Obama to offer student loan relief

[ScienceRocks]

Obama to offer student loan relief
Associated Press ^ | October 25, 2011 | KIMBERLY HEFLING
The Associated Press: Obama to offer student loan relief

The White House says President Barack Obama plans to offer millions of student loan borrowers the ability to lower their payments and consolidate their loans.

Obama on Wednesday will use his executive authority to accelerate a measure passed by Congress that reduces the repayment cap on student loans from 15 percent of discretionary income to 10 percent. The White House wants it to go into effect in 2012, instead of 2014. About 1.6 million borrowers could be affected.

Also, the 5.8 million borrowers who have loans from both the Family Education Loan Program and a direct loan from the government would be able to consolidate them into one loan.

(Excerpt) Read more at google.com ...

Wow,

 

[Avatar4321]

in other words, he will enslave us to our debt for longer...

 

[Si modo]

I'm OK with that.

 

[Si modo]

in other words, he will enslave us to our debt for longer...

Or, these guys could have more discretionary income (5% more) and spend that on products and services, thus spurring the economy?

Sorta like lower taxes.

 

[TruthSeeker56]

I like the thought process. While the Democrats borrow more and more money for "stimulus" and bailouts, with no plan for paying the money back, they are going to allow regular people to do the same thing! Thanks, Barry!