Skip to comments.Obama issues another executive order bypassing Congress
Posted on 06/09/2014 6:50:42 AM PDT by SeekAndFind
“This makes it simpler to have one set of terms,” said Jason Delisle, director of the New America Foundation’s Federal Education Budget Project. But he pointed out that all borrowers already have the option of basing loan repayments on their income.
Federal student loan debt reached more than $1 trillion last year, an amount that has some economists concerned is creating a chilling effect on spending, home-buying and other economic drivers.
“This is commencement season, a time for graduates and their families to celebrate one of the greatest achievements of a young person’s life,” Obama said Saturday. “But for many graduates, it also means feeling trapped by a whole lot of student loan debt.”
(Excerpt) Read more at americanthinker.com ...
Summer recess should be a real treat this year.
Nothing like interfering with contracts. Just like with GM.
The lawless bass turd. It’s the Chicago way. Just another Chicago thug politician.
the rich get richer.....
Obama may extend loan payments even if he is not legal to do so but remember loan interest will increase and pile up so doing what Obama wants will make students worse off. Reducing loan payments is another lie from our sociopathic president.
I believe after 20 years the loan is considered paid up, even if a balance is owed.
New America Foundation....lefty "think tank" chaired by Google's Eric Schmidt and includes son of Geo Soros and other lefties like Fareed Zakaria on their board.
Tells us all we need to know about this new "policy".
And congress seems perfectly ok with letting this president play dick tater.
But after 20 years, if there is still unpaid principal, then somebody is taking a hit, when the loan is forgiven/written off at that point.
“I believe after 20 years the loan is considered paid up, even if a balance is owed.”
No. Student debt goes on forever, unless repaid.
So he’s just rewriting debt covenants and obligations so these people can overborrow on homes. Sounds like a great plan.
That was not right! He should have forgiven all those student loans—and sent Pajama Boy and his parents a big fat check besides!!!
According to studentaid.gov, “25-year forgivenessIf you repay under IBR and meet certain other requirements, any remaining balance will be forgiven after 25 years of qualifying repayment.”
It’s good to be King!
I know people whose loans are older than 25 years who are still working to repay them. Maybe they didn’t “meet certain other requirements”...
Changes have been made to the loan requirements over the years.I don’t think older loans were grandfathered.
And student loans can’t be discharged in bankruptcy.
I’m surprised Barry hasn’t ordered the Senate to change the BR law, as Henry VIII had Parliament do a `hurry-up’ change of the law against beheading crazy women so he could lop off Lady Rochford’s melon.
Maybe King Barry could just issue a royal Decree absolving the debt ... who ever thunk we would be living under a crypto-royal tyranny?
He’s trying to ensure that he gets the Millenials’ votes for his 3rd term once he kills the 22nd amendment. So many of them are strapped with high college loans to repay that they would vote for him based on this alone.
Why not go to the source and issue an executive order capping outrageous tuition fees, and make that retroactive? I guess he doesn’t want to tick off his loyal communist academia following.
Wonder how Obama thinks he’s helping students to obtain a loan for house or a car.......
so, if I’m unemployed,10% of $0.00 = $0.00 ?
Those making payments may think they are getting a deal. They are going to end up paying far more. This is a deal with the bankers for campaign money for the democrat party. The students are being “schooled” in democrat politics.
I really feel like a damned fool now for paying off my student loans early....
I feel ike a legal immigrant who had to jump through all sorts of hoops to get citizenship only to watch a stream of people breaking the law basically getting in for free...
America, where being a Law Abiding and Responsible Citizen is punished.
Why am I fool and cross streets at the crosswalk when I can just Jaywalk across the road all willy nilly....
Hell, the rule of law and contract and societal expectations are not followed any more...
All the Law abiding citizens and responsible citizens are feeling like chumps more and more...
“No. Student debt goes on forever, unless repaid.”
THAT will be the topic of NEXT WEEK’s Executive Order.
Indeed it’s became a lawless land thanks to Obama&co.
The next Congress and POTUS is going to have an epic disaster on their hands sorting all this out.
Democrats create a mess and then fix it by doubling down on said mess.
Midterms, midterms, midterms... It’s all about motivation for the midterms.