
28 posted on 03/30/2010 8:54:05 AM PDT by LostInBayport (2010 - The Second American Revolution. The first shot was fired 1/19/2010 -- here in Massachusetts!)
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To: Red in Blue PA
I still remember the day when I walked into a Bank in Bradenton, FL 4 years after I graduated from college ... with my new wife and baby and handed them a check that finally paid off my student loan. It was a huge moment for us and an expensive moment. But we did it. Now ask me again if I think getting out of a student loan is fair!

All we are doing is teaching these kids, Obama's stash will take care of it ... not to worry. With no "lessons" nothing is "learned."

29 posted on 03/30/2010 8:54:22 AM PDT by ThePatriotsFlag (http://www.thepatriotsflag.com - The Patriot's Flag)
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To: Red in Blue PA
10 percent of their discretionary income

So basically, you need to make sure you buy or rent a living space expensive enough to maximize your non-discretionary spending, so you make the absolute minimum student loan payments for 20 years. Then the debt disappears!

Or more acurately, your debt gets paid by other Americans, which is free money to you.

30 posted on 03/30/2010 8:54:34 AM PDT by dead (I've got my eye out for Mullah Omar.)
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To: RummyChick

The whole student loan situation is a mess. The Gov made money easy and colleges jacked up their tuitions as a result of the easy money. Students across the company gambled by taking student loans with the hope they’d find jobs which would enable them to pay back the loans. Yeah the kids should have known better but who taught them? High school teachers who have no clue about what it’s like to work in the real private sector world? College loan offices who encouraged the excessive borrowing to pay for the excessive salaries? Parents who don’t have the money themselves to pay excessive tuitions? Why aren’t colleges being investigated for gouging students by means of the student loan program. Instead, we’re just tossing more money at the colleges who helped elect Bobo which will result in higher tuitions and more indebtedness. If future students are getting a “bailout” then surely past students should get that too.


31 posted on 03/30/2010 8:54:53 AM PDT by rhombus
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To: Red in Blue PA

not so fast sparky
read the fine print

I would wager there’s a hook in there for “Govt service” as an alternative payback

How amusing that this was shoved into the healthcare bill so the $$68 billion in “savings” (fees not paid to banks to administer the loans)- could be chalked as “savings” in the healthcare bill.

So, we have $68 Billion in “savings”- but it’s not going to the deficit- it’s going back to the little people to forgive their loans - especially loans used for tuition at those black and minority schools

And now, to show those greedy bank CEO’s how to run a nonprofit for the little people, obama’s federal bureacacy will expand to run the entire US student loan program with the fiscal effficiency and honesty of FHA, FNMA and the Post Office- with a dose of ACORN on the side


32 posted on 03/30/2010 8:55:09 AM PDT by silverleaf (Karl Marx was NOT one of America's Founding Fathers)
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To: Red in Blue PA

Ah Man! It doesn’t apply to me! Why doesn’t he just give everyone a college degree in something?


33 posted on 03/30/2010 8:55:12 AM PDT by demshateGod (The fool hath said in his heart, There is no God.)
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To: henkster

Every word you say is true.

The sad part is that these things are coming at us on a daily basis.


34 posted on 03/30/2010 8:55:25 AM PDT by Red in Blue PA (Thinking of using 911 for protection? Google "Brittany Zimmerman")
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To: Red in Blue PA

This isn’t about loan forgiveness...this is about more control. I wonder how much “volunteer” service will be expected in order to have one’s student loan repayed...


35 posted on 03/30/2010 8:55:42 AM PDT by Joe 6-pack (Que me amat, amet et canem meum)
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To: ErnBatavia
After putting a bunch of my own kids through college, now I have the privilege of putting a bunch idiot “C-” students who don't even belong in college through their first two years as well (a majority will flunk out and the money will go down the drain). Welcome to our brave new world of giving away hard earned wealth to idiots and losers.
36 posted on 03/30/2010 8:56:13 AM PDT by downtownconservative
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To: dead

Yup, you know the script!


37 posted on 03/30/2010 8:56:33 AM PDT by Red in Blue PA (Thinking of using 911 for protection? Google "Brittany Zimmerman")
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To: Red in Blue PA

So if I buy more house than I can afford, wear designer clothing and only eat Wagyu beef, arugula and truffles I have less discretionary income and repay at a lower rate? And have the debt forgiven after 20 years as long as I live beyond my means but make my payments?

Or do they tell me what to buy, wear and eat based on my income?


38 posted on 03/30/2010 8:56:47 AM PDT by Nickname (2012 - Yes You're Canned!)
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To: ErnBatavia

A buy off for Obama Zombies!
Obama Zombies, by Jason Mattera


39 posted on 03/30/2010 8:56:51 AM PDT by Afisra
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To: Red in Blue PA

woo-hoo!! more free stuff!! mm-mmm-mmmmmmmmmmmmmm


40 posted on 03/30/2010 8:56:53 AM PDT by clintonh8r (I love my country. I hate...HATE!!...my government.)
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