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03:17 AM
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Today Obama Used His Executive Powers To Push Student Loan Reform
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[quote:Anonymous Coward 961432:MV8xNjgzMzkwXzI3ODE3NTE4XzZFRTczNjdE] Banks make money by making loans. To make loans there has to be demand to be demand there has to be growth in the economy, or at least hope for growth. When the economy is dragged down by government regulation and oppressive debt the economy slows so the issuance of loans by banks slows, and their income stream slows. So banks then reduce the qualifications for the loans they make as well as lowering the interest rates on the loans they offer. They use the government to sell these ideas to the masses, like "social opportunity" or leave no one behind ideas. By using the government and public in the scam they ensure that if the loans go bad they have access to the public treasury when the bad loans they have made go south and those who received the loans cannot pay. So, they make money by fees making new loans, then they sell off the real liability of the debt (derivatives) and make another nice profit, and when the whole thing goes belly up they make more money out of government bailouts. [/quote]
Original Message
President Obama used executive order today to push forward student loan reform that would reduce monthly payments for 1.6 million borrowers next year, accelerating the previous 2014 startup timetable.
The new “Pay As You Earn” proposal for college students lowers their monthly loan payments to 10 percent of their discretionary income. The plan
also forgives the balance of their debt after 20 years of payments
.
Full article can be read here:
[
link to ecreditdaily.com
]
So if some idiot goes to college and majors in a field that has zero chance of gainful employment, WE have to pay for their bad choices? Unfriggin believable.
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