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Obama issues another executive order bypassing Congress
American Thinker ^ | 06/09/2014 | Rick Moran

Posted on 06/09/2014 6:50:42 AM PDT by SeekAndFind

In a bid to give one of the Democrat's vital constituencies a lhand, President Obama will issue an executive order today that will cap student loan repayments at 10% of a borrower's monthly income.

Politico:

President Barack Obama said in his weekly address Saturday that he would take action on student loan issues in the coming days, but gave no details. The executive order, first reported by the New York Times, will expand on a 2010 law that capped borrowers’ repayment but left a hole in eligibility for people with older loans. Those left out of that relief include people who borrowed before October 2007 or stopped borrowing by October 2011.

“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 ...


TOPICS: Politics/Elections
KEYWORDS: congress; executiveorder; obama; studentloan

1 posted on 06/09/2014 6:50:42 AM PDT by SeekAndFind
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To: SeekAndFind

Summer recess should be a real treat this year.


2 posted on 06/09/2014 6:52:24 AM PDT by cripplecreek (Remember the River Raisin.)
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To: SeekAndFind

Nothing like interfering with contracts. Just like with GM.


3 posted on 06/09/2014 6:56:45 AM PDT by Ray76 (True change requires true change - A Second Party ...or else it's more of the same...)
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To: SeekAndFind

The lawless bass turd. It’s the Chicago way. Just another Chicago thug politician.


4 posted on 06/09/2014 6:59:32 AM PDT by FlingWingFlyer (Obama's smidgens are coming home to roost.)
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To: SeekAndFind
mygosh....someone who's well connected with an employer (say a family business) could work for that business for the required number of years at minimum salary on paper and then get a balloon payment when the loan expires.

the rich get richer.....

5 posted on 06/09/2014 6:59:46 AM PDT by grania
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To: Ray76

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.


6 posted on 06/09/2014 7:11:03 AM PDT by Rapscallion (Obama stands for the corruption of America in all aspects.)
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To: Rapscallion

I believe after 20 years the loan is considered paid up, even if a balance is owed.


7 posted on 06/09/2014 7:16:26 AM PDT by evaporation-plus
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To: 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.

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".

8 posted on 06/09/2014 7:19:19 AM PDT by Jane Long ("And when thou saidst, Seek ye my face; my heart said unto thee, Thy face, LORD, will I seek")
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To: SeekAndFind

And congress seems perfectly ok with letting this president play dick tater.


9 posted on 06/09/2014 7:26:31 AM PDT by chris37 (heartless)
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To: evaporation-plus

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.


10 posted on 06/09/2014 7:33:47 AM PDT by Dilbert San Diego (et o)
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To: evaporation-plus

“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.


11 posted on 06/09/2014 7:35:23 AM PDT by Mr Rogers (I sooooo miss America!)
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To: SeekAndFind

So he’s just rewriting debt covenants and obligations so these people can overborrow on homes. Sounds like a great plan.


12 posted on 06/09/2014 7:38:13 AM PDT by Wyatt's Torch
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To: SeekAndFind

That was not right! He should have forgiven all those student loans—and sent Pajama Boy and his parents a big fat check besides!!!


13 posted on 06/09/2014 8:01:19 AM PDT by madprof98
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To: Mr Rogers

According to studentaid.gov, “25-year forgiveness—If you repay under IBR and meet certain other requirements, any remaining balance will be forgiven after 25 years of qualifying repayment.”


14 posted on 06/09/2014 8:27:14 AM PDT by evaporation-plus
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To: SeekAndFind

It’s good to be King!


15 posted on 06/09/2014 8:39:10 AM PDT by lostboy61 (Lock and Load and stand your ground!)
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To: evaporation-plus

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”...


16 posted on 06/09/2014 8:41:42 AM PDT by Mr Rogers (I sooooo miss America!)
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To: Mr Rogers

Changes have been made to the loan requirements over the years.I don’t think older loans were grandfathered.


17 posted on 06/09/2014 8:45:46 AM PDT by evaporation-plus
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To: SeekAndFind
Just bought millions of students who will now be committed communists Democrats. What a break, they say. Whoopee! He is my man.
18 posted on 06/09/2014 8:57:00 AM PDT by Logical me
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To: Mr Rogers

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?


19 posted on 06/09/2014 9:26:18 AM PDT by tumblindice (America's founding fathers: all armed conservatives)
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To: tumblindice

tyranny= tranny/trannie


20 posted on 06/09/2014 9:27:55 AM PDT by tumblindice (America's founding fathers: all armed conservatives)
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To: Rapscallion

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.


21 posted on 06/09/2014 9:54:40 AM PDT by jsanders2001
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To: SeekAndFind

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.


22 posted on 06/09/2014 9:58:13 AM PDT by Ironfocus
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To: SeekAndFind

Wonder how Obama thinks he’s helping students to obtain a loan for house or a car.......


23 posted on 06/09/2014 10:31:47 AM PDT by Vaduz
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To: SeekAndFind

so, if I’m unemployed,10% of $0.00 = $0.00 ?


24 posted on 06/09/2014 11:18:23 AM PDT by stylin19a (Obama ----> Fredo smart)
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To: SeekAndFind

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.


25 posted on 06/09/2014 11:51:52 AM PDT by minnesota_bound
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To: SeekAndFind
College Tuition CPI exploding over that of regular CPI thanks to the massive infusion of low rate government loans:


26 posted on 06/09/2014 12:06:50 PM PDT by Wyatt's Torch
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To: SeekAndFind

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.


27 posted on 06/09/2014 2:42:34 PM PDT by GraceG
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To: Vaduz

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...


28 posted on 06/09/2014 3:27:42 PM PDT by GraceG
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To: Mr Rogers

“No. Student debt goes on forever, unless repaid.”

THAT will be the topic of NEXT WEEK’s Executive Order.


29 posted on 06/09/2014 3:31:38 PM PDT by EDINVA
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To: GraceG

Indeed it’s became a lawless land thanks to Obama&co.


30 posted on 06/10/2014 5:28:30 AM PDT by Vaduz
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To: SeekAndFind

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.


31 posted on 06/10/2014 3:45:43 PM PDT by 1010RD (First, Do No Harm)
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Midterms, midterms, midterms... It’s all about motivation for the midterms.


32 posted on 06/10/2014 3:47:30 PM PDT by Gene Eric (Don't be a statist!)
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