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Today Obama Used His Executive Powers To Push Student Loan Reform

 
Master_Shake
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10/26/2011 12:26 PM
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Today Obama Used His Executive Powers To Push Student Loan Reform
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.
Anyone who tells you that their religion is better than yours, run away from them as fast as you can.
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Anonymous Coward
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10/26/2011 12:29 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
Where are the boyz on the hill on this? Where is Holder?
Anonymous Coward
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10/26/2011 12:31 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
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.
Mooshi Kin

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10/26/2011 12:35 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
That is just nuts! Sorry if you buy a car you can't afford..does that mean you get to keep it and not make the payments? Or better how about extend that loan and lower the interest rates so you can live beyond your means. People need to responsible for their own bad choices..no one made them agree to the terms of their loans.


KITTEH BUMPs

Last Edited by Mooshi Kin on 10/26/2011 12:36 PM
Anonymous Coward
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10/26/2011 12:37 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
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.
 Quoting: Master_Shake


Obviously you have not had any higher education. How could someone purposely pick a field in which there was zero chance of gainful employment?
Anonymous Coward
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10/26/2011 12:37 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
The bill does absolutely nothing to help anyone with student loans...

If you have a lot of student loans, your fucked, and I would consider finding another way to live OR enjoy working for the next 20 years at a job you most likely hate.
Anonymous Coward
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10/26/2011 12:40 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
Obviously you have not had any higher education. How could someone purposely pick a field in which there was zero chance of gainful employment?
 Quoting: Anonymous Coward 3845746


My husband managed to do it: architecture.
Anonymous Coward
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10/26/2011 12:42 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
On the consolidation point: OK, give the people something they already have out of his largesse? BS.

You have always been able to consolidate your federal school loans and achieve a lower interest rate! I did that five years ago with mine.

But will the bobbleheads notice that tiny fact? Not likely.
Vision Thing

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10/26/2011 12:45 PM

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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
There is already the "Income Based Repayment" plan, which limits the payment amount to 15% of discretionary income.

Defaulted loans are not eligible for IBR and I doubt if they are eligible under whatever this new scheme is.
cremefraiche

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10/26/2011 12:46 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
obammer wrecking crew to save the day!!!

oridin
Mooshi Kin

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10/26/2011 12:51 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
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.
 Quoting: Master_Shake


Obviously you have not had any higher education. How could someone purposely pick a field in which there was zero chance of gainful employment?
 Quoting: Anonymous Coward 3845746

They are called professional students..I know several who just take useless classes such as Volleyball, Ceramics, math 101, David Beckham studies, Doctorate of Philosophy in Ufology, The Phallus, Surfing Studies, Philosophy, Queer Musicology, Star Trek More [link to www.toptenz.net]

and have no intention of getting a job there are plenty more if you look
YaRight

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10/26/2011 12:55 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
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.
 Quoting: Master_Shake


Obviously you have not had any higher education. How could someone purposely pick a field in which there was zero chance of gainful employment?
 Quoting: Anonymous Coward 3845746


Really? Do you really want to stand behind that statement? I know several Philosophers Master degree mind you that will never be employed and do you think they will ever pay the loans back..hahahahahahahahahahahahahahahaha

Last Edited by YaRight on 10/26/2011 12:56 PM
The most terrifying words in the English language are: I'm from the government and I'm here to help.
Anonymous Coward
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10/26/2011 12:57 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
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.
 Quoting: Master_Shake


Executive Orders, have no force of "LAW"...these EO's have a jurisdictional reach only to POTUS cabinet memebers---it's nothing more than a DIRECTIVE...the Cabinet heads interpret them as they see fit---most of the time EO's are read and ignored. They are UNENFORCEABLE....period.

the only laws that are enforceable in our REPUBLIC is those promulgated by CONGRESS as bills and signed into LAW by POTUS. POTUS has never been given the ability under the US Constitution to MAKE LAWS----POTUS does not have dictatorial powers----obama is just a lost child---he lives in his own fantasy world of self ordained power that simply does not exist...believe me all his EO's find their way to file 13 (trash can).

IF EO'S HAD THE FORCE OF LAW---THEN THE FEDERAL RESERVE BOARD WOULD HAVE BEEN ABOLISHED RIGHT AFTER JFK WROTE THE "EO" TO ABOLISH THE FEDERAL RESERVE--AND SIGNED IT. IT STILL EXISTS ON THE BOOKS....THE FED IS STILL ALIVE---BECAUSE EO'S ARE UNENFORCEABLE---THEY ARE ONLY DIRECTIVES AND NOTHING MORE.
Anonymous Coward
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10/26/2011 12:58 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
and the massive debt bubble continues to grow. when will it explode? 6 months? 12 months?
Bluebird

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10/26/2011 01:05 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
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.
 Quoting: Master_Shake


Obviously you have not had any higher education. How could someone purposely pick a field in which there was zero chance of gainful employment?
 Quoting: Anonymous Coward 3845746


Yeah, just open up a Philosophy Shop or Women's Study Store.

The demand for Liberal Arts is also just off the charts!

And yes, I have a 4 year degree myself.
One of the most important aspects of conspiracy theories is being able to discern when there isn't one.

Oh yeah, like you'd understand anyway.

Where are we going and why am I in this handbasket?. . .J. Handy
Anonymous Coward
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10/26/2011 01:07 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
and the massive debt bubble continues to grow. when will it explode? 6 months? 12 months?
 Quoting: Anonymous Coward 2926765


This is the question, who knows. But the former economy which built this country is gone, poof, strangled by an oppressive government size, regulation and debt which continues to grow out of control and a gutting of our manufacturing/production capability.

So, again to do what banks do that is make loans they have to lower their lending standards, interest rates charged and receive government subsidies (bailouts) to operate at status quo levels.
Bluebird

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10/26/2011 01:08 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
And don't overlook the fact Obama continues to totally bypass Congress.

What happened to representative government?
One of the most important aspects of conspiracy theories is being able to discern when there isn't one.

Oh yeah, like you'd understand anyway.

Where are we going and why am I in this handbasket?. . .J. Handy
Master_Shake  (OP)

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10/26/2011 01:14 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
Obviously you have not had any higher education. How could someone purposely pick a field in which there was zero chance of gainful employment?
 Quoting: Anonymous Coward 3845746


How many students today get degrees in sociology or some liberal arts program and cannot find a job? How many will fork out tens of thousands of dollars at a private school for a degree in an industry where even if employeed they cannot afford to pay off their student loans? (such as retail and hospitality management). The fact remains that the ones bitching the most over "No Jobs" picked a career path which has zero job growth.

As for me, I am doing quite well, thank you.
Anyone who tells you that their religion is better than yours, run away from them as fast as you can.
-------------------------
I'm not in the business of seeing whatever pleases you.
-------------------------
You don't know me, I am nothing but a stranger to you.
Anonymous Coward
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10/26/2011 01:17 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
Colleges have BILIONS OF dollars.

They use SAP - a computer program that costs $500,000 +++, just to manage their bilions.

And I am not even talking about the big colleges.
Anonymous Coward
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10/26/2011 01:19 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
Awesome, those who have private student loans get even more fucked while they have to pay for people who get their loan expunged in 20 years.
Anonymous Coward
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10/26/2011 01:21 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
Obama stated the average student loan was $24,000. My 25-year old son has a $60,000 loan for an associates degree in Audio Engineering and he is paying it by working at a fricken grocery store! It's not a job he likes, but does it because he has to in order to survive. He doesn't live at home and just bugets himself accordingly. He has NEVER asked me for financial help, but I have sent him money "just because". I tell him to go out and treat himself to a night out or something. He does have a sense of pride in which he feels good that he is taking care of his responsibilities. He hasn't quit is "day job" and is just now starting to get recognition for his work in his degree field. It takes time...My point is - you have to work and work anyway that you can and don't expect hand-outs! No, I didn't buy his first car either. I did purchase it, but he made payments for every penny until he paid that loan in full. I'm proud of my son,,he is not part of this lazy generation we have now...
Master_Shake  (OP)

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10/26/2011 01:21 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
Thank you mods for the pin :D
Anyone who tells you that their religion is better than yours, run away from them as fast as you can.
-------------------------
I'm not in the business of seeing whatever pleases you.
-------------------------
You don't know me, I am nothing but a stranger to you.
Jake101

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10/26/2011 01:22 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
That is just nuts! Sorry if you buy a car you can't afford..does that mean you get to keep it and not make the payments? Or better how about extend that loan and lower the interest rates so you can live beyond your means. People need to responsible for their own bad choices..no one made them agree to the terms of their loans.


KITTEH BUMPs
 Quoting: Mooshi Kin


OR how about the bank, who made the bad decision, be the one to foot the bill?

Banks are encouraged to make bad decisions because they know they can sell the loan, or the .Gov will pay them back.

Stop bailing out the banks for making stupid loans, and the problem will stop.
Anonymous Coward
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10/26/2011 01:24 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
Obama stated the average student loan was $24,000. My 25-year old son has a $60,000 loan for an associates degree in Audio Engineering and he is paying it by working at a fricken grocery store! It's not a job he likes, but does it because he has to in order to survive. He doesn't live at home and just bugets himself accordingly. He has NEVER asked me for financial help, but I have sent him money "just because". I tell him to go out and treat himself to a night out or something. He does have a sense of pride in which he feels good that he is taking care of his responsibilities. He hasn't quit is "day job" and is just now starting to get recognition for his work in his degree field. It takes time...My point is - you have to work and work anyway that you can and don't expect hand-outs! No, I didn't buy his first car either. I did purchase it, but he made payments for every penny until he paid that loan in full. I'm proud of my son,,he is not part of this lazy generation we have now...
 Quoting: Anonymous Coward 1353807


See that's the problem with this economy. It's actually a good economy but everyone is lazy!
Anonymous Coward
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10/26/2011 01:25 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
And don't overlook the fact Obama continues to totally bypass Congress.

What happened to representative government?
 Quoting: Bluebird


You now must call him 'Dear Leader'.
Anonymous Coward
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10/26/2011 01:27 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
Executive Orders, have no force of "LAW"...these EO's have a jurisdictional reach only to POTUS cabinet memebers---it's nothing more than a DIRECTIVE...the Cabinet heads interpret them as they see fit---most of the time EO's are read and ignored. They are UNENFORCEABLE....period.

the only laws that are enforceable in our REPUBLIC is those promulgated by CONGRESS as bills and signed into LAW by POTUS. POTUS has never been given the ability under the US Constitution to MAKE LAWS----POTUS does not have dictatorial powers----obama is just a lost child---he lives in his own fantasy world of self ordained power that simply does not exist...believe me all his EO's find their way to file 13 (trash can).

IF EO'S HAD THE FORCE OF LAW---THEN THE FEDERAL RESERVE BOARD WOULD HAVE BEEN ABOLISHED RIGHT AFTER JFK WROTE THE "EO" TO ABOLISH THE FEDERAL RESERVE--AND SIGNED IT. IT STILL EXISTS ON THE BOOKS....THE FED IS STILL ALIVE---BECAUSE EO'S ARE UNENFORCEABLE---THEY ARE ONLY DIRECTIVES AND NOTHING MORE.


Is that why Kennedy got assasinated?
Master_Shake  (OP)

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10/26/2011 01:36 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
OR how about the bank, who made the bad decision, be the one to foot the bill?

Banks are encouraged to make bad decisions because they know they can sell the loan, or the .Gov will pay them back.

Stop bailing out the banks for making stupid loans, and the problem will stop.
 Quoting: Jake101


You are absolutely correct Jake, I see it often. My company employees college kids as interns for Web FED (Front End Development). I had an intern who would take out additional money for all of his living expense which was then rolled into his college loans. After he graduated he complained how difficult it was going to be to pay back the $130K he had in loans. The actual school expenses where only about $75K, the rest of it he used for personal use, including weed. Nothing like paying for a 30 bags of weed 20 years later.

Ultimately the only person he has to blame is himself, as he was the one making bad decisions, but shame on the lenders for allowing students to take out loans for extra money that they are not accountable for.
Anyone who tells you that their religion is better than yours, run away from them as fast as you can.
-------------------------
I'm not in the business of seeing whatever pleases you.
-------------------------
You don't know me, I am nothing but a stranger to you.
Anonymous Coward
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10/26/2011 01:39 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
1 more time and I'm out of here. This is not about students, our economy or even doing what is right.

It is about intentionally lowering lending standards, and providing a backstop to loans made by banks via the guise of another "social" program - to help those in need.

Until people catch on and get sick of the same old crap ponzi scams run by our elected officials things won't just stay the same they will continue to get worse.
Anonymous Coward
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10/26/2011 01:40 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
YES!!!! so basically, when i graduate in 2013. I'll i have to do is get paid under the table. hide how much i really make

20 years later. BYE BYE debt.

Sounds pretty good to me. banana2
Anonymous Coward
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10/26/2011 01:41 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
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.
 Quoting: Master_Shake


Obviously you have not had any higher education. How could someone purposely pick a field in which there was zero chance of gainful employment?
 Quoting: Anonymous Coward 3845746


Ummmm...there are plenty of majors out there for which there is no job market to speak of.
Jake101

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10/26/2011 01:42 PM
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Re: Today Obama Used His Executive Powers To Push Student Loan Reform
OR how about the bank, who made the bad decision, be the one to foot the bill?

Banks are encouraged to make bad decisions because they know they can sell the loan, or the .Gov will pay them back.

Stop bailing out the banks for making stupid loans, and the problem will stop.
 Quoting: Jake101


You are absolutely correct Jake, I see it often. My company employees college kids as interns for Web FED (Front End Development). I had an intern who would take out additional money for all of his living expense which was then rolled into his college loans. After he graduated he complained how difficult it was going to be to pay back the $130K he had in loans. The actual school expenses where only about $75K, the rest of it he used for personal use, including weed. Nothing like paying for a 30 bags of weed 20 years later.

Ultimately the only person he has to blame is himself, as he was the one making bad decisions, but shame on the lenders for allowing students to take out loans for extra money that they are not accountable for.
 Quoting: Master_Shake


The trouble is, while the borrower is taking money he knows he can't pay back, that is not the person responsible for our situation. You have to target the source of the problem. And that is definitely the banks. If no one was there to bail them out, or even a punishment for selling loans under false pretenses to other institutions, the problem would end and college educations would become more affordable since the only reason they charge what they do is because they work with the banks to do it.





GLP