Posted on 06/16/2014 8:59:43 AM PDT by 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.
(Excerpt) Read more at mercurynews.com ...
“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.
“”Something has to be done,” he said,”
Darn right something needs to be done.. Think before you borrow money.
“Something has to be done,” he said, “and I think the president is doing what he can.”
Did you borrow the money? YES
Did it pay for your education? YES
Too bad that education did not teach you some responsibility..
I hear the NAZIs provided a lot of swimming pools.
Isn’t totalitarian action grand.
I’ve said all along when the millenials get testy about grandma’s early demise at the hands of the Death Panels, the regime will issue Groupons for student loan relief.
> 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.
And that’s just about as far sighted as they can get. They’re going to have to pay the price of stupidity as he removes all of their rights, one by one, and leave them penniless and hopeless before “they get it”.
and my response is SO?
no one is asking them to pay it back all at once
but this chit of forgiving a loan after 20 years just sa they hit their high earnings stride is BULL CHIT
why should we all suffer for them?
Screwing coming for taxpayers
It’s Bread & Circuses all the way down.
More bandaids and chewing gum. This economic idiot doesn’t realize that pro-growth policies are desparately needed. Nor does he understand that a rising tide lifts all boats. Quit trying to start a class war. Saying the “rich” don’t pay their fair share is right...they pay too much. The top 10% foot about 70% of total tax receipts. Cut taxes across the board, cut spending so you’re not crowding out private investment, let the Keystone pipeline go through and then get out of the way...the market will take it from there. Then maybe people can get a job their qualified for and pay off their debts in full.
I wonder if they realize that under current tax law any portion of a debt that is forgiven is considered earned income and is fully taxable.
Exactly.
And what about the people who decided not to go to college because they didn’t want to go into great debt?
What about the people who worked while going to college to avoid great student debt and it took them twice as long?
What about parents who raided their retirement accounts or re-mortgaged their house to help pay for college for their kids’ college?
Chumps all
You are only partially correct.
See Q3
https://studentaid.ed.gov/sites/default/files/public-service-loan-forgiveness-common-questions.pdf
Seems like you made several assumptions about why the second child took out student loans, and what the posters sons learned/know about parental or government dependency. A bit of an overreach, IMHO.
I’m not surprised that an exception has been decreed for the poor oppressed students.
It’s a welfare program for attorneys who work for government.
Absoluely outrageous.
This is BS. I worked full time, went to college full time and paid all my student loans back regardless of my ability to pay at the time. I have very little sympathy for fools with tens of thousands of dollars in debt to get degrees in poly-sci and music studies. They should have gone into business, nursing or engineering. They could also have stayed at home and attended a community college for a majority of their studies and transferred to a local state school for the last two years.
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