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Obama To Take Executive Steps On Student Loans [Congress Go Home!]
ABCNews ^ | June 08, 2014 | JOSH LEDERMAN

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

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Culture/Society; News/Current Events
KEYWORDS:

1 posted on 06/07/2014 4:48:50 PM PDT by Steelfish
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To: Steelfish

I got my pen
And I got my phone
And all you bible-clutchers
Better just go home


2 posted on 06/07/2014 4:50:40 PM PDT by E. Pluribus Unum ("The more numerous the laws, the more corrupt the government." --Tacitus)
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To: Steelfish

Obama will just make the whole thing WORST ,it’s what Communists Do


3 posted on 06/07/2014 4:51:52 PM PDT by molson209 (Blank)
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To: Steelfish

He’s like an nba player in a strip club. Just can’t help himself. And we get the tab.


4 posted on 06/07/2014 4:51:55 PM PDT by FlJoePa ("Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good")
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To: Steelfish

Gonna be a fun summer while congress is in recess.


5 posted on 06/07/2014 4:52:31 PM PDT by cripplecreek (Remember the River Raisin.)
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To: Steelfish

Bitterly clinging to his government religion...


6 posted on 06/07/2014 4:53:14 PM PDT by IncPen (None of this would be happening if John Boehner were alive...)
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To: Steelfish

7 posted on 06/07/2014 4:55:34 PM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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To: Steelfish

What is Congress for again?


8 posted on 06/07/2014 4:59:41 PM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: Steelfish

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.


9 posted on 06/07/2014 5:01:11 PM PDT by txrefugee
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To: Steelfish

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.


10 posted on 06/07/2014 5:01:30 PM PDT by caver (Obama: Home of the Whopper)
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To: Steelfish

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.


11 posted on 06/07/2014 5:02:15 PM PDT by Truth29
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To: Steelfish

Student loans or Communist indoctrination loans?


12 posted on 06/07/2014 5:02:23 PM PDT by GrandJediMasterYoda (Hitlery: Incarnation of evil.)
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To: txrefugee

Buying more slaves with taxpayer money.


13 posted on 06/07/2014 5:03:07 PM PDT by cripplecreek (Remember the River Raisin.)
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To: Steelfish

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.


14 posted on 06/07/2014 5:05:28 PM PDT by 1010RD (First, Do No Harm)
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To: Steelfish

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.)


15 posted on 06/07/2014 5:06:17 PM PDT by SoFloFreeper
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To: Steelfish

Yeah, screw the lenders, who, in most cases, happen to be US.


16 posted on 06/07/2014 5:06:59 PM PDT by fwdude ( You cannot compromise with that which you must defeat.)
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To: BenLurkin

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.


17 posted on 06/07/2014 5:08:22 PM PDT by GrandJediMasterYoda (Hitlery: Incarnation of evil.)
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To: GrandJediMasterYoda
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?

Yes.

And yes.

18 posted on 06/07/2014 5:10:15 PM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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To: Steelfish

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.


19 posted on 06/07/2014 5:10:59 PM PDT by CaspersGh0sts
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To: GrandJediMasterYoda

20 posted on 06/07/2014 5:12:13 PM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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To: Steelfish

And just as I typed the above, another idea would be to get the federal government entirely out of federal loans.


21 posted on 06/07/2014 5:12:21 PM PDT by CaspersGh0sts
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To: 1010RD
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

And who gets to decide which regulations "damage" the "economy"?

22 posted on 06/07/2014 5:12:24 PM PDT by Jim Noble (When strong, avoid them. Attack their weaknesses. Emerge to their surprise.)
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To: CaspersGh0sts

The root of the problem is too many students getting federal money to go to college when they would be better served by trade schools.


23 posted on 06/07/2014 5:14:04 PM PDT by cripplecreek (Remember the River Raisin.)
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Forever eroding self-determination and responsibility.


24 posted on 06/07/2014 5:14:55 PM PDT by Gene Eric (Don't be a statist!)
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To: Steelfish

The law means nothing to Obamao.


25 posted on 06/07/2014 5:17:31 PM PDT by Blood of Tyrants (Haven't you lost enough freedoms? Support an end to the WOD now.)
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To: Steelfish

So the average grad with loans owes about as much as if he had bought a new car. Sorry, I’m not paying for the car he can’t afford, and if he gets his pay dunned, too bad.


26 posted on 06/07/2014 5:31:06 PM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: Jim Noble

Just pass the law and let’s see. It would tie up all these regulations either in Congress or in the Courts where harmed parties would sue to get it stayed or overturned. It’s hard to write a regulation that doesn’t affect $10MM in a nation with a $16 trillion economy. Capisce?

The only regulations that would pass would be those with overwhelming national support and a clear affect.


27 posted on 06/07/2014 5:31:06 PM PDT by 1010RD (First, Do No Harm)
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To: BenLurkin

“tax breaks for millionaires”?

Geez, I never got a job from a college student? wtf


28 posted on 06/07/2014 5:34:32 PM PDT by bicyclerepair (The zombies here elected alcee hastings. TERM LIMITS ... TERM LIMITS)
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To: Steelfish
"According to the Institute for College Access and Success, the average debt for the class of 2012 was $29,400."

MSRP for a Honda Accord EX-L V6 is $30,625. I don't think the problem is kids who took out $29,400 in loans to earn a marketable degree. I think it's probably the ones who took out $294,000 for an unmarketable degree.

29 posted on 06/07/2014 5:37:39 PM PDT by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: Steelfish

Talk, talk, talk and no one does anything about his corrupt admin. Congress is there for a reason, perhaps they could cut $$$$ from all the dear leaders wants needs and desires.


30 posted on 06/07/2014 5:44:54 PM PDT by JamesA (You don't have to be big to stand tall)
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To: Steelfish

I blame congress for this tyranny, and the House in particular. If you do not defend the separation of powers, it doesn’t exist.


31 posted on 06/07/2014 5:52:34 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Steelfish

Those who chose productive fields in college, those who worked their way through college, and those who decided they couldn’t afford college so they learned a trade will be subsidizing those who spent years finding themselves at the bottom of a beer mug as they borrowed for a private university education in gender studies and Elizabethan poetry. This is disgusting, so it’s no surprise from a lawless administration.

I miss the Constitution and the rule of law.


32 posted on 06/07/2014 5:54:40 PM PDT by Pollster1 ("Shall not be infringed" is unambiguous.)
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To: Steelfish
When you subsidize something, people and institutions are going to take advantage of it. That's why students are thousands of dollars in debt, and college tuitions costs keep climbing.

Going to college in the 90s, I had friends who basically used their student loans as party money rather than actually spending it on education.

I would support voiding the interest and giving all students an automatic 3-year deferment, as long as Washington is completely removed from all aspects of education.

33 posted on 06/07/2014 5:57:38 PM PDT by Extremely Extreme Extremist
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To: Steelfish
"He says the choice facing lawmakers is whether to "protect young people from crushing debt or protect tax breaks for millionaires."

That doesn't even make sense. No. The choice is to buy something that you can afford, or if you buy something that costs more than you can afford, you will suffer consequences.

The most disturbing thing is that more than half of all voters bought all this malarkey, twice. We're doomed, I tell you. Doomed.

34 posted on 06/07/2014 6:05:13 PM PDT by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: Steelfish
The government needs to get out of the loan business, not deeper into it.

People are borrowing tens of thousands to buy their degrees in "LGBT history", or "Alternate Sexuality Studies", or some such nonsense... then can't earn anything and become dependent on the taxpayers to survive.

35 posted on 06/07/2014 6:05:40 PM PDT by Cementjungle
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To: 1010RD

I don’t really believe there is such a thing as “the economy”.

Aggregating all the millions of private transactions and all private production into a singularity is a socialist tool to subject us to governance.


36 posted on 06/07/2014 6:11:54 PM PDT by Jim Noble (When strong, avoid them. Attack their weaknesses. Emerge to their surprise.)
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To: BenLurkin

Imagine the lawsuits trying to fight something like this.
Do you sue based on the law as written or the law as dictated by Obama?
When a judge decides, is it by the law as written by Congress, the law as dictated by Obama at the time of filing or the law as dictated by Obama that day?


37 posted on 06/07/2014 7:01:20 PM PDT by tbw2
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To: Jim Noble

Economy in the original Greek just means household management and I agree with you. Aggregating all those household economies into a whole is very misleading. Nonetheless, the practical politics of this world are such that many believe that “regulation” saves them, not the free market competition. So my solution would gum up the works for all new regs. That’s what I want.

As an aside, the most free nation on earth Hong Kong has a great beginning. The governor general when he first took over ordered no statistics to be collected. He argued that knowing about a problem would cause people to demand a solution to the problem. He believed, rightly, that most problems solve themselves. People are the ultimate resource.


38 posted on 06/07/2014 7:29:54 PM PDT by 1010RD (First, Do No Harm)
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To: Steelfish

It’s all about votes.

First, it has to be presented that if it had not been for federal student loans the cost of a college education would be much, much less that it is today. College would be part of the free market and subject to free market pricing. My tagline explains all.

Second, colleges are not learning institutions any more. They are the secondary school (after public education in grades 1 through 12) for the completion of total indoctrination into the world of liberalism and progressive thinking.

In order to continue the flow of liberal non-thinking “lemmings” into the college system the government must “give” student loans so that “everyone” can experience the “new American way” of getting money from the government and then having the government dismiss the loan. After all, the welfare cheats have been doing this for a long time now and it really, really, works when it comes to them voting for the Democrats.

After all, it’s the new American way: To watch a single man digging a hole while 7 other workers are sitting on the edge of the hole watching him do the work for all of them.


39 posted on 06/08/2014 4:19:00 AM PDT by DH (Once the tainted finger of government touches anything the rot begins)
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To: Extremely Extreme Extremist

True.

Third party payers distort reality in everything from student loans to healthcare.


40 posted on 06/10/2014 8:10:26 AM PDT by TurboZamboni (Those who make peaceful revolution impossible will make violent revolution inevitable.-JFK)
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