Behind Obama’s Definition of Wealth and Paying Off Student Loans

ABC News ^ | April 25, 2012 | Jonathan Karl

[rightwingintelligentsia]

President Obama told students at the University of North Carolina Tuesday that he knows what it is like to struggle with student loan debt because he and his wife didn’t pay off their student loans until eight years ago.

That may be true, but a quick look at the Obamas’ tax returns shows they were making enough to be considered “wealthy” by the president’s own definition in the years before his loans were paid off.

First, here is what President Obama said Tuesday about his student loans:

“We only finished paying off our student loans off about eight years ago,” the president said. “That wasn’t that long ago. And that wasn’t easy – especially because when we had Malia and Sasha, we’re supposed to be saving up for their college educations, and we’re still paying off our college educations.”

There’s no doubt that in the early years, the Obamas made little money as they accumulated student debt.

--snip--

Here’s a rundown of the president’s income, according to his tax returns, in the years before he paid off his student loans:

2004: $207,647

2003: $238,327

2002: $259,394

2001: $272,759

2000: $240,505

[shalom aleichem]

This income cannot show The Wookie’s do nothing job for the hospital which was around $300K. That would take thier joint income over $500K

What a pathetic pair of clowns.

[PalmettoMason]

He is in a panic about the possibility that student loan rates might double, but he is adamant that TRICARE premiums need to quadruple.

[Sacajaweau]

The idea that you bought a mansion but didn't pay off your school debt FIRST is repulsive.

He probably only paid it off because he was running for office. Would like to see the book keeping over the life of the loan.

[SunkenCiv]

Thanks rightwingintelligentsia.

[pepsionice]

Let’s look at ahead at 2020. Imagine this huge segment of society...owing $80k upon graduation at college. Their interest in high-end cars? Zero. Their interest in getting a house by age 25? Zero. You create a society where our economy will stumble easily within a decade. These student loans are just as much trouble in the future....as social security. I certainly don’t think you can allow several million of these big-loan potential-failures to be existing. It’s like the housing bubble of 2008....you simply are begging for a problem.

[Eric in the Ozarks]

What name was he using when he incurred the school debt ?
What was his name when he paid it off ?

[scooby321]

Now that the Obama's open the discussion of their Student loans

It would seem they now need to release the loans from each School.

I would like to see if Obama had a co signer and was a foreign Student

[ProtectOurFreedom]

Excellent point! Let’s update the timeline. So about 8 years ago the scumbag allegedly pays off his student loans AT THE VERY SAME TIME he has ostensibly saved enough to purchase a mansion and service the debt on a huge mortgage.

2005: Convicted Felon Rezko helps Obama buys house in the Kenwood neighborhood, which is adjacent to Hyde Park, for $1.65 M
2004: $207,647
2003: $238,327
2002: $259,394
2001: $272,759
2000: $240,505

[Sacajaweau]

Let’s go for the real meat...Did he need a student loan or was that a scam like the rest of his life. I’m getting the impression he had absolutely no intention of paying it back. Did he use it to buy that big _ _ _ _ car??

[Go Gordon]

Let’s go for the real meat...Did he need a student loan or was that a scam like the rest of his life. I’m getting the impression he had absolutely no intention of paying it back. Did he use it to buy that big _ _ _ _ car??

I thought school loans had a 10 year payoff requirement. If so, why would (if the salary years quoted he still had an outstanding balance) he still have the loan on the books? I thought he attended Harvard from 1988 to 1991.

[Sooth2222]

His financial planners and tax lawyers probably told him not to pay off the loans because the interest rate was less than he could earn on the money elsewhere.

I doubt the Obamas use TurboTax like Geithner -- or that he and the First Wookie even know how to balance a checkbook. They have lawyers and accountants. A lot of them.

[Eric in the Ozarks]

I thought he had a foreign student loan...

[Venturer]

There are some great questions here.

#4 asks what took him so long?
#7’s questions are fabulous.
#8 asks if he was a foreign aid student—a good question.
#9 points out the Rezco connection.
#10 asks a question that interests me.

Obama stated that “WE” just paid off “our “ loans.
Why the emphasis on “we”
Did Obama have a loan? or did they just finish paying off Michelles loan
What happened to the Saudi Prince who was supposed to be helping Obama?
How many students have borrowed enough to pay for Occidental,Harvard and Columbia and in the middle of school take a trip around the world including to Pakistan?
What would the cost of three colleges be? Two of them high dollar colleges.

Last question why would two people who studied so hard and paid so much to get to be Attorneys, give up voluntarily those law licenses?

[Albertafriend]

Good questions.

[jch10]

These are excellent questions and will certainly be asked the first few minutes of the WH daily press conference./s

[Sacajaweau]

People give up law licenses (or other types) all the time. I really see that as no big deal.

[mandaladon]

I think Obozo screwed up.... this will certainly be used against him during the campaign. I also think that there are many deadbeats like him out there.

[mandaladon]

Wow you got some tough questions and we need to somehow get someone to research those topics...this could turn out to be embarrassing to the clown.

[Venturer]

You didn’t study for 6 years and have to pass a bar exam to get one. You didn’t owe money you didn’t have to pay for it.

Even Bill Clinton didn’t want to give up his license.