[Libloather]

Can the rookie Hussein wave that magic wand over 30 year mortgages?

[sodpoodle]

Blatant bribery for votes - parents and students.

Disgraceful.

[DAC21]

Discretionary income, I'm sure Bambi has a new definition of that as well, big ZERO. Hence no one pays a dime.

[EQAndyBuzz]

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.

[rhombus]

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.

[rhombus]

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.

[rhombus]

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.

[nuconvert]

Who’s going to lend money under these conditions?

[justice14]

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.

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?

[ProtectOurFreedom]

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.

[television is just wrong]

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.

[sickoflibs]

RE :"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 ............... 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."

Where is the funding for this coming from? The CR recently passed into law?

[PapaBear3625]

FAQ page at ed.gov. Looks like it would leave the government on the hook for what is "forgiven".

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.

[crosshairs]

Keep encouraging irresponsibility you effing leftists.

[9YearLurker]

“The decreases are not supposed to cost taxpayers anything.”

Bwahaha!!!

[When do we get liberated?]

This guy has real knack for economics. When you are piling on debt, hemmoraging cash and running out of credit, what do you do? Well of course, DEFAULT ON YOUR RECIEVABLES!

[AD from SpringBay]

Would that he could. The reality is there is no magic. Someone is going to take a hair-cut on these student loans. Perhaps Great Leader is so used to printing money he now thinks debt can just as well disappear.

[knarf]

"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."

Titheing to the government.

THIS should work out OK ... /s.

[motivated]

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.

After 20 years all the debt is forgiven? WOW, Just WOW - I wonder how on earth Obama has this authority and how much potential cost is involved.

[FreeAtlanta]

This involves spending revenue. How does he do it without congress?