In keeping with his new campaign theme of “we can’t wait,” President Obama today will roll out a plan to put more money in the pockets of some of the nation’s 36 million student loan recipients.
Obama has broad latitude in this area – certainly broader than the first two parts of his western campaign trip, underwater mortgages and subsidies for hiring veterans – because one of his early legislative initiatives was to have the federal government take over the student lending business in America.
Obama argued for the measure in 2009 as a cost-savings initiative, saying that the old system of privately issued, government secured loans reduced the amount of available money for needy students and also prevented the feds from making the system more efficient.
But Obama is now seeking to use that new power to obtain a taxpayer-financed stimulus that Congress won’t approve. The idea is to cap student loan repayment rates at 10 percent of a debtor’s income that goes above the poverty line, and then limiting the life of a loan to 20 years.
Take this example: If Suzy Creamcheese gets into George Washington University and borrows from the government the requisite $212,000 to obtain an undergraduate degree, her repayment schedule will be based on what she earns. If Suzy opts to heed the president’s call for public service, and takes a job as a city social worker earning $25,000, her payments would be limited to $1,411 a year after the $10,890 of poverty-level income is subtracted from her total exposure.
Read More at Fox News By Chris Stirewalt, Fox News
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The guy is a lying shmuck. What he didn't bother to tell those kids is that he has hidden a clause in one of his new bills to give collectors greater access to their cell phone information in order to make it easier for them to go after those that aren't paying their student loans. Now, don't misunderstand me, I believe they should pay their loans, whether it is in 20 years or 25 years. There should be NO forgiveness of a valid debt, whether it is a mortgage or a student loan, but he is such a phony trying to look like the good guy in order to get them to vote for him. Yikes.
Bella, I fear that Obozo, our Liar in Chief may forgive ALL students their student loans, costing the US taxpayer 1 TRILLION dollars!!! Why? becausw it would immensly hurt this country, and help to destroy it!
PLEASE!! See this video and pass it on, called Conspiracy of Silence, the FBI may have MURDERED to keep this silent!! It may be taken down soon!! http://www.youtube.com/watch?v=weSzkIB8184
Ya know as long as he's being the dictator why the heck doesn't he just forgive everyone's loan to everyone? Just start back at zero. No debt, no nothing for anyone. The car is now yours free and clear as well as your home and anything you put on a charge card. Sounds like a win win situation to me. Then everybody can pool their money and each person gets to take out however much they think they need to live on. Oh, isn't that what they have been rioting and demonstrating for?
On second thought I believe if we get the government back to what it was 200 or so years ago we just might be able to make it.
He's buying votes, plain and simple. If the young, student crowd vote for him, they will deserve what is coming to them. Maybe he should pass out free weed on election day, huh?
This is a political ploy to help get him elected again. Hope to hell people don't fall for it.
He is spending taxpayers money and we'll never get out of debt to the chinese.
Damn his hide.
Suzy should keep paying for a long time.
I attended college entirely debt free by my time in military service plus remained in Nat'l Guard
while attending, some Pell grants and that was it. Zero debt for school.
At the end of 20 years the loan is forgotten. Him and his white house dreamers are up to no good and we taxpayers will have another thing to foot if he has his way. The students are not paying back now and will not then.
It will take dozens of future presidents to reverse and overcome the harm that this inposter has done to the USA. It will be a big supprise if there is not another civil war in this country and it will be because of a man who was not even legally the president.
It is not going to be Romney who will be first to reverce the mistakes because he is a dem in reb's clothing
Impeach Obama, prosecute him, EXECUTE him. NOW!!!
For some reason we stopped executing traitors years ago. Wish we'd go back to it. Malik Shabazz (New Black Panthers, muslim and obama friend) openly calls for the overthrow of our government, and has for years. Isn't that treason? And muslims stand on street corners and DAILY call for overthrow. Thanks to libs we've become a nation of wimps who won't even defend our own Constitution.
Teflon Obama has been extremely lucky so far in dodging incriminating evidence against him regarding many allegations that the judicial completely ignores or at best tries to cover them up. Patriots, is this our founding fathers definition of America? Time is no longer a luxury that we can enjoy, we must act now in any way possible to stop this well designed train wreck called government before it's to late.