Obama to sign new student aid initiative

[Modbert]

Obama to sign new student aid initiative | Reuters

(Reuters) - President Barack Obama on Tuesday will sign into law an overhaul of the college student loan program which cuts commercial banks out of the student loan business, drying up a multibillion dollar profit stream.

The student loan overhaul fulfills a long-time goal of Democratic lawmakers to end the bankers' role as middlemen and replace them with direct federal loans and aid to students.

The White House said the change would save taxpayers $68 billion over the next decade. The money saved will help expand and strengthen the federal Pell Grant program for students.

The change will cap college graduates' annual student loan repayments at 10 percent of their income, spends more at community colleges and awards $2.55 billion to historically black colleges and universities.

While the healthcare overhaul itself has generated skepticism among many Americans worried about its cost and associated debt, the student loan changes have been popular.

The CNN/Opinion Research Corporation said last week a telephone survey of 1,030 adult Americans found 64 percent of respondents approved it, while 34 percent opposed it.

Let's recap:

1.) Middlemen bankers are cut out, a federal program is now being once again run by the federal government.

2.) Student loan payments are capped at 10%.

3.) Save $68 Billion over 10 years.

4.) Expand the Federal Pell Grant Program

5.) It's approved by the majority of Americans.

Now I understand the Republicans especially are complaining about governmental takeover. But how exactly can the government take over a program that is both funded and run by the government? I'm not exactly catching that logic.

As someone who gets both student loans and pell grants to pay for my education, I have no problem with this.

What say you USMB?

 

[WillowTree]

lol 10% interest,, that's a damn fine deal.. don't take it. shit,, you can buy a car for zero percent.

 

[Modbert]

lol 10% interest,, that's a damn fine deal.. don't take it. shit,, you can buy a car for zero percent.

No, it will be capped at 10%. As in, it cannot go any higher than 10%.

 

[boedicca]

Great! Go into debt to the Feds for an overpriced education.

Have you ever wondered why college inflation is worse than health insurance inflation?

 

[boedicca]

lol 10% interest,, that's a damn fine deal.. don't take it. shit,, you can buy a car for zero percent.

No, it will be capped at 10%. As in, it cannot go any higher than 10%.

Here's a little clue.

It will be raised to 10% very quickly as the federal deficit worsens. The Treasury auctions are already requiring higher interest rates. Other rates will follow suit.

 

[Modbert]

Great! Go into debt to the Feds for an overpriced education.

Have you ever wondered why college inflation is worse than health insurance inflation?

Uh? Are you on drugs?

You do realize that I would be going into debt with student loans either way. All this does is cut out the middle man. And I may be able to get rid of one of my loans if my federal pell grant increases.

This is good news for people like me.

You're not going to try and ignorantly tell a college student AGAIN how the 2010 college life and experience is are you?

 

[WillowTree]

Great! Go into debt to the Feds for an overpriced education.

Have you ever wondered why college inflation is worse than health insurance inflation?

not dogshit, he never wonders about anything. ever.

 

[WillowTree]

lol 10% interest,, that's a damn fine deal.. don't take it. shit,, you can buy a car for zero percent.

No, it will be capped at 10%. As in, it cannot go any higher than 10%.

Here's a little clue.

It will be raised to 10% very quickly as the federal deficit worsens. The Treasury auctions are already requiring higher interest rates. Other rates will follow suit.

don't give him any clues, I likes em dumb..

 

[Defiant1]

Great! Go into debt to the Feds for an overpriced education.

Have you ever wondered why college inflation is worse than health insurance inflation?

Uh? Are you on drugs?

You do realize that I would be going into debt with student loans either way. All this does is cut out the middle man. And I may be able to get rid of one of my loans if my federal pell grant increases.

This is good news for people like me.

You're not going to try and ignorantly tell a college student AGAIN how the 2010 college life and experience is are you?

If you don't have the money or didn't get a scholarship, get a job until you can afford a college education.

 

[Si modo]

Yippee! The government controls another chunk of the economy!

 

[boedicca]

I wonder if Doggie The Bubble Boy will read the fine print in which he'll have to do some Organizing For America approved low wage job after he graduates.

 

[Zoom-boing]

Great! Go into debt to the Feds for an overpriced education.

Have you ever wondered why college inflation is worse than health insurance inflation?

Uh? Are you on drugs?

You do realize that I would be going into debt with student loans either way. All this does is cut out the middle man. And I may be able to get rid of one of my loans if my federal pell grant increases.

This is good news for people like me.

You're not going to try and ignorantly tell a college student AGAIN how the 2010 college life and experience is are you?

If you don't have the money or didn't get a scholarship, get a job until you can afford a college education.

Hell will freeze over before most people can afford that.

 

[Zoom-boing]

I wonder if Doggie The Bubble Boy will read the fine print in which he'll have to do some Organizing For America approved low wage job after he graduates.

Please tell me this is just a joke. There's no 'condition' on these loans, is there? I hadn't thought of that.

 

[Modbert]

If you don't have the money or didn't get a scholarship, get a job until you can afford a college education.

What do you not understand about the concept of loans?

 

[Modbert]

I wonder if Doggie The Bubble Boy will read the fine print in which he'll have to do some Organizing For America approved low wage job after he graduates.

Ignorant Ignorant fool. You act like you know better than me about what I pay and how I pay it. Not only that, but you think you know the documents that I need to sign better than I do.

 

[boedicca]

What, do you not understand the concept of compounded interest?

Regarding those documents, you'd be better off borrowing money from Guido The Loan Shark.

He'll just break your legs if you don't pay on time.

(or Getting a Job - but that probably escapes you.)

 

[Modbert]

Please tell me this is just a joke. There's no 'condition' on these loans, is there? I hadn't thought of that.

There is no condition on these loans.

Let me give you a small example of what is going to happen.

Presently:

(Arrows mean the way the money flows)

Federal Government > Bank Middlemen > Students.

Now with this bill:

Federal Government > Students.

It's a federal program, funded by the federal government. It's going to save taxpayers $56 billion over 10 years.

 

[Zoom-boing]

Please tell me this is just a joke. There's no 'condition' on these loans, is there? I hadn't thought of that.

There is no condition on these loans.

Let me give you a small example of what is going to happen.

Presently:

(Arrows mean the way the money flows)

Federal Government > Bank Middlemen > Students.

Now with this bill:

Federal Government > Students.

It's a federal program, funded by the federal government. It's going to save taxpayers $56 billion over 10 years.

Yeah, I know ... I get all that. Was just wondering if some kind of 'volunteering condition' was tucked in there somewhere. I don't trust the government and since our loans are now with them . . . . .

 

[Modbert]

What, do you not understand the concept of compounded interest?

Regarding those documents, you'd be better off borrowing money from Guido The Loan Shark.

He'll just break your legs if you don't pay on time.

(or Getting a Job - but that probably escapes you.)

I have a job, it's just not a full time one.

You're one ignorant person, that much I know for sure.

What don't you understand the concept of you not knowing what the fuck you're talking about?

 

[boedicca]

gul·li·ble [guhl-uh-buhl]

–adjective

1. easily deceived or cheated.

Origin:
1815–25; gull2 + -ible

—Related forms
gul·li·bil·i·ty, noun
gul·li·bly, adverb

—Synonyms
credulous, trusting, naive, innocent, simple, green, DOGBERT