Skip to comments.Student Loans subsidize ObamaCare
Posted on 05/28/2013 8:00:20 PM PDT by Frankusa
According to the Congressional Budget Office, $8.7 billion of the money collected in student loan interest payments actually goes to pay for ObamaCare. The CBO estimates that the interest rate on these loans could be reduced from 6.8 percent to only 5.3 percent were the funds not used to subsidize the healthcare reform law and other federal programs.
The profits from student loans are divided as follows: $8.7 billion goes to pay for ObamaCare; $10.3 billion goes to pay down the federal debt; and $36 billion goes to Pell Scholarship grants.
The 16 million American students who now have student loans are paying for ObamaCare out of their meagre incomes just at the point when they graduate from college and need funds to start their lives, buy their first homes and begin a family...
Politically, how did the Republicans miss this issue in the last election?... For the administration to raid [student's] wallets at this vulnerable time in their lives shows a level of arrogance and unconcern that is truly outrageous and stunning...
The federal government borrows the funds for the student loan program at 2.8 percent and then lends it to the students at 6.8 percent, a markup of 4 percent.
The nexus between the student loan program and ObamaCare is purely opportunistic. As the Affordable Care Act was passing through Congress, its wheels greased by the wholly fraudulent assertion that it didnt need 60 votes to pass the Senate, the administration decided to put in a provision eliminating the private student loan industry, fully federalizing the program. What was not widely understood at the time was that it hoped to raid the funds paid by students to provide money for the bottomless pit known as ObamaCare.
(Excerpt) Read more at thehill.com ...
Let the Obamacare shell game begin.
The Curse of Obamanation continues to be Moving Forward with NO resistance from our sorry Congressional RINOs.
You did not seriously expect any did you? The RINOs are only interested in making the Dems happy.
All we need is one congress critter that is willing to buck the system, a critter that is not out to make politics in a congressional office a career. Someone unwilling to compromise when it comes to American exceptionalism, and the Constitution.
Sara Palin comes to mind.
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Posted on 05/22/2013 4:11:02 PM PDT by The Old Hoosier
Watch politics much, unattributed author?
I am afraid that it will take many more than just one member willing to buck the system, especially with ideological tilt of the press.
But, if we have one, it could start a landslide ... who knows unless we try.
your optimism is laudable, but I am just trying to be realistic.
When Obama got elected he took over the student loan program did he not?
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This monster has its hooks in everything. There is absolutely no way of simply defunding it.
I see nothing wrong with being over optimistic and a realist at the same time. Without the combination of the two, the US wouldn’t exist.
Ahha - now the fact that the government takeover of the backing of student loans was passed along with the so-called affordable care act makes sense......
The student loan bubble is about to pop. A trillion dollars of debt that will be put on the backs of the taxpayer . The dam is about to break since the ninth circuit court is going to let a student debt holder default and walk away from his obligations.
Reform will not emerge from DC, it must come from the people and the states. But that doesn't mean the spark to reform cannot come from Congress. Ted Cruz has had it with the rinos and rats, and may well make the case for an Article V convention of the states.
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