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Obama Taps Taxpayers For Student Stimulus
Fox News ^ | October 26, 2011 | Chris Stirewalt

Posted on 10/26/2011 6:23:41 PM PDT by magellan

In keeping with his new campaign theme of "we can't wait," President Obama today will roll out a plan to put more money in the pockets of some of the nation's 36 million student loan recipients.

Take this example: If Suzy Creamcheese gets into George Washington University and borrows from the government the requisite $212,000 to obtain an undergraduate degree, her repayment schedule will be based on what she earns. If Suzy opts to heed the president’s call for public service, and takes a job as a city social worker earning $25,000, her payments would be limited to $1,411 a year after the $10,890 of poverty-level income is subtracted from her total exposure.

Twenty years at that rate would have taxpayers recoup only $28,220 of their $212,000 loan to Suzy.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Crime/Corruption; Government; Politics/Elections
KEYWORDS: obama; obamanomics; stimulus; studentloans; studentstimulus
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To: Bibman
For the "99%" their IRS bills would be less than their student loans anyway.

They are splitting the country along another line. Soon they will have us all broken down into different classes that have been "screwed by X" when the reality is we are all being screwed by a failing government.

21 posted on 10/26/2011 7:25:51 PM PDT by USNBandit (sarcasm engaged at all times)
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To: Graewoulf
Not only is it illegal, it's Unconstitutional. This fresh new slice of insanity comes to us as a rider to the Democrat's Obama Care Legislation which has already been adjudicated Unconstitutional in Federal Court.

Due to the lack of a severability clause in the Obama Care legislation everything associated with it gets nullified. Since the Student Loan legislation was a rider on that legislation, it dies along with Obama care. So the law Obama is using as a pretext to rule by decree is actually null and void because it died along with Obama Care.

He does not have the legal means to do what he is trying to do because the Legislation which would allow him to do so is no longer in effect

22 posted on 10/26/2011 7:30:46 PM PDT by rdcbn
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To: magellan

This is a way to pander to thw OWS crowd without overtly saying he backs them (Dem pollsters are telling Obama not to openly side with OWS).

23 posted on 10/26/2011 7:51:23 PM PDT by Siena Dreaming
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To: rdcbn

This insane clown’s actions require he be impeached or arrested and taken to trial for attempted slaughter of our nation, corruption, and p*ssing all over our constitution every day for 3 years now! OMG God help us.

24 posted on 10/26/2011 8:09:59 PM PDT by MonicaG (God bless our military! Praying and thanking God for you every day. Thank you!)
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To: Siena Dreaming

I am on strike as of this moment.

I am not going to sit idly by when I have to pay for stupid 18 year old
loan forgiveness after 10 years?, capped at 10% of income.

Using the federal government (ME) I am paying for this.
When we have 1.5 trillion in deficit, social security is blanked,
Medicare is insolvent. You already promised everyone and raped
me with the withholding taxes.

You will not rape me anymore without a fight.

I am maxing out my tax deductions (what little i have)
the IRA.

It’s the responsible honest people against Obama and his merry band
of freeloaders, unions, thugs and Marxists.

WHich side are you on?

25 posted on 10/26/2011 8:11:03 PM PDT by preamble
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To: rdcbn

” - - - Since the Student Loan legislation was a rider on that legislation, it dies along with Obama care. - - - “

Thanks for your explanation! I had forgotten that the SLP was a rider to obama”care.”

If what you say can be effected in Law by Congress, and/or THE NINE SUPREMES, then I may have to finally change my tagline.

Until then, you and I know the truth, but the truth has not yet been absorbed by our leaders in the District of Corruption.

26 posted on 10/26/2011 8:20:31 PM PDT by Graewoulf ( obama"care" violates the 1890 Sherman Anti-Trust Law, AND is illegal by the U.S. Constitution.)
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To: Siena Dreaming

OWS - Obama’s Wealth Spreaders

27 posted on 10/26/2011 8:40:02 PM PDT by OrioleFan
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To: magellan

This just feeds one of the problems that has lead to the OWS crap - telling everyone that not only should EVERYONE go to college, but that it is a RIGHT that should be PAID FOR by OTHERS.

BS - all of it. How come there are “jobs Americans won’t do”??? Because kids have been brainwashed that some jobs are “below them”. Further - this is supported by paying folks NOT to work...

What ever happened to going to High School, then getting out and finding a job, working your way up through hard work and showing initiative (and good judgment) - and one day “living the American Dream”? This is still completely possible - but HARD WORK is no longer part of the American vernacular... its taboo.

Obama MUST be stopped. His end-runs around the Constitution clearly represent impeachable offenses - yet the do-nothing Congress along with the Dem/Traitor-controlled Senate won’t do anything. But I would expect little more from the Republicans who don’t have the stomach for following rules, the law, and the Constitution themselves.

I had some student loans from when I works for my undergrad degree. One that was a Federally- guaranteed loan. Interest rate was fixed when I took out the loan, then I repaid the loan at a fixed, pre-determined monthly amount per $1000 borrowed. I went through some hard financial times in my early post-college years - but I darned-well had to make those payments - and I did. Now we are going to lower the bar? Borrow amounts your butt cannot repay (due to your own worthless stupidity, bad choice of majors, or you are unemployable because you are an idiot) - and the taxpayers are back on the hook?

I hear so much whining about the skyrocketing cost of a “college education” - could it be because of the sense of entitlement that comes from the lies being told to students that they “need” to go to college, plus the growing pool of grants and scholarships with little to no academic basis, and the growing sense of entitlement? When its spending other people’s money - why not everyone go to college?

Just like what happens when health care is “provided” - utilization goes way up. When people bear little or no portion of the cost, people use it more.

28 posted on 10/26/2011 8:52:26 PM PDT by TheBattman (They exchanged the truth about God for a lie and worshiped and served the creature...)
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To: The Antiyuppie
If this happens, I’m out of here. The country, I mean.

Better start packing and making arrangements for where you are moving to - cause it IS happening.

And even if Repubs can somehow overcome all the millions of bought votes (with taxpayer $) and get the majority in BOTH houses of CONgress plus the White House - they won't have the guts to undo this program. That's why previous Repub opportunities for REAL entitlement reforms went without action. You see - any talk (much less action) about reforming such programs = "racist", "wanna kill grandma", "unfair", and did I mention "racist"... get thrown around, and the Yellow-Spine Syndrome kicks in.

29 posted on 10/26/2011 9:49:09 PM PDT by TheBattman (They exchanged the truth about God for a lie and worshiped and served the creature...)
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To: rdcbn

“So you paid off your your student loans too?”

No...worked through school. At the time, it was possible to do this. Because of the ridiculous inflation of tuition, this is now essentially impossible. Tuition inflation happened for the same reasons that the cost of medical care has skyrocketed - “someone else paying for it” distorted everything.

30 posted on 10/26/2011 10:25:03 PM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: Painesright

All very true.

I am surprised we didn’t see this coming. We all knew European style socialism was the model American progressives aspire to, and higher education is free in much of Europe. Student loans that will never be paid back is simply the sleazy, backdoor, OBAMA way of doing it. None of that inconvenient debate in Congress, just a simple Executive Order. If he gets away with usurping the legislative function of Congress and they don’t impeach him, the Republic is over and the Dictatorship has arrived.

31 posted on 10/27/2011 1:07:23 AM PDT by Kellis91789 (There's a reason the mascot of the Democratic Party is a jackass.)
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To: magellan
A more modest program already in place has been a bit of a bust

So do more of it! Brilliant!

A White House official responds to Power Play, saying that the president's student loan action will "almost certainly reduce" deficit spending

Yeah, and unicorns will dance across the plains. What is this, like the thousandth time they've promised deficit reduction from their stupid plans?

32 posted on 10/27/2011 1:20:56 AM PDT by lowbridge (Rep. Dingell: "Its taken a long control the people.")
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To: Painesright
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!!

It would seem to me a person like that would have to live off grid to get away with it. They aren't going to have access to any more credit unless they show supporting income. They aren't going to be able to get a house loan. If you go out and buy a new car with cash, that is reported to the credit reporting agencies and to the feds..

33 posted on 10/27/2011 4:52:27 AM PDT by EVO X
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