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Old 03-27-2010, 11:57 PM   #1
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Einstein Obama message for College Money

This is about money about college, for young and old.
Though He don't say where we can go to get the apps to apply...

anyway, this effects our children to better themselves, and maybe for us.

You decide, this is info i ran across while setting up for my middle child as he graduates high school this June...

Obama: Loan Reform Makes College Af...

and Im always looking for info for myself. I just wish he mentioned what dept would be handling it, so i know where to go...
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Old 03-28-2010, 02:49 AM   #2
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Default Re: Obama message for College Money

All right, the skinny on this is this was what was snuck into the health care reform bill. Affordable because now you will get your student loans direct from the federal government, putting Sallie Mae and other lenders of federal loans out of business. I don't even know if Uncle Sam knows how this will work yet......didn't know we had national bank.

Also, if you have not paid your loans off by 20 years, the rest of the loans are discharged.

There are other things, but those are the 2 biggies.
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Old 03-28-2010, 08:15 AM   #3
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Default Re: Obama message for College Money

Quote:
Also, if you have not paid your loans off by 20 years, the rest of the loans are discharged.

Read more: http://singlefamilyvoices.com/forum/...#ixzz0jTNTJr1o
Please explain? If you don't pay it off in 20 years you don't owe it any more? Is that what you mean?
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Old 03-28-2010, 08:51 AM   #4
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Default Re: Obama message for College Money

Where is the money coming from?
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Old 03-28-2010, 09:10 AM   #5
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Default Re: Obama message for College Money

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Originally Posted by Dad1st4boys View Post
Where is the money coming from?
reach into your pocket....
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Old 03-28-2010, 10:26 AM   #6
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Default Re: Obama message for College Money

I remember in the 80's when i first started college, one had a choice and Direct Loans was one of them, they were the government school loans like Sallie Mae... somewhere my loans for repayment went to Sallie Mae. Direct Loans where like a bare bone lending group.

After the twins where born I could not go through the Fin.Aid department for Direct Loans I had to go through Sallie Mae.

I did just look them up they still see to be around, not sure If Obama is talking about them or not cause its NOT new.
http://www2.ed.gov/offices/OSFAP/DirectLoan/index.html

hum so Obama is Talking about This program? That's been around since Ford? It all so confusing, wish I had a road map...
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Old 03-28-2010, 01:31 PM   #7
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Default Re: Obama message for College Money

No, Obama is REMOVING all lenders, even Sallie Mae, from the market. You will get your loans from the government, period......not sure how they are going to do this, but this is to avoid all the high dispersement fees that are paid, up to 6%.

Discharged means you don't owe anymore.....currently it's 25 years by the way.

And who is paying for it? Why the good old taxpayers of course.
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Old 03-28-2010, 01:35 PM   #8
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Default Re: Obama message for College Money

Wow, even here in the Socialist People's Constitutional Monarchy of Canada we deal with the banks directly for student loans. You apply through the gov't but the actual money comes from the banks and you repay the banks not the gov't.
So you guys will end up borrowing gov't money? Even we don't do that.
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Old 03-28-2010, 01:41 PM   #9
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Default Re: Obama message for College Money

Good morning folks.
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Old 03-28-2010, 01:44 PM   #10
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Default Re: Obama message for College Money

Quote:
Originally Posted by muskiedad View Post
Wow, even here in the Socialist People's Constitutional Monarchy of Canada we deal with the banks directly for student loans. You apply through the gov't but the actual money comes from the banks and you repay the banks not the gov't.
So you guys will end up borrowing gov't money? Even we don't do that.
We do it now.......Stafford and PLUS loans are funded by the federal government. The banks manage the loans and then get a fee [a pretty hefty one] for it.
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Old 03-31-2010, 06:01 PM   #11
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Default Re: Obama message for College Money

Our University sent out a letter about how to apply for student loans beginning for the fall of this year----"In the meantime, you can find more information about the Federal Direct Student Loan Program at studentloans.gov." I took a look at this...............

Check it out. If you have student loans and NEED to consolidate [and you haven't already], this is for you....seriously. While I hate how this was done, I am going to benefit from this bill tremendously and get Bank of American and Sallie Mae off my back!! Whoot, Whoot.
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Old 04-21-2010, 09:25 PM   #12
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Default Re: Obama message for College Money

I need to book mark this page... Great info...
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