Skip to comments.Washington Proposes $1 Trillion Bailout for Delinquent Student Loans
Posted on 11/30/2012 6:12:46 AM PST by chessplayer
A possible $1 trillion bailout is comingand soon.
Americas now-nationalized student loan industry just reached a value of $1 trillion, according to Citigroup, growing at a 20 percent-per-year pace. Since President Obama nationalized the industry (a tacked-on provision of the Obamacare bill), tuition has gone up 25 percent and the three-year default rate is at a record 13.4 percent.
(Excerpt) Read more at breitbart.com ...
All ObamaZombies get a thank you gift from Obama Claus for their November 6th “revenge” vote(s)!
Is there ANYONE who didn’t see this one coming? Talking about pay-back to his supporters...
It’s more the IDIOT parents they’re bailing out. The ones that cosigned, or otherwise enabled their kids to take out these loans for (mostly) WORTHLESS degrees.
They engaged in a very effective whispering campaign on college campuses during the fall. My daughter kept coming home from school and saying “Did you hear that Obama is going to forgive all the student loans?” Not a word in the mainstream press, but delivered dead on-target to the intended audience.
and he’s going to legalize pot!
(boy the young are suckers)
Value 1. Always force somebody else to pay YOUR financial obligations.
I got a 72 month loan at a good rate....
So if I run a little tight next month.... I will send my payment bill to congress since they seem to be willing to pay anyones loan no matter what...
Isn't this a great country or what?
I guess I was one of the unlucky ones who paid their loans off.
Can I get a retroative bailout?
Send it to the white hut, not Congress.
No problem. Just print more money.
Liberals=NO commonsense. NO sense of value other than what relates to them at any given moment. There is a void in their brains that disallows them to comprehend reality.
Money is paper with numbers, and symbolic designs in ink. Just have that fellow in the basement print some more. Dibs on the fresh ones.
Rush predicted this, but he felt it would come out just prior to the election. Since the yoot vote was in the bag, this seems now to be a ‘thank you’ gesture. My daughter, who now stupidly has paid her loans on time, will not benefit from this. She should have stopped paying during the campaign.
If a law could be passed that would force the university who accepted the defaulting student to swallow one-half of the default on every student loan, I believe that the government-university complex/cabal would soon be over.
There will be a minimum melanin threshold to meet if you’re going to get a handout.
My step son decided that computer design was too difficult a course to continue with (seems it required some outside of class work). So he switched to take graphic design instead over my commentary there was no economic future in that area. He then lost his scholorship due to poor grades. His mom told him we were not making up that difference; so he had to get a loan or drop out. He got a loan, got back on the scholarship program later and graduated 8 years ago. He has yet to pay back a cent on his loans, why? He cannot make a living. So, I guess we all get to pay it back now. What a country.
Our children and grandchildren buying more “free stuff” for Obama’s supporters.
Our country is in a very sad place, and still nothing is done to stop the madness, republican leaders are all part of the socialist New World Order.
That is where you are wrong. The parents aren’t the co-signers for these loans, the Federal government is. That is why they are “Federally guaranteed” student loans. In 1988, when I was 18, I signed a loan document for $6,500 despite having no credit history, no job, and no plan for paying it back. My parents didn’t sign a thing. And Uncle Sam was the one who had to pay back the loan if I wouldn’t or couldn’t. It’s a no loss for the financial institutes, and a huge loss for the taxpayer.
I say end the program, starve the modern University system of it’s endless supply of money, and make a college education a valuable commodity.
I'm convinced that 0bama's goal is to reduce America to a pathetic, miserable third-world hellhole ... sort of like his beloved native Kenya.
The problem is ...at this point, it is not just 0bama. It is all those people who voted for him too.
It’s certainly the case that 0bama has his enablers, including approximately half of folks who could be bothered to get off their ass and vote. (Yes, I know about the vote fraud.) Still, I think it’s a matter of motivation. I think the average 0bama voter’s motivation is “I or someone I care about is gonna get free stuff and stick it to the man.” That’s a bit different from, and less foresighted than, 0bama’s clear malicious desire to destroy America.
"...But,Dude....how else can I pay off my loans?"
They can’t do it forever,
and the piper has invoiced.
I’m with you...
The agenda now, more blatant that ever, is to cloward-piven-like collapse the US. This regime just wants to spend and cares not a whit as to where that money comes from. The more they spend, the quicker the collapse. Case in point is their desire to remove the debt ceiling. Case in point is to tax more now, reduce spending “later”. And, if one is to connect some dots not yet connected into the future: We are going to find out just what all those govt requisitions over the past couple of years of hollow point bullets...
1) Make student loans dischargeable in bankruptcy.
2) Require the college to be on the hook for at least part of the liability for bad loans.
Overnight, college will stop accepting unqualified students, and offering majors for which there are few job openings.
You paid yours off? Well, I hope you’ve learned your lesson that hard work and responsibility are now punished in this country. We reward those with their hands out. ;)
I paid mine off my student loan years ago also. I borrowed $850 my first semester, and the paperwork was such a hassle I never did it again. This was in the 80’s, before the federal government got involved to help students, so if you went to a reasonably priced public university, you could pay as you went with a part time job during school and full time in the summers.
Now my kids have to put together a motley assortment of loan packages and scholarship to do what I did with some part-time jobs.
A lot of us were saying that before the election four years ago.
http://www.businessinsider.com/citi-just-pay-your-student-loans-because-theyre-good-for-you-and-theyre-good-for-us-2012-5 ~ I think this article is a bit closer to the original citi language than Breitbart, or Fox, or other commentary.
——There will be a minimum melanin threshold to meet if youre going to get a handout.——
O’ noes.... I’m SOL.....white, middle-class, church going heterosexual married male who owns guns...
Their calendar doesn’t go past the next election.
This disguised reparation crap is WAY too old......
The very description of their "enemies".
Nationalize college endowment funds!!!
Another TRILLION!!! This needs a quick McConnell burst of laughing.
What the heck is going on in Washington?
Apparently, a lot of folks haven't heard us saying it. I, at least, am not tired of saying it. I will continue to say it as long as Bath-house Barry Benghazi is part of "current events", and I'll switch to the past tense when Barry Odinga the Magic Kenyan becomes part of "history".
But that's just me ...
YES YES YES. And, to make that fantasy even more delightful, let's hold those slacker professors responsible, too, for teaching rotbrained nonsense.
IMHO, one idea to reduce college cost is to reduce administrative costs. The college I went to had like at least 5 VP’s. Pretty ridiculous too.
Do we, like, get fries with that, or something?
At this point we're just waiting for the feral government to commence with the mass-murders.
“The problem is ...at this point, it is not just 0bama. It is all those people who voted for him too.”
That is so sad. There are those of us who teach our children to be honest and thrifty by paying their debts. Then the gov’t (nanny) comes along and throws that all to hell.
The communists are doing exactly what they promised by incrementally destroying the social and economic norms that made us the greatest country on Earth for many years.
It’s heart-breaking to see the USA swirling in the toilet.
“one idea to reduce college cost is to reduce administrative costs.”
Yes, if that was the goal, this idea is great - but the goal here is to create more dependance, more “democrat” voters, more useful idiots and mostly - more POWER to the government.
Everything is just bass-ackwards now. smh
“You paid yours off? Well, I hope youve learned your lesson that hard work and responsibility are now punished in this country. We reward those with their hands out. ;)”
Not only paid mine off, but also encouraged my college-aged kids to choose schools they could afford without borrowing much rather than enroll in the more prestigious schools they were also accepted to, and even encouraged one to pre-pay the interest on his student loan before graduation.
How stupid was that?!!!
A while back, at the counter Beck , Jon Stewart Stephan Colbert restore sanity rally ...a group of current students took turns on stage talking about their school loans and demanded free education.
College Presidents have to be the most economically stupid people in the United States. They should all be required to take a one year sabbatical and run a shoe store or a plumbing busness for a year, just to get some fundamental economic reality injected into their dreamy skulls.
No problem, he’ll just take the money from the Parents 401k plan, plenty of money there...
Obama did the same thing with SSI disability, which was passed out like candy in the months before the election. I'm a notary-on-wheels and did scores of these for the lawyers. Suddenly it stopped the first week of November (notice the TV commercials for getting your SSI appeal also stopped).
Wow, no one seems to get it.
This “student loan” garbage is the “Education Bubble” coming to its inevitable end, just as the “Housing Bubble” did a few years ago.
The students were getting the same “education” you could get 10 years ago at a fraction of the price.
Government student loans were a way to boil this bubble and skyrocket tuition costs, throwing taxpayer money to the Governments favorite union, the so-called “educators”.
I don’t know about the rest of you, but I am getting d%&mn sick and tired of hearing about the sacred cow of “Education”!
What passes for education these days appears worthless, anyway, so this orgy of spending is all just pork, going to people who should be out trying to find a job where thay could do something productive. If we could kick their a$$es out of the public trough, they might just end up on our side.