Posted on 10/26/2011 5:07:14 AM PDT by Libloather
Saving money on college loans: President changing programs to help millions
Michael Gorsegner - Staff reporter
6:44 a.m. EDT, October 26, 2011
SPRING GARDEN TOWNSHIP, YORK COUNTY— College is known as an investment in the future. But that investment is becoming a burden for many students. The President will announce some changes today that could lower the amount students pay for student loans.
**SNIP**
Graduates qualifying for the "Pay as You Earn" program will have to pay 10 percent of their discretionary income for up to 20 years. If there is still a balance after that time frame, the remaining due would be wiped away. Those requirements are dropping from the 15 percent for up to 25 years in place now. White House advisors saying, these tough economic times call for tough budget decisions.
"We have got to reign in wasteful spending. We have got to cut our budget and in some cases we have to stop spending on things we care about just because we can't afford them anymore," said Barnes.
According to the White House, both changes to these existing programs could help over 7 million people decrease their payments. But, the time to act is soon. To qualify for the debt consolidation, students need to register between January and June.
The decreases are not supposed to cost taxpayers anything. The money saved by people in the debt consolidation program will be offset by the administrative costs of processing one payment instead of several payments by borrowers.
(Excerpt) Read more at fox43.com ...
Blatant bribery for votes - parents and students.
Disgraceful.
Get rid of every “fill in the blank” studies program.
Take 90 present of the donations from Ivy League schools and send that to state schools. (gotta share in the weath)
Fire every teaching assistant. Or every teacher with one.
Where are the gouging investigations of colleges and universities? They jacked up their tuitions and fees and looted tax payers via the student loan program.
Where are the gouging investigations of colleges and universities? They jacked up their tuitions and fees and looted tax payers via the student loan program.
Where are the gouging investigations of colleges and universities? They jacked up their tuitions and fees and looted tax payers via the student loan program.
Who’s going to lend money under these conditions?
That sounds like a dream world.
One question I have (to clarify for myself) is, are they just lowering the minimum payments that people have to pay per month to their loan repayments?
If we didn’t have the enormous government-university complex, government subsidies for higher education, and iron-fist democrat control of higher-ed institutions in the first place, college would be affordable and we wouldn’t need any of these democrat “fixes” to the very problem they created. In other words, we’d have the higher-ed system that was in place up until about 1970 that worked just fine.
But today’s college-age children and their parents really don’t know why higher education is so unaffordable.
sounds like baloon payments. big problem still remains. no justification for college education at all since no jobs are avaiilable. no way to pay back the loan.
The fed gov of course, using money from obama’s stash!
Where is the funding for this coming from? The CR recently passed into law?
The government. Remeber, they took over the student loan business under Obama.
******
Just wondering: How did President Obama pay his way through first Occidental College in California and then Columbia in New York?
President Obama says he paid his way using student loans, as I understand it, but are there any public records of Obama's student loans?
Controversy: Did Occidental student Obama say he was a foreign student so that he could take advantage of loans that were only available to foreign students?
Did student Obama receive any type of scholarship at Occidental?
If student Obama used student loans to pay his way at Occidental, did he pay it back? When did he pay it back, if he did?
I wish someone would put pressure on President Obama to explain how he paid his way at Occidental College and Columbia, when there is no record that he had a job while attending those colleges.
-——are there any public records of Obama’s student loans?-——
Or in the manner of Chris Dodd’s sweetheart mortgages from Countrywide, are there any records the loans were actually ever repaid?
Embedded within it is a 10 year loan forgiveness for people under the Public Service Loan Forgiveness, which will "forgive" (ie, the feds pick up the tab), if you work in "public service" (ie, fed/state/local government employee) full time for 10 years. This sounds like a bribe for Obama voters.
“Who’s going to lend money under these conditions?”
You are. Assuming you are a taxpayer or a bank fee-paying customer or both.
Keep encouraging irresponsibility you effing leftists.
“The decreases are not supposed to cost taxpayers anything.”
Bwahaha!!!
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