Obama pledges our tax dollars to bailout people with student loans

[bobbyw24]

2. Limiting a student’s federal loan payments to 10 percent of his or her income above a basic living allowance. This will lower payments for hundreds of thousands of students, who are struggling to make ends meet coming out of college.

http://whitehouse.blogs.foxnews.com/2010/01/25/president-obama-and-vp-biden-meet-tomorrow-middle-class-tax-investment-and-tuition-breaks-eyed-for-state-of-the-union/

[Lovecraftian4Paul]

A better move would be revoking the student loan industry's monopoly. Make it dischargeable in bankruptcy again. That way, the graduates with no way of ever paying back huge sums can take the hit and also punish these companies for giving out appalling sums of money to poor candidates in the first place. There needs to be a financial risk for the student loan industry again if things are ever going to change.

[awake]

That's what the green jobs are for, to bail out the college and university mal-investments by mal- employing the losers who trusted the state education camps to give them sound career advice.

Our whole society is huge flippn' bail out operation supported by the D.C. magicians printing press.

[MN Patriot]

That's what the green jobs are for, to bail out the college and university mal-investments by mal- employing the losers who trusted the state education camps to give them sound career advice.

Our whole society is huge flippn' bail out operation supported by the D.C. magicians printing press.

Why am I such a fool? I pay my loans. Should apply for every credit card imaginable and go on a spending binge like Congress.

[awake]

They need hard working responsible people to steal from, otherwise it all comes undone.

[Reason]

fuck student loans

[PreDeadMan]

damn i paid mine off last year I used Sallie Mae.

[Matthew Zak]

I grew up in a dysfunctional home. I was VERY distracted in school. I failed the 7th grade, getting 5% in math class. My highschool GPA was like 0.5. I dropped out.

I passed my GED without even studying for it, and then my mom handed me an application to Brown College. She said, "Here, this is for a graphic design school, you're good at that." I filled it out, got accepted, they pushed me through the financial aid office, and I started classes.

A year and a half later I got the first college degree in two generations on either side of my family. But it was easy like cake. Certainly not worth $28,000. And I didn't learn half the necessary skills for the industry. I had like 3 months to find a graphic design job, but I didn't. And at the age of 22, I was just starting to figure out who I was and it happened to be around then I realized I hated graphic design as an industry.

I was still living at home when I landed a $9/hr job as a finisher of billboards. It was then my mom and step dad asked me to help them with the house payment. We couldn't afford anything. But the student loan companies sent me lots of letters.

I used up all my deferments, etc. The interest piled up. My grandpa died. My aunt died. Two uncles died. My dad died. My mom had brain surgery. Here I am, with the best job I've ever had at $14/hr, and I'm looking for better. I'm 27 years old. I'm back in school trying to get generals done so I can go get a REAL damn degree. I live in an apartment. I have a beater of a car. I have no furniture. And I'm better off than my family.

But I owe $35,000 dollars to student loan companies, and they won't stop until I'm homeless.

What do I do?

I would be getting a second chance at life if this happened. It's really hard for me to root against it.

[Vessol]

A better move would be revoking the student loan industry's monopoly. Make it dischargeable in bankruptcy again. That way, the graduates with no way of ever paying back huge sums can take the hit and also punish these companies for giving out appalling sums of money to poor candidates in the first place. There needs to be a financial risk for the student loan industry again if things are ever going to change.

Not to mention that because of this, universities can raise their prices without worry as students will continue to get loans and grants from the government to cover whatever the price goes to.

[dannno]

Peter hits it out of the park on this one.


YouTube - Bernanke, Freddie & Fannie, tax cuts and student loans (http://www.youtube.com/watch?v=u7skTzAkmUE)

[Warrior_of_Freedom]

wut? I had to fight to not receive loans, i kept receiving letters for loans I got accepted for that I never signed up for, so I had to call a bunch of numbers to tell them I DON'T want a loan

[bkreigh]

I grew up in a dysfunctional home. I was VERY distracted in school. I failed the 7th grade, getting 5% in math class. My highschool GPA was like 0.5. I dropped out.

I passed my GED without even studying for it, and then my mom handed me an application to Brown College. She said, "Here, this is for a graphic design school, you're good at that." I filled it out, got accepted, they pushed me through the financial aid office, and I started classes.

A year and a half later I got the first college degree in two generations on either side of my family. But it was easy like cake. Certainly not worth $28,000. And I didn't learn half the necessary skills for the industry. I had like 3 months to find a graphic design job, but I didn't. And at the age of 22, I was just starting to figure out who I was and it happened to be around then I realized I hated graphic design as an industry.

I was still living at home when I landed a $9/hr job as a finisher of billboards. It was then my mom and step dad asked me to help them with the house payment. We couldn't afford anything. But the student loan companies sent me lots of letters.

I used up all my deferments, etc. The interest piled up. My grandpa died. My aunt died. Two uncles died. My dad died. My mom had brain surgery. Here I am, with the best job I've ever had at $14/hr, and I'm looking for better. I'm 27 years old. I'm back in school trying to get generals done so I can go get a REAL damn degree. I live in an apartment. I have a beater of a car. I have no furniture. And I'm better off than my family.

But I owe $35,000 dollars to student loan companies, and they won't stop until I'm homeless.

What do I do?

I would be getting a second chance at life if this happened. It's really hard for me to root against it.

Story sucks man it really does. No way to sugar coat what you said.

However, what is the catch going to be? Sure it looks in this 2 line bit from fox but what is the final going to look like if something like this passes? There will be catch after catch and you better do your homework if you take them up on this offer.

As much as your story sucks what about those that did the financially smart thing and worked out of high school to save up money to go to college. Or those that went for a few semesters and then got out realizing that it was a joke (like myself). As they pass out pieces of paper for nothing where does that leave all the others that did the right thing?

Everybody's story is different and everybody has their stories on how shit sucks but it goes back to personal responsibility. I probably sound like gutless ass but im just calling it like a see it.

[Mini-Me]

A better move would be revoking the student loan industry's monopoly. Make it dischargeable in bankruptcy again. That way, the graduates with no way of ever paying back huge sums can take the hit and also punish these companies for giving out appalling sums of money to poor candidates in the first place. There needs to be a financial risk for the student loan industry again if things are ever going to change.

This. Matthew Zak's story reinforces this notion, too: Preventing people from ever being able to declare bankruptcy and erase their debt, no matter their circumstances, is screwed up beyond belief.

[Warrior_of_Freedom]

This. Matthew Zak's story reinforces this notion, too: Preventing people from ever being able to declare bankruptcy and erase their debt, no matter their circumstances, is screwed up beyond belief. Or teach people fiscal responsibility. I am almost done with university and I didn't take one loan out, and no, I'm not a rich kid.

[Mini-Me]

Or teach people fiscal responsibility. I am almost done with university and I didn't take one loan out, and no, I'm not a rich kid.

The two aren't mutually exclusive.

[YumYum]

I grew up in a dysfunctional home. I was VERY distracted in school. I failed the 7th grade, getting 5% in math class. My highschool GPA was like 0.5. I dropped out.

I passed my GED without even studying for it, and then my mom handed me an application to Brown College. She said, "Here, this is for a graphic design school, you're good at that." I filled it out, got accepted, they pushed me through the financial aid office, and I started classes.

A year and a half later I got the first college degree in two generations on either side of my family. But it was easy like cake. Certainly not worth $28,000. And I didn't learn half the necessary skills for the industry. I had like 3 months to find a graphic design job, but I didn't. And at the age of 22, I was just starting to figure out who I was and it happened to be around then I realized I hated graphic design as an industry.

I was still living at home when I landed a $9/hr job as a finisher of billboards. It was then my mom and step dad asked me to help them with the house payment. We couldn't afford anything. But the student loan companies sent me lots of letters.

I used up all my deferments, etc. The interest piled up. My grandpa died. My aunt died. Two uncles died. My dad died. My mom had brain surgery. Here I am, with the best job I've ever had at $14/hr, and I'm looking for better. I'm 27 years old. I'm back in school trying to get generals done so I can go get a REAL damn degree. I live in an apartment. I have a beater of a car. I have no furniture. And I'm better off than my family.

But I owe $35,000 dollars to student loan companies, and they won't stop until I'm homeless.

What do I do?

I would be getting a second chance at life if this happened. It's really hard for me to root against it.

I agree with you. It will help many people who are in over their heads with student loans. The only thing that I worry about is that student loan payments will have to be made directly to the IRS. Get behind on the payments, and a person could face jail time.

[IPSecure]

...a basic living allowance...

What the governless needs to live by...

[cbc58]

Or teach people fiscal responsibility. I am almost done with university and I didn't take one loan out, and no, I'm not a rich kid.

Amen.

[bobbyw24]

A better move would be revoking the student loan industry's monopoly. Make it dischargeable in bankruptcy again. That way, the graduates with no way of ever paying back huge sums can take the hit and also punish these companies for giving out appalling sums of money to poor candidates in the first place. There needs to be a financial risk for the student loan industry again if things are ever going to change.

I agree

[KAYA]

The loan assistance gets even more generous if you choose a career working for the state. Isn't that nice?