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Obama's student loan program.


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#1 Awesomeness!

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Posted 13 June 2014 - 05:15 PM

"WASHINGTON (AP) -- President Barack Obama is signing an executive order that lets borrowers pay no more than 10 percent of their monthly income in student loan payments.

The measure expands on a 2010 law that covered those who started borrowing after October 2007 and kept borrowing after October 2011. The executive order allows those who borrowed earlier to participate, potentially extending the benefit to millions more borrowers.

Obama will sign the order Monday during an event in the White House Rose Garden. The president will also use the appearance to call for Congress to pass more sweeping legislation that would let college graduates with heavy debts refinance their loans.

The Senate is expected to debate the legislation next week, but it faces significant obstacles
."

 

http://hosted.ap.org...-06-09-08-19-11

 

 

Of course the Republicans will do their best to obstruct just because, but in reality everybody wins here. After 20 years you actually end up paying more than you would have otherwise, but your monthly payments are a lot less, as I understand it. Its a decent bill that should have been passed 10 years ago but politics will come into play here. After a while Sarah Palin will be trying to convince you that this bill will cause hell on Earth. Pretty pathetic.



#2 CCS

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Posted 13 June 2014 - 05:35 PM

As a student with loans, I really hope I end up being able to afford more than just 10% of my income going back towards them.



#3 Porn Shop Clerk

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Posted 13 June 2014 - 06:42 PM

if you're not allowed to pay more than 10%, then the only people that are getting rich are the financing companies that are raking in all that extra income

 

 



#4 TANTRIC-NINJA

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Posted 13 June 2014 - 06:51 PM

It has already been shut down by the house where the awesome Elizabeth Warren lashed out at them. All this does is give it more media before the House kills it again.

Funny how the GOPs primary end all be all jobs-economy- bill is to allow 300 billion in tax beaks for corporations. Welfare is acceptable if you summer in the Hamptons.

Edited by TANTRIC-NINJA, 13 June 2014 - 06:52 PM.


#5 pstall

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Posted 13 June 2014 - 06:55 PM

Ahh the ole do the most popular thing possible bill and demonize anyone who counters.

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#6 Porn Shop Clerk

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Posted 13 June 2014 - 07:03 PM

It has already been shut down by the house where the awesome Elizabeth Warren lashed out at them. All this does is give it more media before the House kills it again.

Funny how the GOPs primary end all be all jobs-economy- bill is to allow 300 billion in tax beaks for corporations. Welfare is acceptable if you summer in the Hamptons.

 

or invest in a failing green company



#7 pstall

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Posted 13 June 2014 - 07:03 PM

Refinancing should NOT be a bill. Guess who controls the bulk of student loans and guess who "regulates" them?

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#8 Porn Shop Clerk

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Posted 13 June 2014 - 07:03 PM

also calling a tax break or loophole welfare is about as ignorant as can be



#9 Awesomeness!

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Posted 13 June 2014 - 07:33 PM

if you're not allowed to pay more than 10%, then the only people that are getting rich are the financing companies that are raking in all that extra income


Yes but the point is to provide relief to people that are paying more in student loan repayments then they are paying in rent.

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#10 Porn Shop Clerk

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Posted 13 June 2014 - 07:43 PM

yes, lets take even more money over the long run away from people that are already struggling brilliant that will help them get out of the hole



#11 Awesomeness!

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Posted 13 June 2014 - 07:46 PM

People that need immediate relief won't have a problem paying a little extra over the long run. Its the same reason people lease from Rent A Center or Aarons. Sorry everybody doesn't have 70,000 dollars laying around.

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#12 stirs

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Posted 13 June 2014 - 08:44 PM

Yes but the point is to provide relief to people that are paying more in student loan repayments then they are paying in rent.

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The point is......politics.  As long as you are thinking about the relief angle, their job is done.



#13 Awesomeness!

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Posted 13 June 2014 - 08:50 PM

What's the alternative? Eat Ramen until the debt is paid? How about working 80 hours a week while in college?

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#14 Awesomeness!

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Posted 13 June 2014 - 08:51 PM

Just borrow the money from your parents duh

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#15 Porn Shop Clerk

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Posted 13 June 2014 - 08:55 PM

People that need immediate relief won't have a problem paying a little extra over the long run. Its the same reason people lease from Rent A Center or Aarons. Sorry everybody doesn't have 70,000 dollars laying around.

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that's because they're fuging stupid and that's how they got into that position in the first place




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