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Old 10-26-2011, 07:39 PM   #1
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Default [Article]Obama- Aid for College Students

ABC News' political team
By Huma Khan

Oct 26, 2011 10:07am

Obama Speeds Up Aid for College Students: How Will It Help You?


Jewel Samad/AFP/Getty Images



President Obama pitched a plan today to help ease the burden of loans on college students, as a new report shows that higher education is becoming more expensive for many young Americans.


Starting next year, borrowers’ student loan payments will be capped at 10 percent of their discretionary income, and they could be eligible for forgiveness on the balance of their debt in 20 years. Under the current plan, loan payments are limited to 15 percent of a borrower’s discretionary income, and their balance is forgiven after 25 years.


The plan will also help provide an opportunity for reduced interest payments. Students would be able to consolidate their Federal Family Education loan with their Direct Loan under existing terms and conditions. Proponents say the consolidation will simplify the payment process and help nearly 6 million borrowers. Borrowers who consolidate their payments will receive a one-time, half percent reduction on their interest rate for some of their loans.


The administration says it is also taking steps to make it easier to participate in the Income-Based Repayment Plan. Currently, students and alumni whose federal student loan debt is higher than their income and family size are eligible to participate, but many are not aware of the aid plan. While more than 36 million Americans have federal student loan debt, less than 450,000 Americans participate in income-based repayment, according to the White House.


The current plan includes other helpful measures. For those who cannot pay the interest on their bill, the government can foot the interest payment for up to three consecutive years. Those who work in public service are also eligible for forgiveness after 10 years.


The administration’s Pay as You Earn plan, announced today, has the potential to cut hundreds of dollars from a borrower’s loan payment, the administration says, and it will help about 1.6 million students and alumni. But there are caveats, the biggest being that current borrowers will not be eligible to participate. Only those who are in college or university and who take out a student loan next year will be eligible.


“The students who signed the petition [to the president] and the students in ‘Occupy Wall Street,’ most of them are students who have already graduated. Most of them are unemployed and need help,” said Mark Kantrowitz, publisher of FinAid and a student aid expert. “They are the ones who brought attention to this issue and most of them are not going to benefit from this.”


Even many existing borrowers might not benefit from it. Borrowers who are just in the Direct Loan program do not qualify for the interest rate savings, and those who are consolidating loans would have to sign up for automatic payment to be eligible for the interest rate cut.


Consolidation may not even make financial sense for some split borrowers. For students with multiple interest rates who are able to accelerate payment on one loan, it may be more feasible to first pay off the loan with the higher interest rate instead of combining the payments.
The income-based repayment plan is also not available for parent loans or private student loans. Federal loans account for 80-85 percent of all outstanding loans, while the rest are private.


The White House says the plan will help nearly 6 million Americans, only a fraction of more than 36 million borrowers in the country.


The plan was initially set to start in 2014 but Obama’s executive order speeds up its implementation. The price, however, will not be paid by taxpayers, the White House says. The administration has balanced the cost of early implementation with the second measure – allowing students to consolidate their loans – which will put more money into the government’s coffers.


“We should be doing everything we can to put a college education within reach for every American… It’s never been more important, but let’s face it: It’s also never been more expensive,” Obama told students in Denver. ”I intend to do everything in my power right now to act on behalf of the American people with or without Congress. We can’t wait for Congress to do its job. So where they won’t act, I will.”


Obama’s $447 billion jobs billed is stalled in Congress because of Republican opposition. Meanwhile, the economy continues to spiral downward even as Washington remains in a gridlock.


The president says today’s announcement is part of his push to implement measures to stimulate the weak economy. But critics are deriding the move as a way to attract more voters.


With the economy taking a toll on young Americans and recent graduates, many college students have taken their frustration to the streets as part of the “Occupy” protests and by organizing walkouts and demonstrations.
The cost of education overall has jumped 900 percent since 1978, while the total U.S. student-loan debt is nearly $1 trillion. The unemployment rate for people younger than 30 is 13 percent, higher than the national average. Many college students have taken their frustration to the streets as part of the “Occupy” protests and by organizing walkouts and demonstrations.


A new report from the College Board finds a significant raise in college fees. Average in-state tuition and fees at four-year public colleges surged 8.3 percent this year and more than 4 percent at private colleges. The College Board said the tuition increases were caused by weak economy and a lag in state funding that has not kept pace with the growth in college enrollments. Most of that surge was driven by California, where college costs rose by 21 percent.


The average in-state tuition at a public four-year institution for 2011-12 is $17,131, while at a private institution it is $38,589.
The report also concluded that recent measures by the administration to provide educational tax credits and tuition deductions helped increase savings for students.


Read More Here:
http://abcnews.go.com/blogs/politics...l-it-help-you/

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Old 10-26-2011, 08:19 PM   #2
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Default Re: [Article]Obama- Aid for College Stud

I think that he is attempting to appease those mad in the Occupy Movement. Not sure how much any of this will help but we shall see... or rather I shall. I am consolidating mine in a IBR plan.
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Old 10-31-2011, 02:31 AM   #3
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Default Re: [Article]Obama- Aid for College Stud

A student loan is designed to help students pay for university tuition, books, and living expenses. It may differ from other types of loans in that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in education. It also differs in many countries in the strict laws regulating re-negotiating and bankruptcy. Student loans have become the number one cause of debt for Americans. Not long ago, that load belonged to charge cards. To handle this pattern, the White House declared a new initiative Wed to lower that problem. The initiative is one of numerous steps the president is making to boost the economy without the support of Congressional Republicans.

Administration announces plan to ease student loan burden



Student loans have overtaken credit cards as the nation’s chief source of long term debt. To address this trend, the White House announced a new initiative Wednesday to reduce that burden. The initiative is one of several moves the president is making to boost the economy without the support of Congressional Republicans.
‘Make a big difference’

Education Secretary Arne Duncan discussed the initiative with reporters on Tuesday:
“These are real savings that will help graduates get started in their careers. These changes could make a big difference in the lives of current college students and recent graduates as they enter one of toughest job markets in recent memory.”
The initiative will allow borrowers to consolidate both federally guaranteed student loans and direct loans into one monthly payment. Also, the initiative will cap student loan payments at 10 percent of discretionary income. That is down a third from the previous cap of 15 percent. Also, any unpaid portion of the loan, interest or principle, will be forgiven after 20 years. Previously, that term was 25 years.
Accelerated ‘Pay As You Earn’

The program begins in January, and accelerates the “Pay As You Earn” policy, signed into law last year. Initially, the law did not take effect until July, 2014.
The move comes in response to a petition on the “We the People” forum on the White House website. The petition, asking the White House to forgive student loans, was signed by more than 30,000 Americans. “We the People” is a new addition to the website, and this is the first time the administration has acted in response to a petition on the site.
‘We can’t wait’

The move also is an attempt by the administration to address the down-turned economy with executive orders that do not require the approval of Congress. A White House statement said:
“The announcement is part of a series of executive actions to put Americans back to work and strengthen the economy, because we can’t wait for congressional Republicans to act.”
Congressional Republicans continue to block the passage of Obama’s $447 billion American Jobs Act. Other moves the president has announced this week are a program to help homeowners with out-of-control mortgage debt, and to require community health centers to hire military veterans.
Shortcomings

But the new plan will not benefit every student loan borrower who could use it. It will only be available to those who have borrowed for the first time in 2008 or later. Further, to be eligible, borrowers also need to take out a new loan in 2012. The initiative also does nothing to address borrowers who are in default.
No cost to taxpayers

According to Domestic Policy Council Director Melody Barnes, the new program will not add a burden to taxpayers. The administration plans to pay for the program by encouraging borrowers with both federally guaranteed loans and direct loans to consolidate both into the Direct Loan program. In this way, the federal government gets the interest from both loans instead of just one.
Those interested in the program can call 1-800-4FEDAID or go to www.studentaid.ed.gov.


It is good to know that the administration have made a decision to help the students.
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Old 11-09-2011, 03:28 AM   #4
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Default Re: [Article]Obama- Aid for College Stud

Thanks for your post! It's apparent that the cost of college tuition has been skyrocketing, while student debt has been ballooning, swelling budgets and swallowing bank accounts nationwide. I have read recently that in US the government utilizes subsidized student loans as a method of motivating students to get higher degrees.However,graduate pupils in 2012 will be asked to pay the interest that was previously subsidized. All told, the move will change accountability for $18.1 billion to already-strapped university students.This would actually mean increasing student indebtedness. I just thought it was a relief. ;(

Graduate student loans to lose interest subsidy


Subsidized student loans are the government’s way of encouraging students to pursue education. As of 2012, however, graduate student loans will no longer have their interest subsidized, which will shift responsibility for paying $18.1 billion over 10 years to students. The interest shift

As a part of one of the many debt deals made over the last few years, Congress negotiated a new limit on student loan debt. Graduate student loans will lose their subsidized status, meaning that the loans will accrue interest while the student is in school, and the student will be responsible for that interest. The deal does not change borrowing limits, but it does change what students are responsible for in the end.
The cost to students

For graduate students, this means borrowing money to pay for school will be more expensive. If a student borrows the full allowable amount, this adds approximately another $200 per month in interest payments. These are payments the government would have ordinarily paid during the years of schooling and up to six months after graduation. The deal also eliminates a credit on the loan that students receive if they pay on a loan for 12 months without missing a payment.
Increasing indebtedness of the young

For young people, this change to the student loan process could increase the debt gap between older and younger Americans. There has always been a gap between the net worth of older and younger Americans, but it has been getting larger. Currently, a household headed by someone 65 or older is likely to have a net worth 47 times that of a household headed by someone 35 years or younger. This disparity is in contrast to a disparity of 10 times 25 years ago. Student loan indebtedness is pointed to as one of the major causes of this disparity, as is the difficult job market. This move by Congress to increase the cost of higher education loans is likely to make this gap even worse.
Sources

read it here:Graduate student loans to lose interest subsidy
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Old 11-12-2011, 02:59 AM   #5
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Default Re: [Article]Obama- Aid for College Stud

That was great to hear. Student loans are becoming the number one source of debt for Americans. Not long ago, that burden belonged to credit cards. Federal loans come with a lot of strings connected. For all the strings, though, the loans are intended to help motivate education and advanced degrees. Graduate university students, in 2012, will be expected to start paying down $18.1 billion in student loan interest.
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Old 12-29-2011, 01:04 PM   #6
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Default Re: [Article]Obama- Aid for College Stud

WOW, $18.1 BILLION?? poor students. It must be stressful leaving college with such a big weight on your shoulders. Can't imagine what the cost of school will be for my kid(s)....hmph. Although it is encouraging to see that 30,000 Americans signed the petition and there is a movement to support college graduates in debt. I hope the movement remains for some time...
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Old 12-29-2011, 04:06 PM   #7
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Default Re: [Article]Obama- Aid for College Stud

I still have over $50K in student loan debt and have not been able to pay on it hardly at all! They told me I could only do the low income thing for 2 yrs and I paid $100 a month. Now, can't do it anymore but I can't afford $400/month payment especially with a child!

However, I did look up the IBR thing and it showed $50 a month I would have to pay then after 10 yrs it would be forgiven (since I'm a teacher). I applied and just got the paperwork....$450/month!!!!!!!!!! wtf! And this was based on my $1800/month income a few months ago!

the whole thing blows because you can't find much information......grrr!!!!
oh and the phone number they gave me to call (from Direct Loans) just gives a recording no matter what time of day I call and sends me to a website to 'answer all my questions" um...no!
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Old 12-29-2011, 05:02 PM   #8
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Default Re: [Article]Obama- Aid for College Stud

Sorry, but f'em. I went to a state school, worked my way through college, didn't take on $100k in loans to get a degree that would get me a job that pays $25k/yr gross... came out with debt though....busted my ___ to pay my loans back....and now I'm supposed to feel bad for the grasshoppers that didn't plan ahead....not only that, but now I get to pay their student loans too? F that.

---------- Post added at 05:02 PM ---------- Previous post was at 04:46 PM ----------

Additionally, college is a bad investment for most people. They would be better off going to trade school or specialized training.
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Old 12-29-2011, 10:26 PM   #9
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Default Re: [Article]Obama- Aid for College Stud

Quote:
Originally Posted by DBCooper View Post
Sorry, but f'em. I went to a state school, worked my way through college, didn't take on $100k in loans to get a degree that would get me a job that pays $25k/yr gross... came out with debt though....busted my ___ to pay my loans back....and now I'm supposed to feel bad for the grasshoppers that didn't plan ahead....not only that, but now I get to pay their student loans too? F that.

---------- Post added at 05:02 PM ---------- Previous post was at 04:46 PM ----------

Additionally, college is a bad investment for most people. They would be better off going to trade school or specialized training.
wow....what an attitude. Why don't you find out about people's situations before you start throwing out'f this' and 'f that'. My dad was a CONTROL freak. Did not help me at all with the University but would help me with a community college. The situation at home was not healthy. I needed to leave. Instead of taking the money from the CC and help me with the U he just kept it AND continued to claim me on his taxes. I applied for fed. aid but did not get it because my parents made too much money.....money I was NOT receiving because they base it on what they THINK parents will be helping with. This, in turn, forced me to take out loans because I had a PASSION, wanted to educate myself and not work a min. wage job and live off welfare. How's THAT?!
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Old 12-29-2011, 11:03 PM   #10
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Default Re: [Article]Obama- Aid for College Stud

Actually, I'm fine with that...it was your choice...wasn't your only option, but was your choice....don't make it my responsibility, and i couldn't care less...

But save the rhetoric....I have a PASSION for hot Latin girls....but if I spent $100k+ of some on else's money to get one...and she left me...it was a bad investment...

Going $100k + in debt to get a job that pays minimum wage....that to is a bad investment...

Btw.- I don't believe I directed anything at you personally...but, I really don't care about the reasons or the situation...none of them justify making any of it my responsibility....
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Old 12-30-2011, 01:15 AM   #11
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Default Re: [Article]Obama- Aid for College Stud

I was defending for numerous people but gave my own example. I'm not the only one out there with a story like that and things are NOT black and white. Thank Obama for those that have a min. wage job RIGHT NOW TO SURVIVE while they are hoping to get a job in their career field. By the way, the only people that have more than 100k in debt would be dr's and lawyers and those jobs are in high demand. Highly doubt there are those in 100K in debt only working min. wage jobs....UNLESS the 100K debt is AFTER years and years of interest ....I'm talking original debt.
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Old 12-30-2011, 07:17 AM   #12
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Default Re: [Article]Obama- Aid for College Stud

Do you have any idea how many people have financed private schhol educations @ $40-50k per year, to get a degree in a field that has starting pay in the $30-50k range? Tons..heck, $30k/yr is about $15/hr....slightly more than minimum wage...but hardly justifiable after a $200k college education....

There are no qualification requirements for federally backed loans, other than financial need...

And people have been brainwashed to believe that any college degree is the key to higher lifetime wealth...but they are not taught that the loan noose is worse than any other debt there is...

Again, I don't care what the reason is....how the heck does it become my responsibility to pay for someone else's bad investment? I pay enough for my own bad investments....let them pay for their own....
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Old 12-30-2011, 08:43 AM   #13
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Default Re: [Article]Obama- Aid for College Stud

What annoyed me about student loans here was my ex's. "We" paid it off. However, for large sums the banks and gov't had "loan forgiveness". I inquired about hers and they said nope, she didn't borrow enough so she had to pay it back. Imagine, saving money and trying to minimise the borrowing, only to be rewarded by seeing people who didn't, get them waived. What message does that send?
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Old 01-01-2012, 03:13 AM   #14
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Default Re: [Article]Obama- Aid for College Stud

I think there should be separation of Government and business. But call me silly as the government has welfared Big Car comps, for 70 bill, and bailed out the banks at 7.07 trill.

If School loans were like business loans, which do have forgiveness and readjustments/negotiations, but student loans, even if one files for bankruptcy - you still have to pay, but if its a business loan, well it gets treated different. I think that is the main point that the students have. - what good for the goose is good for the gander-

I wish we were all cookie cutouts, and I was Bill Gates [well female version of] but the resources on my path, were not the same as his.

But I do agree if government is going to do for business, [cause its thought of as an entity] than I think that the REAL entities should have the same considerations.
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Old 01-01-2012, 05:08 AM   #15
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Default Re: [Article]Obama- Aid for College Stud

Um, as someone with over 100k in law school loans, let me share with you that the average wage of an attorney around here is not all that great.... and not for starting attorney's..... and not working for a firm. Gotta go out on my own... and right now, if you just came out of college, you can't find a job. Firms are NOT hiring. Same thing with dr's.

DB is correct. This was my choice, now it is my problem. Of course it was my passion too.

My debt comes from law school mostly. I went to a CC first, then transfered to a private college because I got a scholarship that paid my whole tuition... which was way better than any state college offered me.

What NEEDS to happen is an overhaul of university's. They have become sink holes for money --- state colleges especially.

Honestly, I would love to see our whole education system move to something like Europe or a more magnet system where in high school, kids go to school with training areas..... so you are prepping for trade school, college, whatever. It makes sense to me. More sense than a "liberal arts education." That does NOTHING for a person in giving qualifications for work when you finish college. It's a waste of money and time.

I will tell you, I have a lovely law degree that has left me "overqualified." I have to lie on my resumes now, and even then, I am "overqualified." So here I sit, no job, nothing... it sucks.
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Old 01-01-2012, 11:47 AM   #16
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Default Re: [Article]Obama- Aid for College Stud

And I would argue that 3 wrong still don't make a right...

The worst thing that happened was when loans became federally backed....couple that with a misguided idea that a college degree paved the streets with gold....and we have a situation with no checks and/or balances....

Loans were given with no requirement other than you be enrolled t a college....and colleges raised tuition's because there was no system put in place to reign them in...it was free money for the schools...like an ATM.
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Old 01-01-2012, 02:04 PM   #17
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Default Re: [Article]Obama- Aid for College Stud

Quote:
Originally Posted by DBCooper View Post

Loans were given with no requirement other than you be enrolled t a college....and colleges raised tuition's because there was no system put in place to reign them in...it was free money for the schools...like an ATM.
none of that is true -
there are requirements set at more than enrollment,
-grade average, 75% attendance, need, etc

raised tuition's- a request needs to be sent to state AND area SEC {?} for hikes with research, and proof of back up the reasonable rate request - not sure if it is voted on or not, but i do know a governor can can it completely and hikes at the end of the session will just disappear

loans became federally backed cause the banks are backed,
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Old 01-01-2012, 02:18 PM   #18
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Default Re: [Article]Obama- Aid for College Stud

I have a nephew who has just an HS education and clears about $100k... he is a heavy equipment operator for a huge open coal mine in WY. Just a few months of training and he was off and running.
I don't have a "Degree" but I have accumulated over 250 Semester hours of Collage credits over the years. I make a little more than my Girl Friend who has a double Masters in Education.
I think Collage is over marketed... alot.
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Old 01-01-2012, 02:39 PM   #19
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Default Re: [Article]Obama- Aid for College Stud

DB, that is not all the way true either. When you have to take out a certain type of federal loan, there is a credit check. And you cannot have adverse credit at all. Not to mention that many people who have middle class parents, are forced to take out private loans to go to school. All credit based ---- so no ATM there.

Don't overgeneralize... it weakens your point and argument. I get what you are saying about choices. But the facts you are basing them on are not wholly true.
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Old 01-01-2012, 04:47 PM   #20
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Default Re: [Article]Obama- Aid for College Stud

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Originally Posted by Dad1st4boys View Post
I have a nephew who has just an HS education and clears about $100k... he is a heavy equipment operator for a huge open coal mine in WY. Just a few months of training and he was off and running.
I don't have a "Degree" but I have accumulated over 250 Semester hours of Collage credits over the years. I make a little more than my Girl Friend who has a double Masters in Education.
I think Collage is over marketed... alot.
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Originally Posted by MotherBoard View Post
none of that is true -
there are requirements set at more than enrollment,
-grade average, 75% attendance, need, etc

raised tuition's- a request needs to be sent to state AND area SEC {?} for hikes with research, and proof of back up the reasonable rate request - not sure if it is voted on or not, but i do know a governor can can it completely and hikes at the end of the session will just disappear

loans became federally backed cause the banks are backed,
And none of those requirements have anything to do with indicating that the loan can, or will, ever be repaid...I should have clarified...there are no financial requirements...other than to prove tht you cant afford to pay for school...there are no requirements that loans be based on projected salaries in your chosen major...

Since I left college, tuition athere are no requirements that t my Alma matter had gone up nearly 50%.... inflation and COLA's have not kept pace...

As for backing and banks....it's the same scenerio as Freddie and Fannie....read a book called "Reckless Endagerment" to gt a good understanding of what occurs when loans are federally backed...scary ...

---------- Post added at 04:30 PM ---------- Previous post was at 04:24 PM ----------

Edit to add - Google student loans and Obama are..

---------- Post added at 04:47 PM ---------- Previous post was at 04:30 PM ----------

Edit to edit to add - don't just look at how loans are provided today...look at how they have been provided over the last 20 plus years....and compare to health insurance...30-40 yrs ago, the average family could afford medical care and college without what we know as health insurance and student loans....20+ yrs of essentially carte blanche approvals of health insurance and student loans...today, the average family can not afford medical care or college without insurance or loans...it's not an opinion...look at the numbers...they've been inflated to the point that they are not even close to proportional....lsl- I will admit that typing this out on a crackberry or xoom does lead to simplification for brevity...but I believe that simplification accounts for a majority, rather than a minority...
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Old 01-01-2012, 05:27 PM   #21
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Default Re: [Article]Obama- Aid for College Stud

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....

Edit to edit to add - don't just look at how loans are provided today...look at how they have been provided over the last 20 plus years....and compare to health insurance...30-40 yrs ago, the average family could afford medical care and college without what we know as health insurance and student loans....20+ yrs of essentially carte blanche approvals of health insurance and student loans...today, the average family can not afford medical care or college without insurance or loans...it's not an opinion...look at the numbers...they've been inflated to the point that they are not even close to proportional....lsl- I will admit that typing this out on a crackberry or xoom does lead to simplification for brevity...but I believe that simplification accounts for a majority, rather than a minority...
Hun I understand, but the topic is about student loans and why people are pressuring the government to do something, and that is because the government has already helped the big fish get out of their ____, so now the small fish want to be treated the same. that is not unreasonable.

and maybe it would help a single parent, thus the reasoning to why i posted it. And I concure, that we are all held responsible for our actions and choices, [not just about school but about all of life ...] but again, the pressure is that if the government has help the companys, its only fair they help the little guy too.

And yes if you pull away from the focus there is alot more going on then whats in this here cross hairs.... but the cross-hair is...

If the government did not do handouts to begin with and let the big a$$ fall where they should had, I would agree, but that isn't what accrued, and I don't, nor should anyone, take a back seat to any jack-wagon who is a failing man & business, and that is what I'm asked to do.

I wont except it, and never will as long as people reach their hand out to except free government money, for school or for their children to go to school, and to eat, for whatever...
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Old 01-01-2012, 06:42 PM   #22
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Default Re: [Article]Obama- Aid for College Stud

Again...3 wrongs still don't make a right
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Old 01-01-2012, 06:50 PM   #23
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Default Re: [Article]Obama- Aid for College Stud

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Again...3 wrongs still don't make a right
everyones untitled to their opinion,
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