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02:19 AM
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Today Obama Used His Executive Powers To Push Student Loan Reform
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[quote:Jake101:MV8xNjgzMzkwXzI3ODQ0MzY0X0Y2QzhCMEJE] [quote:SilverPatriot:MV8xNjgzMzkwXzI3ODQzNzEzX0JEMzMyM0JD] [quote:Jake101:MV8xNjgzMzkwXzI3ODM2NDA1X0NBRjMyNUIz] [quote:SilverPatriot:MV8xNjgzMzkwXzI3ODMzMTEyXzdDOTlCMzg4] [quote:Jake101:MV8xNjgzMzkwXzI3ODI4MDc5XzU2QjIwOTAw] [quote:SilverPatriot:MV8xNjgzMzkwXzI3ODI2MzIwX0IwODA4QzhC] [quote:Jake101:MV8xNjgzMzkwXzI3ODI1NzI2XzRDNUYyRThD] [quote:Hitokiri:MV8xNjgzMzkwXzI3ODI1MjQwX0Y1QURFRUQ0] But people still took the loans... So we should just forget about personal responsibility now because Sugar Daddy Obama is going to pay with tax money? Both sides are at fault... I still think you should pay your bills. I worked when I went to school because I didn't want a HUGE debt when I got done. Silly for me to be responsible... [/quote] No. The banks can try to collect the money from the people they loaned it to. That's how it works. At no point should the government, or you and I be involved. They won't be able to collect, of course. Because they made stupid loans. And then they'll go out of business, the way companies who make bad decisions do. Then we'll wake up tomorrow, and all will be well. [/quote] Banks made stupid loans at the government’s bequest eventually all these students will be beholden to the government indentured slaves mean anything to you. [/quote] The banks WANTED to make these loans. They couldn't without the Reinvestment Act. There is one and only one entity that made out well through all this, and that's the banks. There's a reason for that. [/quote] Is this what you are talking about and if so please tie in your thoughts? The American Recovery and Reinvestment Act of 2009: Information Center http://www.irs.gov/newsroom/article/0,,id=204335,00.html [/quote] Hear me out. First off, remember if I loan you 20 dollars, with the final term value of the loan (assuming you took the full term to pay it back) of 80 dollars, the actual value of that loan is ONLY 80 bucks IF you pay it back. Second, if I loan someone 20 bucks, then when he pays it back, it will be a VERY hard sell to get the government to pay me back the full term of 80 bucks UNLESS I can find a way to make it the government's fault. So, the banks lobbied like madmen for the government to "force them" to loan to everyone, so that they had legal recourse to claim "It's not my fault!" when SHTF. Specifically, they were able to sell and recoup loan packages for their FINAL term value, instead of actual value. It was a gigantic scam, that they NEVER would have done had they not know for 100% fact they would be immediately given the full term value for everything. They spent 100 billion, and then received trillions and trillions in return. [/quote] State your source [/quote] My source is that... it happened? What do you think the bailouts were? [/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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