Skip to comments.Obama unveils student debt-relief plan
Posted on 10/26/2011 11:50:48 AM PDT by jazusamo
Continuing his recent tack of bypassing Congress and enacting reforms without them, President Obama on Wednesday announced a package of student loan reforms designed to lower college graduates monthly payments, arguing his plan will redirect some of that borrowed money into the economy to promote job growth.
Speaking to a friendly audience of college students in Denver, Mr. Obama said the changes wont cost taxpayers a dime but will save you money and will save you time, and tied the ever-rising cost of education to the nations lagging economy.
Living with that kind of debt means making some pretty tough choices. It could mean putting off buying a house. It may mean you wait longest to start a family, he told the crowd, which erupted with cheers when the president spoke of moving ahead without waiting for Congress to act.
Under his plan, college graduates will be able to consolidate direct government loans and government-backed private loans into one monthly payment at a lower interest rate. Beginning next year, college students monthly payments will be limited to 10 percent of their discretionary income, and all loans will be forgiven after 20 years. That program was scheduled to take effect in 2014, but the administration has decided to bump up the starting date.
(Excerpt) Read more at washingtontimes.com ...
Well..now he has the college vote, and soon ...the default mortgage voters....who’s next?
Start taxing college endowments especially those lucky colleges with the largest endowments (remember the rich are just lucky, those large endowments were stolen from smaller colleges who were no doubt exploited by the rich)sarcasm tag here.
Like most freepers I'm pretty much anti-tax, but look at who would be taxed; large liberal private universities. You know, where the liberal professors who support OWS work. Think of the irony, these mega rich liberal institutions crying over having to pay their fair share.
Here's and out...if they take over providing their students with the govt financial aide and guaranteed loans that the students qualify for based on their FASA, no tax. Colleges with hundred million dollar endowments, or even billions, should be providing financial aid for their students, not the taxpayer.
How in the world does he say this with a straight face?
Elections have consequences.... especially when one “WILLINGLY” brings a Chicago Politico into the mix!!
Unfortunately we cannnot fix stupid. The only hope is that there are enough reasonable, intelligent, not underwater, not looking for a free handout, willing to reduce Government’s hold on everthing folks still out there to overturn Oblah-Bah’s re-election.
gubmint subsidized education has the same outcome as gubmint subsidized health care. what a shocker. And the solution is always more gubmint intervention.
My sons paid off their loans in full at about 8%. It took years. One son also paid off his lazy, weird wife’s loans.
Honk if I paid for your :
gay and lesbian Hispanic transgender Degree.
What the heck is this? 10% of their discretionary income for 20 years? These borrowers would be lucky to pay back 10% of what they borrow by then!
This president is just trying to by votes for next years election. Unfortunately I believe it will work.
I don’t get it either.
it won’t cost us a dime? what about the triple doctorate holder that is approaching the 20 year mark and still owes 300,000
who is going to pay that?
Where is the outrage from Boehner and the rest of our side on this issue? Going around congress................*crickets* The silence tells me they are O.K. with it.
not to worry- another Exective Order will declare it all “deficit neutral”.
who says what is “discretionary”? is that before or after the BMW payment, Mortgage payment, full package cable bill, cell phone bill????
I think it’s the ones way of saying take all the college debt you want on the governments dime, but don’t worry. you will NEVER have to pay it back.
Why would you need to pay back anything!
Just string it out for 20 years and poof!
And where the hell is the money then?
This is blatant vote buying.
Now we know! One of Obamas big moves in his two years of total DC Dem control, was to federalize student loans now with that full authority, today he dangled offers of help and even forgiveness in front of a student crowd. But somehow to liberals that is NOT corruption or vote buying is that progressive math??? (one of OWS demands is student loan forgiveness). So shall I surmise bailouts are OK if the bailees vote DemWit.
...Thereby ensuring that hoard of college kids will put down their bongs and switch off Sponge Bob long enough to vote again.
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