Help coming for student-loan borrowers, White House says

San Jose Mercury News ^ | 06/16/2014 | Katy Murphy

[SeekAndFind]

The prospect of a lower monthly bill on his $70,000 student loans is music to Nathan Marken's expensively trained ears.

A property manager by day and opera singer by night, the San Francisco resident has managed to pay the $500 bill awaiting him each month, at the expense of retirement savings and other investments. But a plan announced this week by President Barack Obama that would cap monthly payments as a percentage of a borrower's income could ease the burden for heavily indebted college graduates such as Marken.

"Something has to be done," he said, "and I think the president is doing what he can."

Marken is one of millions of borrowers likely to be eligible by the end of 2015 for a program known as Pay As You Earn, generally considered the government's most generous repayment plan for direct federal loans.

Now available only to recent borrowers -- and still not widely known or understood -- the 2-year-old program will be extended to those who took out their first federal loan before Oct. 1, 2007, or who haven't borrowed since October 2011. The president acted unilaterally to avoid going through a deadlocked Congress, which on Wednesday blocked a student loan financing bill offered by Sen. Elizabeth Warren, D-Mass.

[shelterguy]

“”””The president acted unilaterally to avoid going through a deadlocked Congress,”””

Otherwise known as being a DICTATOR.

[zeestephen]

Locking in the student vote and the education industry vote for 2014.

[Buckeye McFrog]

Millenials may conclude having a dictator isn’t all that bad so long as he fixes it to where they can swing that car payment.

[Mercat]

My musician son is debt free. He makes just enough to live on but he’s debt free. Between his grants and our help (and some from his grandmothers) he got through college without any student loans. Its doable. Our other son had a bit of student loans but when him grandma passed, he got some money and paid it off.

[E. Pluribus Unum]

Let's just throw out a few hundred years of contract law. No biggie.

Any unintended consequences will be dealt with by more arbitrary diktats.

[Bubba_Leroy]

I am starting to feel like a chump pushing my kids to work through college so they can graduate debt free.

I feel a lot like the grasshopper in the modern version of the Ant and the Grasshopper.

[RWGinger]

This is insane and just a vote getting ploy
IF as has been reported for years college grads earn a million more in lifetime than non grads they can pay it back out of that million

I hate this POS 0dumbo so much

[Bubba_Leroy]

I meant that I feel like the ant, not the grasshopper.

Maybe I should tell my kids to start taking out the maximum available student loans so we can be grasshoppers too.

[molson209]

Obama thinks these student loan people will rise up and give the United States him to rule as he pleases

Obama thinks these Illegals will rise up and give the United States him to rule as he pleases

Obama thinks these LGBT will rise up and give the United States him to rule as he pleases

Obama thinks these uninsured will rise up and give the United States him to rule as he pleases

[newnhdad]

aka... democrat voter drive in progress...

[molson209]

oops I forgot Obama thinks these Global Warming Nuts will rise up and give the United States him to rule as he pleases

[Chuzzlewit]

yep... sometimes I feel like such a chump... working so hard to pay for the freebies everyone is getting.

[ThePatriotsFlag]

I paid my loan. If they get a break, I demand reparations! (Jerks!)

[Gaffer]

"Something has to be done," he said, "and I think the president is doing what he can."

Yes, most certainly! Stop allowing college loans for worthless degrees and avocations that contribute nothing.

The test of worthiness is ability to pay the money back. It's what a bank does for any loan request. When left unfettered by ridiculous government requirements that have nothing to do with 'ability,' they will make the correct choice.

If you couldn't borrow money under those circumstances, frankly, you're just not worth the damned risk.

[boycott]

Music to his ears might be a job worth a flip.

Obama, these people need jobs, not more WELFARE.

[Blood of Tyrants]

That was pre-Obama. Now many college graduates cannot find a job making more than minimum wage.

[Grampa Dave]

Not enough money to give our wounded warriors and vets good health care.

However, Herr Obozo, Pelosi and Reid can find enough for taxpayers to pay for indebted college people/grads with Instant Unemployment Degrees.

Pelosi has been promising relief for these borrowers for years.

[zaxtres]

I am glad you supported both your children through school. But your second son had to take out loans when you could no longer help him. To me that is favoritism by the parents towards children and could backfire as the first son learnt they could depend on the parents (now substitute government). To me the second son is better off for having to get loans and used the windfall to pay them off. Parents should help their kids to a point.

Not everyone has supporting parents like you. I am glad you supported them.

Mine told me when I turned eighteen to get the heck out.

[Junk Silver]

“Otherwise known as being a DICTATOR.”

Also known as using our money to buy votes, what else is new? Earlier generations gave their lives for freedom, now we willingly surrender our freedoms in return for government handouts.