The Obama administration has announced two initiatives to lower student loan payments for some borrowers. One, an update to the existing income-based repayment program, will cap loan payments at 10% of discretionary income for certain borrowers. The other proposal will let some borrowers merge older student loans with newer ones.
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Such BS! We are creating a whole generation of people who know nothing but hand outs. It makes me sick.
ReplyDelete4:01 you are right we have become a welfare nation with a worthless President that be forever know as the FOODSTAMP President dam I would rather Jimmy dumbass Carter for President again it cant get any worse
ReplyDeleteI agree with Anon 4:01!
ReplyDeleteNot only are we bailing them out, it's based on 10% of their DISCRETIONARY income!
Let me try and get a loan based on that, it won't work!
What the students will end up doing is piling on the debt in other areas to keep from having to pay on their student loans, hoping all the while that they will somehow be "forgiven".
Some of these students, like the one interviewed I saw yesterday morning are going to PRIVATE schools but are going to get the bailouts. If you can't afford to have $50,000 in student loans, then maybe you should be attending a state school instead of a private one. Maybe you shouldn't have been too lazy to research scholarship monies to help you pay for the extended education!
Both of our girls have attended college. Both of them attended PRIVATE schools, but both of them also had great scholarships. One ended up with $5,000 in student loans. The other ended up with no debt whatsoever and now has her Masters degree. The oldest one is now working on her PhD, on a full boat scholarship. She was recruited for it and she's teaching at the same time to add to her stipend they awarded her.
It CAN be done, IF the students are willing to do the work!
The whole thing is BS if you read it.
ReplyDeleteItonly restructures the loan. The youngsters i hope are smart enough ti see that it is only a ploy to get their votes. It does nothing but prolong the inevitable as has all other options this administration has come up with.
We are in deep doo doo here folks.
Come cold weather you beter be locked and loaded.