GOP's Secret $90 Billion Gift to Wall Street by raising cost of student loans

[Bfgrn]

GOP candidates are making a point of running against "bailouts" this year. Yet even as they rail about rescuing big banks, they're working on a plan that would slip those same banks an estimated $90 billion in taxpayer money...and that's just in the first ten years.

"Fiscal conservatism," anyone?

It was always hypocritical to slam a bailout that they and their party initiated. But it turns out they were just warming up. Now they're trying to pull a fast one on the American public, tapping Tea Party rage about big government spending even as they prepare to slip the big bankers some big bucks. They're planning to siphon off $90 billion meant for America's college students and their families and give it to Wall Street.

Any Tea Partier who votes for these guys is being played for a sucker.

The Republican repeal plan wouldn't just put tens of billions of public dollars in bank coffers. It would also raise the maximum amount a graduate is forced to pay each year from 10 percent to 15 percent of income. And it would extend the length of time before their debt is forgiven from 20 to 25 years.

Your GOP: Sending billions in taxpayer money to rich bankers, and squeezing young people starting out in life. Call it the New Populism.

Small government? Less spending? The Republican Party's backdoor bailout of wealthy bankers is bigger than the auto-industry bailout. It's bigger than the home-loan program. It's bigger than the lending program for small businesses. And unlike those programs, it serves no social purpose at all:
More...

 

[bigrebnc1775]

Is this yet another false attack?

Chamber financing attacks continue
White House offers no proof
Chamber financing attacks continue - Washington Times

 

[kyzr]

I don't see any $90b "give-away"?! The student loans are still with taxpayer money, its just that the banks "administer" the loans.

Fannie & Freddie as the dem's cash cows, and the corruption there in the $500b range is the real mess. These other red-herrings are nothing but a smoke screen.

 

[California Girl]

So this is, in fact, not a 'gift' at all.

 

[editec]

I don't see any $90b "give-away"?! The student loans are still with taxpayer money, its just that the banks "administer" the loans.

Wrong.

 

[Bfgrn]

I don't see any $90b "give-away"?! The student loans are still with taxpayer money, its just that the banks "administer" the loans.

Fannie & Freddie as the dem's cash cows, and the corruption there in the $500b range is the real mess. These other red-herrings are nothing but a smoke screen.

It was conservative icon Edmund Burke who said: "Education is the cheap defense of nations."

The $90 billion dollar give-away is the ADDITIONAL COST to taxpayers for banks to 'administer' loans. Not only will it cost taxpayers more $$$ for student loans, it will cost those students more $$$ FOR the loans.

The Republican repeal plan wouldn't just put tens of billions of public dollars in bank coffers. It would also raise the maximum amount a graduate is forced to pay each year from 10 percent to 15 percent of income. And it would extend the length of time before their debt is forgiven from 20 to 25 years.

You right wing vultures even circle our young people starting out in life!

HERE is the leading private company providing student loans and how they 'administer' those loans:

Sallie Mae cuts student loans

Sallie Mae cuts student loans - CollegiateTimes.com

Sallie Mae's the poster child for the moral and operational bankruptcy of the 90's privatization craze. Created and funded entirely by the taxpayer, it went private in the late 90's and immediately went on a greed binge. It started throwing mad money at Presidential and Congressional candidates, then kicked in the maximum allowable amount - $250,000 - to George W. Bush's inauguration.

One of Sallie Mae's corporate jets: Model IAI-1125A Astra SPX, registration #N188AK

 

[code1211]

GOP candidates are making a point of running against "bailouts" this year. Yet even as they rail about rescuing big banks, they're working on a plan that would slip those same banks an estimated $90 billion in taxpayer money...and that's just in the first ten years.

"Fiscal conservatism," anyone?

It was always hypocritical to slam a bailout that they and their party initiated. But it turns out they were just warming up. Now they're trying to pull a fast one on the American public, tapping Tea Party rage about big government spending even as they prepare to slip the big bankers some big bucks. They're planning to siphon off $90 billion meant for America's college students and their families and give it to Wall Street.

Any Tea Partier who votes for these guys is being played for a sucker.

The Republican repeal plan wouldn't just put tens of billions of public dollars in bank coffers. It would also raise the maximum amount a graduate is forced to pay each year from 10 percent to 15 percent of income. And it would extend the length of time before their debt is forgiven from 20 to 25 years.

Your GOP: Sending billions in taxpayer money to rich bankers, and squeezing young people starting out in life. Call it the New Populism.

Small government? Less spending? The Republican Party's backdoor bailout of wealthy bankers is bigger than the auto-industry bailout. It's bigger than the home-loan program. It's bigger than the lending program for small businesses. And unlike those programs, it serves no social purpose at all:
More...

When I went to school, I worked a couple jobs at the same time and there were quarters when I was not a full time student. I just kept grinding along though, and after short of 6 years, I graduated with 3 degrees and no debt.

This method was my choice.

Taking loans is the choice of others. If they take the loan, they need to pay that loan back. I understand that many do not. I think that I've read on this board that people have graduated with 400 grand of student loan debt.

First, how could get these loans? Second, they have no intention of paying these off. They are, in effect, stealing and everyone knows it.

If you're gonna play, you gotta pay. If anyone takes a loan, they are at the mercy of those that have it to lend. It's the Golden Rule. Who has the Gold, makes the Rules.

 

[Bfgrn]

GOP candidates are making a point of running against "bailouts" this year. Yet even as they rail about rescuing big banks, they're working on a plan that would slip those same banks an estimated $90 billion in taxpayer money...and that's just in the first ten years.

"Fiscal conservatism," anyone?

It was always hypocritical to slam a bailout that they and their party initiated. But it turns out they were just warming up. Now they're trying to pull a fast one on the American public, tapping Tea Party rage about big government spending even as they prepare to slip the big bankers some big bucks. They're planning to siphon off $90 billion meant for America's college students and their families and give it to Wall Street.

Any Tea Partier who votes for these guys is being played for a sucker.

The Republican repeal plan wouldn't just put tens of billions of public dollars in bank coffers. It would also raise the maximum amount a graduate is forced to pay each year from 10 percent to 15 percent of income. And it would extend the length of time before their debt is forgiven from 20 to 25 years.

Your GOP: Sending billions in taxpayer money to rich bankers, and squeezing young people starting out in life. Call it the New Populism.

Small government? Less spending? The Republican Party's backdoor bailout of wealthy bankers is bigger than the auto-industry bailout. It's bigger than the home-loan program. It's bigger than the lending program for small businesses. And unlike those programs, it serves no social purpose at all:
More...

When I went to school, I worked a couple jobs at the same time and there were quarters when I was not a full time student. I just kept grinding along though, and after short of 6 years, I graduated with 3 degrees and no debt.

This method was my choice.

Taking loans is the choice of others. If they take the loan, they need to pay that loan back. I understand that many do not. I think that I've read on this board that people have graduated with 400 grand of student loan debt.

First, how could get these loans? Second, they have no intention of paying these off. They are, in effect, stealing and everyone knows it.

If you're gonna play, you gotta pay. If anyone takes a loan, they are at the mercy of those that have it to lend. It's the Golden Rule. Who has the Gold, makes the Rules.

No one is talking about not paying off their loans. But feel free to beat your chest and vent simultaneously. That 'vent' would probably manifest as a FART.

 

[KissMy]

No one is talking about not paying off their loans. But feel free to beat your chest and vent simultaneously. That 'vent' would probably manifest as a FART.

From your rant in the OP.

And it would extend the length of time before their debt is forgiven from 20 to 25 years.

You are all about loan forgiveness. Not paying loans back is a hell of a message to send to someone who is starting out in life.

 

[Bfgrn]

No one is talking about not paying off their loans. But feel free to beat your chest and vent simultaneously. That 'vent' would probably manifest as a FART.

From your rant in the OP.

And it would extend the length of time before their debt is forgiven from 20 to 25 years.

You are all about loan forgiveness. Not paying loans back is a hell of a message to send to someone who is starting out in life.

Is this really THAT hard to understand?

'And it would extend the length of time before their debt is forgiven (PAID OFF) from 20 to 25 years.'

WHY? Because the loan 'administered' by the private banks COSTS MORE. Not ONLY will it cost more for the students, it will cost taxpayers MORE.

 

[editec]

If I understand what loan programs we're discussing?

The cost to the government is not in the loans themselvesm but rather in the interest paid for the student borrower.

The banks are actually lending the money, but at a lower rate of interest (and with a period when the loans don't have to be paid).

The government is paying that lost interest to make the loans more affordable.

And if you default on them, then the bank gets paid out, and the government ends up owning your debt.

A debt which, incidently, you cannot jettison with a personal bankruptsy.

 

[KissMy]

What TEA Party candidate is supporting a student loan GSE program?

 

[Bfgrn]

If I understand what loan programs we're discussing?

The cost to the government is not in the loans themselvesm but rather in the interest paid by the student borrower.

The banks are actually lending the money, but at a lower rate of interest (and with a period when the loans don't have to be paid).

The government is paying that lost interest to make the loans more affordable.

And if you default on them, then the bank gets paid out, and the government ends up owning your debt.

A debt which, incidently, you cannot jettison with a personal bankruptsy.

A College Test for Washington: Help Young People in Need, or Kowtow to Bank Lobbyists?

It should be, as the President once called it, a "no-brainer": Overhaul our broken system for distributing federal student loans. Stop giving banks undeserved profits for administering these loans (an estimated $80 billion over ten years), since they take no risk and have managed the program poorly. Make sure our money goes directly to the young people that need them the most. Who could be against that? In fact, the student loan reform bill has already passed the House.

Yet, in an ugly replay of the lobbyist feeding frenzy that accompanied health reform, this initiative is being undermined in the Senate by highly paid K Street bank operatives. This is a test case: If Washington can't overcome lobbyist influence enough to do the right thing for our country's young people, it will be a public spectacle. Any politician who fails to fight for this program will be hurting themselves politically and punishing college students financially, leaving those students in the hands of rapacious and corrupt lenders.

It's a simple, multiple-choice test for Washington politicians: Do you choose a) fight for the banks, or b), fight for students and their families? Your answer will be graded on Election Day.

 

[Bfgrn]

What TEA Party candidate is supporting a student loan GSE program?

Better go eat your Wheaties...you are having trouble keeping up.

From the OP:

"Fiscal conservatism," anyone?

It was always hypocritical to slam a bailout that they and their party initiated. But it turns out they were just warming up. Now they're trying to pull a fast one on the American public, tapping Tea Party rage about big government spending even as they prepare to slip the big bankers some big bucks. They're planning to siphon off $90 billion meant for America's college students and their families and give it to Wall Street.

Any Tea Partier who votes for these guys is being played for a sucker.

 

[CrusaderFrank]

You simply cannot have a reasonable discussing about economics with Progressives because they believe that the US Government IS the economy and everything else is just "Wall Street, Booooosh and Fox News"

 

[KissMy]

What TEA Party candidate is supporting a student loan GSE program?

Better go eat your Wheaties...you are having trouble keeping up.

From the OP:

"Fiscal conservatism," anyone?

It was always hypocritical to slam a bailout that they and their party initiated. But it turns out they were just warming up. Now they're trying to pull a fast one on the American public, tapping Tea Party rage about big government spending even as they prepare to slip the big bankers some big bucks. They're planning to siphon off $90 billion meant for America's college students and their families and give it to Wall Street.

Any Tea Partier who votes for these guys is being played for a sucker.

I can't make heads or tails of that stupid BS article. It is a bunch of Maddow & Olberman style inventing strawman & shadow boxing. Sounds like it was invented by the Democrats favorite cash cow the GSEs.

I want to know what bill we are talking about & who is supporting it. Give me a name of a TEA Partier that supports this bill.

 

[KissMy]

No one is talking about not paying off their loans. But feel free to beat your chest and vent simultaneously. That 'vent' would probably manifest as a FART.

From your rant in the OP.

And it would extend the length of time before their debt is forgiven from 20 to 25 years.

You are all about loan forgiveness. Not paying loans back is a hell of a message to send to someone who is starting out in life.

Is this really THAT hard to understand?

'And it would extend the length of time before their debt is forgiven (PAID OFF) from 20 to 25 years.'

WHY? Because the loan 'administered' by the private banks COSTS MORE. Not ONLY will it cost more for the students, it will cost taxpayers MORE.

This administrations practice of barrow & spend is doing a great job of influencing the average American. Bankruptcies have doubled since Obama took office.

Bankruptcies
Year.....Total.......Non-Business...Business
2010...1,572,597..1,512,989........59,608
2009...1,306,315..1,251,294........55,021
2008......967,831....934,009.........33,822
2007......751,056....727,167.........23,889

 

[CrusaderFrank]

What TEA Party candidate is supporting a student loan GSE program?

Better go eat your Wheaties...you are having trouble keeping up.

From the OP:

"Fiscal conservatism," anyone?

It was always hypocritical to slam a bailout that they and their party initiated. But it turns out they were just warming up. Now they're trying to pull a fast one on the American public, tapping Tea Party rage about big government spending even as they prepare to slip the big bankers some big bucks. They're planning to siphon off $90 billion meant for America's college students and their families and give it to Wall Street.

Any Tea Partier who votes for these guys is being played for a sucker.

I can't make heads or tails of that stupid BS article. It is a bunch of Maddow & Olberman style inventing strawman & shadow boxing. Sounds like it was invented by the Democrats favorite cash cow the GSEs.

I want to know what bill we are talking about & who is supporting it. Give me a name of a TEA Partier that supports this bill.

That's because the OP is a stupid post by a fucking moron

 

[Bfgrn]

You simply cannot have a reasonable discussing about economics with Progressives because they believe that the US Government IS the economy and everything else is just "Wall Street, Booooosh and Fox News"

Hey Frank, this is SIMPLE economics 101. By eliminating the 'middle man'; the banks we the taxpayers PAY to 'administer' school loans, it will cost students less for a school loan, and it will cost taxpayers less in 'administration' costs.

You Regressives have no problem with socialism or welfare, as long as it is a handout to banks and Wall Street.

 

[CrusaderFrank]

You simply cannot have a reasonable discussing about economics with Progressives because they believe that the US Government IS the economy and everything else is just "Wall Street, Booooosh and Fox News"

Hey Frank, this is SIMPLE economics 101. By eliminating the 'middle man'; the banks we the taxpayers PAY to 'administer' school loans, it will cost students less for a school loan, and it will cost taxpayers less in 'administration' costs.

You Regressives have no problem with socialism or welfare, as long as it is a handout to banks and Wall Street.

How did the Greeks, Roman, Egyptians, Assyrians, Babylonians, Aztecs, Mayans, Haudenoshaunees, Phoenicians, Sumerians and Israelites survive without a government run student loan program?