Soggy in NOLA
Diamond Member
- Jul 31, 2009
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So now helping to lower loan payments for college students is cronyism? BTW, every president has used executive orders. I guess you think they're all shitting on the Constitution too?
Cronyism? I dunno about that.. but I do know this.. when you take out a loan, you commit to a contract with defined terms. I had student loans, and guess what? I paid them back, in full, according to the terms I agreed to.
Good for you. And now thanks to Obama and Dems, not only are banks out of the student loan business - which saves the gov't and students money - those loans are now cheaper to pay off. And that's a bad thing how?
If you borrow $10,000 @ 5%, it really doesn't matter who loaned you the money.... and If you lower the max repayment amount from 15% of income to 10%, all you're doing is stretching out the amount of time to repay and thus, costing the borrower more money in interest.