It's FREEEEEEEEEEEEEEEE
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President Zero is determined to do everything to see to it that we are all equally poor.
I’m at a loss as to how he will make sure the “reparations demographic” gets the lion’s share of this bailout,
but I’m sure he’ll be able to pull it off.
Only in Bizarro world can this statement be made with a straight face .....
Like those butt holes protesting at OWS? I don't think so!
That’s exactly what it is. The government pays the universities whatever they ask for (to pay the radical cohort that is the faculty), and the student pays 10% of his income for the next 20 years to cover his loan, and then the rest is forgiven. It doesn’t matter what the principal amount is.
It will never be enough.
What a racket. Making student loans only through the gov was the first thing he did as president if I remember correctly.
So, with an executive action, I not only get to pay for my kid’s education but everyone else who don’t want to pay for their kid’s college loan.
I am reminded of the song “Money for Nothing Chicks for Free” by Dire Straits.
Obama’s bailout of those with worthless majors who racked up loans at expensive schools is despicable. It means that working during college was for the suckers. It is a further disincentive to work and to pursue degrees which actually are worth a students time: sciences, medicine, and engineering.
I know, don't give'em any help.
All this is is a bailout of colleges ... they’ve raised their tuitions another 8.3% this year. People can’t afford it, so who pays for their increase? The government of course ... give the money to the student who gives it to the college. It’s just a “sneaky bailout” of BIG EDUCATION which takes NO HITS when they have a price increase. (And this from someone who PAID OFF HIS STUDENT LOAN IN FULL!)
The student loan program that King Obama announced this week is typical vote-buying welfare that invites abuse and fraud.
True story. I struck up a conversation with a woman in an airport while waiting for a flight. The economy and the plight of recent college graduates came up. She openly (without a hint of shame) told to me how her daughter plans to take advantage of Sugar-Daddy Obama’s generosity.
Her daughter is majoring in a graphic design program at an expensive CA university and already has $56,000 in student loans.
Realizing that the labor market is depressed, instead of graduating, she is staying in school and living off student loans as long as she can. Which is what millions of others will do too.
She has no incentive whatsoever to limit how much debt she racks-up. She knows that she will not be held accountable to pay it back. Why stop at $56,000? $100,000! $150,000! $200,000! Sky’s the limit when you are spending free money!
After 20 years of repaying not much if any of her student loans, her debt will be forgiven.
How neat! Like free money or something!!
She added insult to injury by telling me that in her daughter’s line of work, many times she will be paid cash or on a 1099/self-employed basis.
So, since her daughter doesn’t plan to show much income tax on her tax returns anyway, the 10% of discretionary income will be practically 0. She plans to pay back almost ZERO!!
I shudder to think that we already have $1 trillion in student loan debt. With a government give-away like this one, we could easily double that to $2 trillion. What happens when the gov’t has to start forgiving 100s of billions in dollars in student loan debt?
Who pays for it? The money was spent. Somebody expected to get paid back. Who loses and/or who pays it if not the student?
That is exactly how the system will be gamed.
Those brainwashed kids standing behind Obama and cheering in front of him have idea how quickly he is destroying their country. So sad.
Easy, cheap, government-guaranteed money caused the housing bubble. Now it has caused a higher education bubble.
This is the vote-buying politicians’ way to keep the bubble inflated and keep the money flowing to one of their best mouth-pieces... liberal professors.
And the politicians won’t stop bribing the people with their own money until we are Greece on steroids.
I am profoundly sad to say that this woman was NOT an Obama-supporting liberal.
That is what happens when a country goes Socialist.
Everyone takes as much as they can, until there is nothing left to take.
As Prof. Alexander Frazer Tytler supposedely said back in the 1800’s (paraphrasing): A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse out of the public treasury. From that moment on the majority always vote for the candidate promising the most benefits from the treasury with the result that democracy always collpases over a loose fiscal policy, always to be followed by a dictatorship.
That describes Greece today. It could very well be America soon.
Every one knows that many people borrow much more money than they need for college because they use it to party, buy cars, take vacations, pay for living expenses, etc.
Now there will be even more of this abuse.
We command you!! “Give that money to young people.”
Duncan should be marching on Wall Street and manning the barricades.
We gladly saved for a lifetime and paid our two children’s tuition (beyond what they paid for out of their earnings) so they wouldn’t start out life in debt. Silly us! You go do something like that, there’s a higher sticker price than for people with aid or loans.
We’ve already paid for someone else’s kids.
With the government backing all student loans, sounds like a big “come on down” for colleges to jack up the rates again and again.