Skip to comments.Obama To Take Executive Steps On Student Loans [Congress Go Home!]
Posted on 06/07/2014 4:48:50 PM PDT by Steelfish
Obama To Take Executive Steps On Student Loans June 8, 2014 By JOSH LEDERMAN
The White House says President Barack Obama is prepping new executive steps to help Americans struggling to pay off their student debt.
Obama plans to announce Monday that he's expanding an existing program that prevents borrowers from having to pay more than 10 percent of their monthly income in student loan payments. That program is only available to people who borrowed during certain years, but Obama intends to expand the timeframe for eligibility.
Obama also plans to announce that he's directing the government to renegotiate contracts with federal student loan servicers so encourage them to make it easier for borrowers to avoid defaulting on their loans.
And the president is going to ask the Treasury and Education departments to work with tax preparers to increase awareness about tuition tax credits and flexible repayment options.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
President Barack Obama used the college commencement season Saturday to get behind Senate Democratic legislation that would let college graduates with heavy debts refinance their loans.
The Senate is expected to debate the legislation next week, but it faces significant obstacles.
In his weekly radio and Internet address, Obama noted the program would be paid for by doing away with tax loopholes for millionaires. He says the choice facing lawmakers is whether to "protect young people from crushing debt or protect tax breaks for millionaires."
According to the Institute for College Access and Success, the average debt for the class of 2012 was $29,400. Obama also notes that the unemployment rate for college graduates is about half what it is for high school graduates
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I got my pen
And I got my phone
And all you bible-clutchers
Better just go home
Obama will just make the whole thing WORST ,it’s what Communists Do
He’s like an nba player in a strip club. Just can’t help himself. And we get the tab.
Gonna be a fun summer while congress is in recess.
Bitterly clinging to his government religion...
What is Congress for again?
Student loans total more than a trillion dollars. There aren’t enough millionaires to pay for it, so this is just another lie to try to get the young and the stupid to the polls to help Democrats in Nov. When the election is over, this program will never be heard of again.
These dumbass college attendees/graduates will eat this up. They think Barry is saving their bacon. The chickens will come home to roost for them in maybe 5, 10 or 20 years, probably way less time. They will get to enjoy their vote for Barry for the rest of their lives.
Why doesn’t he cut to the chase and simply declare that all student loans are void and unenforceable in exchange for the students’ undying loyalty to Emperor Hussein the First.
Student loans or Communist indoctrination loans?
Buying more slaves with taxpayer money.
Obama is bent on breaking America, but I believe that much good will come of this. We need to stuff the genie back into the bottle. There is simply too much executive power. What Congress can do is make all regulatory changes that will do more than $10 million in damage/cost to the economy be voted on. If they’d been voting on this stuff for the last half century 90% of it wouldn’t have passed.
The sequence should be that the House starts pushing this. It stalls in the Senate and then when Obama’s gone a GOP POTUS executive orders all the positive changes we want and a furious Democratic minority demands we pass the bill.
See there? No need for laws. Fuhrer Obama writes them himself. (Actually, his boss Valerie writes them, she lets him pretend to be in charge.)
Yeah, screw the lenders, who, in most cases, happen to be US.
What’s interesting about The One is why would he choose to focus on becoming a “Professor of Constitutional law” when obviously he has no respect for the Constitution? Did he do it to learn how to subvert it? Or is it all a lie, that he was never a Professor of Constitutional law? I mean it’s like studying to become a brain surgeon then taking an ax to someones head, it just doesn’t make sense which makes me tend to believe his education is a complete hoax.
Or is it all a lie, that he was never a Professor of Constitutional law?
This is an issue Republicans are failing to act and should be acting on.
One idea would be to deny the use of federal loan money to universities who increase their rates of tuition and fees to more than the rate of inflation or some set value. This would slow down the root of the problem, which has been the ridiculous increases in tuition we’ve seen in universities.