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Obama to Announce Student Loan Relief Plan

Renae

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WASHINGTON – Millions of student loan borrowers will be eligible to lower their payments and consolidate their loans under a plan President Barack Obama intends to announce Wednesday, the White House said.Obama will use his executive authority to provide student loan relief in two ways.
First, he will accelerate a measure passed by Congress that reduces the maximum repayment on student loans from 15 percent of discretionary income annually to 10 percent. The White House wants it to go into effect in 2012, instead of 2014. In addition, the White House says the remaining debt would be forgiven after 20 years, instead of 25. About 1.6 million borrowers could be affected.


Read more: Obama To Announce Student Loan Relief Plan | Fox News

First off, didn't he try this failed idea with mortgages?

http://www.google.com/url?sa=t&rct=...D3e4FmDr4AKn-w9Sw&sig2=FXohxhZvNiOCjdxdCWdU4Q

And secondly, this folks is just a President, bribing a voter block with YOUR MONEY!
 
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The new program does not apply to students who currently are swamped in student loan debt.

Try again....
 
First off, didn't he try this failed idea with mortgages?

http://www.google.com/url?sa=t&rct=...D3e4FmDr4AKn-w9Sw&sig2=FXohxhZvNiOCjdxdCWdU4Q

And secondly, this folks is just a President, bribing a voter block with YOUR MONEY!

Indeed. An entire generation getting off on a bad footing because of climbing tuition and interest rates and a bad job market isn't worth any attention from the federal government. Not like they have to do anything important in the future, like, carrying the economy and footing the bill for increasingly expensive government programs.
 
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Indeed. An entire generation getting off on a bad footing because of climbing tuition and interest rates and a bad job market isn't worth any attention from the federal government. Not like they have to do anything important in the future, like, carrying the economy and footing the bill for increasingly expensive government programs.
If those students are too stupid to realize borrowing $50k to $100k to get a degree that pays them a few dollars more than a skilled trait position, and we are relying on them to carry the future economy, we are screwed as a Nation.
 
If those students are too stupid to realize borrowing $50k to $100k to get a degree that pays them a few dollars more than a skilled trait position, and we are relying on them to carry the future economy, we are screwed as a Nation.

No what is stupid is the price to get those degrees. So you think everyone should get a degree to be a lawyer, that way they can pay off their student loans. Insanity...
 
I was reading some Libertarian replies to this, and they suggested why school is so expensive is because the government spends so much on education. How is this true?
 
You can stop with the feigned outrage Mr.V.

There is no feigned outrage dear, I really do not like this move. It's a blatant bribe for votes. That should outrage anyone. It won't lower the cost of tuition, doesn't address ANYTHING other then "Oh poor Timmy, huge debt from that college loan, here see I want to give you other people's money and make your life easier..."
 
There is no feigned outrage dear, I really do not like this move. It's a blatant bribe for votes. That should outrage anyone. It won't lower the cost of tuition, doesn't address ANYTHING other then "Oh poor Timmy, huge debt from that college loan, here see I want to give you other people's money and make your life easier..."

You only see it as a blatant bribe for votes because you don't like him.
 
You only see it as a blatant bribe for votes because you don't like him.

No, I see it as a blatant bribe because that's what it is. What does this solve in terms of the cost of college? Nothing. What does it do? Takes tax payer monies and eases the current burden of high loan costs. Guess what! It's just gonna cause loans to go higher.

Effective only as a short term political gimmick, nothing else.
 
No, I see it as a blatant bribe because that's what it is. What does this solve in terms of the cost of college? Nothing. What does it do? Takes tax payer monies and eases the current burden of high loan costs. Guess what! It's just gonna cause loans to go higher.

Effective only as a short term political gimmick, nothing else.

OK, we have a problem, excessive student debt with a coming crisis. What response would not be seen as something like a bribe or political?
 
No, I see it as a blatant bribe because that's what it is. What does this solve in terms of the cost of college? Nothing. What does it do? Takes tax payer monies and eases the current burden of high loan costs. Guess what! It's just gonna cause loans to go higher.

Effective only as a short term political gimmick, nothing else.

So was bailing out the banks a political gimmick?
 
Bailing out the banks was the wrong answer.

Bailing out anyone or any entity is wrong. We learn from our mistakes, capital is more wisely allocated, people are more responsible in how they handle their finances, etc., etc. Once again we are using money we are borrowing from other countries to finance bad behavior. The irony here is the kids getting the bail out are going to be the ones paying a boat load in taxes throughout their lives to service the massive debt being run up by BO. Idiots.

I have screwed up. I actually paid for my kids' education. Had I known they could have borrowed money that doesn't need to be paid back, I would have removed them as dependents and had them borrow my money (I pay taxes) and not pay it all back. This plan is both idiotic and irresponsible.

Oh yeah, one more tidbit.....this loan program is going to help only a few students. The details on the PR stunt are not going to make a lot of student borrowers very happy when they see how little it does for most of them.
 
I just ran the numbers for myself...and as someone who is currently $150K in debt from college and b-school, it wouldn't help me at all to take advantage of this option to lower my monthly payments. In fact, it would cost over $100K (I'd eventually get $80K of my principle forgiven, but I'd pay $180K in interest). If this plan doesn't even help someone with as much student debt as me, I'm not so sure it will help anyone. Not that this applies to me anyway...as I understand it this plan will only apply to new student loans.

I like the idea of the government taking action on student debt, as it is indeed one cause of the massive debt overhang facing our economy. But this particular executive order doesn't really seem to do that much.
 
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No, I see it as a blatant bribe because that's what it is. What does this solve in terms of the cost of college? Nothing. What does it do? Takes tax payer monies and eases the current burden of high loan costs. Guess what! It's just gonna cause loans to go higher.

Effective only as a short term political gimmick, nothing else.

Anything that could possibly help young people is a political bribe, got it.
 
I just ran the numbers for myself...and as someone who is currently $150K in debt from college and b-school, it wouldn't help me at all to take advantage of this option to lower my monthly payments. In fact, it would cost over $100K (I'd eventually get $80K of my principle forgiven, but I'd pay $180K in interest). If this plan doesn't even help someone with as much student debt as me, I'm not so sure it will help anyone. Not that this applies to me anyway...as I understand it this plan will only apply to new student loans.

I like the idea of the government taking action on student debt, as it is indeed one cause of the massive debt overhang facing our economy. But this particular executive order doesn't really seem to do that much.

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:-(
 
More "free-stuff" from Obama and the liberals. More debt. What a jackass President.
 
Going to school is irresponsible?

Expecting someone else to pay for your car, your house, your kids, your education .... yeah, it irre****ingsponsible.
 
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