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 ...
And just as I typed the above, another idea would be to get the federal government entirely out of federal loans.
And who gets to decide which regulations "damage" the "economy"?
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.
Forever eroding self-determination and responsibility.
The law means nothing to Obamao.
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.
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.
“tax breaks for millionaires”?
Geez, I never got a job from a college student? wtf
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.
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.
I blame congress for this tyranny, and the House in particular. If you do not defend the separation of powers, it doesn’t exist.
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.
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.
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.
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.
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.
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?
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.
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.
True.
Third party payers distort reality in everything from student loans to healthcare.
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