The switch would help borrowers because the U.S. would essentially be refinancing the private loan at the lower government rate. Administration officials estimate borrowers would receive a reduction of up to 0.5% in their interest rate.
So if you have $20,000 in loans you’ll soon see the relief in the form of $100 a year.
Yeah that’ll be a big boost to the economy.
Who dreams up this stuff?
Illegal use of Executive Orders to go around a law passed by Congress and duly signed by the President.
Someone should take this to the Supreme Court.
I mean, like, why even bother having a Congress or why bother passing laws at all.
This is nothing more than crony populism. As bad as crony capitalism, crony socialism, or crony tribalism. Crony Peronism is what reduced Argentina from a first world country to a third world country.
I wonder what the Church says about allowing the loans to expire after the 20 year window? It is legal, but is it ethical? Perhaps it will be viewed the same way tax write-offs are? I’m generally curious. it seems somewhat dishonest, but you are being forgiven of the loan after a certain period of time.
I heard his speech where he assured students it was going to not cost the taxpayers a penny but would save the students money. Isn’t that mutually exclusive
AnaTeresa Bagatella, a Purdue University fitness-management major, started taking out student loans in 2009, when she entered college. Now, 20-year-old Ms. Bagatella has about $10,000 in debt and expects to need another $15,000 by the time she hopes to graduate in 2013. “I’m already worried about loans and debt, and I’m not even out of school yet,” she said.
Shouldn’t that have been the primary concern before she even started college?
Trying to change the polls that say college students are much less than ga-ga about him this time around.
ie, trying to buy their votes, with my/your money
Welcome to the first generation of kids raised by helicopter parents who expects everything handed to them on a silver platter :rolleyes:
More like “welcome to a generation of students that are living through one of the worst economic breakdowns this country has seen, yet are still being told to follow their dreams and go to college as it’s an important part of success.” After this thinking has been given to you all your life, and college comes around, how do you pay for it if you are in a lower-middle class family? To put in perspective, a Catholic family with 3-6 kids, and your the oldest ready to go off for college? Student loans. Let’s not generalize everybody, please.
Also keep in mind this isn’t anything extraordinary in the first place. This doesn’t affect private student loans at all, federal loans were already set to be forgiven after 25 years previous to this announcement, and shortening the length from 25 to 20 years was already going to happen in 2014.
You spend your first two years at a community college and work a part time job to save moeny for colege then transfer to a public university You major in something there is actually a market for.
I was in a Catholic family of 12 children that lost the family business to foreclosure my senior year of highschool. No student loans for me - I saw what borrowed money did to my dad.
Worst econonomic crisis the nation has ever seen? Only if Obama keeps making it worse. Go back 20 years - interest rates were triple what they are now and unemployment was the same. Go back 30 years - interest rates 5 to 10 times what they are now and unemployment was almost double.
The current situation isn’t that bad - the problem is the current leadership is determined to make it worse.
I generally get mocked as promoting the myth of being able to pull one up by their bootstraps when I tell this story but when I went to college my parents made it clear they could not afford to pay our tuition, but we could live at home until we completed our college education. so we all went to a first-class college within driving distance of our house. . I arranged my class schedule so I was done by two o’clock everyday and had a job at a meat market/slaughterhouse working 3 to 7, all day Saturday and a 40 hour week during the summers. After my first two years in college, I found a job as a paid intern in the accounting department of a local engineering firm, and managed to graduate in four years with no debt.
. I’m always amused when peope tell me that their years in college the best years of their life. . I hated every minute of it and could not wait to finish it.
Its re election season, Obama seems to be promoting a new plan every day, but none seem to make a lot of financial sense or anything that will help people and thus the economy.
This is going to be a looooooong year ahead.
Unfortunately Obama’s student loan forgiveness plan isn’t quite as sweet as it sounds. You have to re-apply each year before the year runs out. And if your lender “looses” your paperwork until after the year runs out, the clock resets and you start all over. This ensures that the loans will never get paid off or forgiven.
Promises must be kept and contracts strictly observed to the extent that the commitments made in them are morally just. A significant part of economic and social life depends on the honoring of contracts between physical or moral persons—commercial contracts of purchase or sale, rental or labor contracts. All contracts must be agreed to and executed in good faith.
You don’t see many politicians quote this part of the catechism. “Keep your word” is not a term familiar to most of them.
Seems they can say whatever they want and we will buy it. After all, they consider us the dumb masses.
It’s known as a “buzzword bill”.
The title of the bill says “free ice cream for everyone” … but the wording says that only cones with holes in the bottoms are free, but the FDA bans those; for all others, you need to mail in an original coupon (no copies) with proof of purchase and a copy of the receipt. Refund in sixty days. Limited to one per year. Send in $9.98 for postage and handling.
But it’s free.
And then they mail you a demographic questionnaire you have to fill out. Before they sent you the payment.
And it’s for a credit only.
But it’s free.
Its called THROW THEM A BONE. Does zip to correct anything, and of course thats not the intention anyway.
The intention is for Obama to pull out his mirror,so he can once again stare at himself, and claim how wonderful he is. And when he is gone how will be All Alone. Please hurry up and leave us all alone. :D:thumbsup: