I agree, but since most higher educational institutions get the majority of funding from the government, and then invest it in their football programs, why not just make college educations free for all who can handle the studies?

Malcontent, where do you get your facts? You pull them out of a body cavity or something? There was NO mention of increasing rates for those loans. This has nothing to do with helping banks. Those loans have already been signed and agreed upon for the rates. Someone up in command finally realized that student loans were literally crippling kids coming out of school and this will help them a little. Not a LOT...,but somewhat. The banks..not at all.

Hear hear! And parents should quit living vicariously through their kids and their choice of schools. Not everyone needs to go to an Ivy League school. Let them go to a community college, for heaven's sake, or one of the many fine public universities out there. And reduce costs by cutting administrative positions across the board. You know what is sorely lacking in today's society? Common sense.

Have you seen how much those people charge for a BOOK? Geez! I can find the same book on Amazon for $8.00 but NO. I have to purchase the $185.00 "College Version". It's outrageous!!! Forgive the student loans so that the students can actually spend the money in the American economy and get us out of this mess!

Yeah, well, if the government is going to "forgive" YOUR student loans, I want the money that I repaid in full returned to me, with interest — thank you very much. What planet do these people come from? You take out a loan, you agree to repay it, you sign the dotted line, and you repay it. What is so complicated about that? Were you counting on NOT paying it when you took out the loan? That's called "fraud" in my book.

Why not use the Internet to educate our students? Just think of all the money that could be saved. With the power in PC's along with faster internet connectivity, one could simulate real life scenarios ("lab work").

I'm sorry, but why should people pay extravagant costs to these bastions of higher education and their professors?

I can find the same book on Amazon for $8.00 but NO. I have to purchase the $185.00 "College Version".

That simply is not true, Alice Keppel. I have been able to obtain all of my college books at a good discount through various Internet sources. Of you aren't willing to do whatever you need to do to graduate, then drop out of school. However, don't submit posts that are not true.

And as for Internet courses, I remember reading somewhere that they're not that cost-effective because the greedy academic institutions jack up the prices on those, too ... you pay pretty much per credit hour for a "live" teacher as you would a "virtual" one. God, I'm glad I grew up before everything got so complicated.

wesleyan11 #5.11,

I was thinking more along the lines of publicly run (non-profit), than for profit enterprises, unless they care to compete with those publicly run.

UMGator--

I think you are blowing serious smoke out your butt! You don't know what books you need for any class until that first day when the instructor gives you the syllabus. And college classes work fast, as in--you may have a reading assignment beginning that day for the next class date which may be in 2 days. To order from Amazon or anywhere else would never match up with the time span you have to work with. And, many instructors opt to go with the newest version and disregard a used book that is available for 50-75% of the cost of the new one because it was from last semester.

Get over yourself--tuition costs run in the thousands at many schools--and books are quickly catching up to a grand or more per semester. If you have truly found a cheaper way around the campus book store and instructor required textbook scam--provide some links where these kids can overnight a book.

You don't know what books you need for any class until that first day when the instructor gives you the syllabus.

Get over yourself.

CrabbyPatty - you should follow your own advice. You are absolutely, totally, completely wrong about not knowing which books you need until the first day of class. At the moment you register for a course, you know the name of the professor who will be teaching that course. You drop by his/her office or contact him/her via e-mail, and ask for the titles of all the related textbooks and other material needed for that course. The first term of my freshman year in college, I bought all of my textbooks 6-8 weeks before classes began. If you don't plan ahead and wait until the first day of class to buy books, you will be standing in long lines at the bookstore, which might sell out of the textbook before you get your hands on one. If that happens, you are automatically behind from Day One because it might take weeks for the campus bookstore to restock. I never even had to go to the campus bookstore.

As for needing the most recent edition of a text, that is also a fallacy. Most professors will tell you that the older editions may be different in some respects, but that most of the material will be sufficient for the course. College libraries generally keep required textbooks on reserve. You can always get off your lazy butt and go to the library to compare the newer text to an older version to determine what, if any, the differences might be. Besides, any college graduate will tell you that the most important resources for any course are the notes that you take in class. A professor might assign a textbook, but it is generally only for reference. He or she teaches what is important to know in the lectures, which is the material on which exams are based.

However, don't mind me. I only teach at a major Mid-Western university and had a 3.98 GPA based on a 4.0 scale when I graduated with my B.S. before starting grad school.

Really? Well, maybe they should form a corporation, and just file Bankruptcy! It's what you pubbies want everyone to do. As if nobody gets screwed in Bankruptcy! but you pubbies are funny like that.

Corporation filing bankruptcy.. it's ok.. a private citizen gets debt forgiveness... it's SOCIALISM!

wesleyan11

Yeah, well, if the government is going to "forgive" YOUR student loans, I want the money that I repaid in full returned to me, with interest — thank you very much. What planet do these people come from? You take out a loan, you agree to repay it, you sign the dotted line, and you repay it. What is so complicated about that? Were you counting on NOT paying it when you took out the loan? That's called "fraud" in my book.

restricting gov't or private loans for college, really? what about someone like me who has no financial aid from anyone. how am i suppose to come up with the 7K per year (after scholarships)? am i suppose to work full-time while taking Biochem, Molecular Genetics, Recombinant DNA, Medical Anthropology and some boring 100 lvl class?

what about when i begin grad school?

i bet if you or someone you know has genetic disorders in the family and wants to see a Human Genetic Councilor to be able to diagnose or allow the family to prepare would agree with you, i shouldn't be able to borrow money to go to school to study genetic diseases to then contribute to the curing of those diseases. I'm willing to go into debt to then be able to study so we may have a better understanding of our genetic code.

on a different note, i'm sure school are also really good and sinking a lot of money into programs or deans what really don't need that much money. so then are you suggestion we should have a larger gov't that regulates that sorta thing?

on a different note, i'm sure school are also really good and sinking a lot of money into programs or deans what really don't need that much money. so then are you suggestion we should have a larger gov't that regulates that sorta thing?

Bambi - are you certain that you are college material, based on the number of spelling, punctuation, capitalization and grammar errors in your post? If you can't write a coherent sentence, how do you expect to write lab reports that will pass? Based on your ability to write, I would not want for you to be my genetic counselor. If you can't write, you can't read. How would I know that any advice you give me is correct?

Get over yourself with the science course load. I took the same classes and then some, but graduated without debt. It's all a matter of how much you are willing to sacrifice and how hard you are willing to work.

UM gator, thankfully my kids haven't had you for a prof.

The tuition hikes to pay the salary and benefits of the likes of you have gone up considerably since my school days. I graduated with a school loan payment of $75 a month - peanuts compared to these kids today. My husband's was $98. We paid both back early, wasn't too hard - back then. Now, the Cal State system has had 3 tuition hikes in as many semesters, more to come - but it's still cheap compared to many other states' schools. (Under $4k a semester.)

Before you counsel these kids to go the cheaper school route, better remember who butters your bread. That laid off prof may be you. Oh wait, you can pontificate because you're tenured - no one is laying you off, legally.

wesleyan11, clearly you haven't set foot on a college campus in a couple of decades. Nobody is talking about Ivy League schools. "Let them go to a community college, for heaven's sake, or one of the many fine public universities out there."

You must have missed the memo that the majority cannot afford to attend "one of the many fine public universities out there" without going deeply into debt. As for community colleges, they are a great way to more inexpensively get the first 2 years worth of courses out of the way, but a 2-year AA or AS degree doesn't qualify anyone for any job in today's market -- if you want to be an engineer, you need a BS in engineering, and if you want to be a nurse, you need a RN or LPN degree.

You said "You take out a loan, you agree to repay it, you sign the dotted line, and you repay it. What is so complicated about that?"

Yes, they took out loans and agreed to repay them, since they assumed that when they got a real degree in an employable field like engineering or business or nursing (not history or women's studies or underwater basket-weaving), they expected to find a job in that field...so they could repay those loans, start their careers and begin their post-college adult lives.

Unfortunately, many of them graduated with those so-called employable degrees, only to discover that they can't get a job in their field or maybe any job at all. The lucky ones have prior experience from high school or college waiting tables, washing dishes, or working retail or other minimum wage jobs. Many of them learn the hard way to not even mention their college degree when applying for such low-level jobs, for fear they will not even be considered for the position.

"Were you counting on NOT paying it when you took out the loan? That's called "fraud" in my book."

I agree that it's fraud if the person had no intention of paying back the loan -- just like a person who in 2007 bought a $500k home when he only had a $50k income. He knew...or should've known...that there was no way he could ever pay that mortgage.

But it's not fraud when a person with a good, steady job buys a home in 2007 and has a mortgage payment that is comfortably affordable percentage of his monthly take-home pay, but then in 2009 finds himself unemployed and no longer able to make his payments. It's not fraud, it's terrible bad luck.

Perhaps you feel that no homeowner who is behind on his mortgage deserves a re-fi to a lower rate, or a payment plan that gives him a chance to keep his home. You seem to feel that a college student who is unable to find career employment after graduation deserves no such breaks either.

At the rate we are going, it will not be long before only the children of the very wealthy can afford to get a 4-year college degree from any university, including the public state schools. Meanwhile, China has more students enrolled in PhD programs than we have enrolled in college, period.

You are certainly entitled to your "screw the college students" opinion, but I personally think it is bad national social and economic policy, which only ensures that our nation falls farther behind the up-and-comers like China in all aspects of the modern economy -- technology, business, medicine, etc.

.

The tuition hikes to pay the salary and benefits of the likes of you have gone up considerably since my school days.

Oh wait, you can pontificate because you're tenured.

Cassandra - You certainly make a lot of comments on topics that you know absolutely nothing about. First, what I earn as a college professor is about one-half to two-thirds what I would earn in industry. I teach because I love to teach, and I am good at it. Students always comment at the end of a semester that mine was the first science course that they have taken in which they were able to understand the material. Why? Because when I was an undergraduate, I realized that my professors were so used to their field of study that they forgot what it is like not to understand the basics. When I was in graduate school, I found myself falling into the same trap of no longer talking on the level of a layperson. I swore that I would not forget what it is like to be a freshman in an entry level science course when I started teaching, and I remind myself of that every time a new semester begins. So, you might be thankful that your kids don't have me for a prof, but it's possible that they might have made a letter grade higher in their science courses if I had been their professor. Perhaps is it best that they were not in my classes. If they are anything like you, they are whiners who feel like they are entitled to a free education, followed by a free home, etc., and are unwilling to work for their grades.

Second, I happen to work under contract. I am not tenured. I manage to keep my job because I am good at what I do and I work hours beyond what is expected of me.

I agree with UMGator. No one is forcing these students to take these loans and there are many low-cost ways to attend a higher education at public colleges and universities. Obama is simply buying votes.

And wait, who is really going to be paying for these "forgiven loans"? YOU AND ME!!!

That's right Poor, no one is forcing a student to take out a loan, but, if he wants to go to college and he's not rich, he'll need a loan. Why go to college in the first place? To make money in a chosen profession, so, he takes out a loan as a investment in his economic future, just like college is a investment. Some investments don't pay off, and, that's just tough. I never went to college, I'm 70 and retired. A while back I went to a local "Night school." I was a medical specialist in the army and decided to become a cardiographics technician. The agent at the school arranged a student loan, and I signed for it. Well, I graduated, took the required national certification test and was certified. Man, my future was secure. Yeah, right. I couldn't find a job anywhere. Ok, so tough, no whining on my part. I was laid off from the job I was doing working as a maint. machinist and electrical panel builder. No income, so, I took early 62 retirement. Not enough to pay back the student loan, so, the Treasury Department paid it back for me, lol, it took part of my SS every month until the loan was repaid. Did I have, and do I have, the right to whine and complain? Hell no, I was out to make a good living and took my shot. People make that choice, no one forces anyone to go to college and sign for a student loan. Some succeed in life, most don't.

I don't understand the issue here. Is he forgiving their loan, Or is he making their interest rates lower? If it is the latter what is the big deal? And i don't recall anyone complaining this much,when we bailed out wall street! So its fine to do that but not this? Explain this logic????

By reducing monthly payments AND reducing the duration of repayment to 20yr rather than 25, any balance remaining after 20yrs is "Forgiven" . . strange use of that word.

For example, my daughter who is a freshman, starts repaying her loan total (say it is $50,000) at a REduced rate (was 10% MAX of her income . . probably will be Much Lower in actuality). If she is a high-wage earner, she would probably pay it back in 20 yrs (by the time she is 45yrs old) no problem. In our current economy, and even if not, many degrees do not result in Income increase sufficient to repay the loan (as per Mellowfellow's honest testimony above). At any rate, at the age when most people are making their highest income (~45yrs old) she will have her Loan "Forgiven" . . with taxpayers responsible for what she didn't pay.

The net result of this program will be to reduce the amount that borrows are required to repay and reduce the time they are required to repay it before all is "Forgiven" and taxpayers bear the remaining burden.

I don't know all of the reasons behind this program, however, it will shore up the Education Industry just as the mortgage deductions and other programs shored up the Housing Industry. It should also certainly buy votes. It just seems another one of Obama's endless SPECIAL INTEREST PROGRAMS that he goes around selling. Governments endless shell game with taxpayers monies.

Even someone making only $30,000 a year would pay $60,000 in 20 years.

I suppose I'm misunderstanding what is meant by "taxpayers bearing the burden". After 20 years the primary is paid plus an additional 60 to 80% of the primary in interest. It's not like the original amount is being forgiven, it's just that we aren't paying as much -total-. Taxpayers are still getting their money, they just aren't profiting -as much- as they might. Never mind that those 20 years will (hopefully) see us as tax payers also, assuming we can find jobs right out of school. Never mind the fact that a large number of us have already paid taxes for the last 15 years, and continue to do so through full time work while in school.

There is no point in commenting anymore. It will only eventually be collapsed! We need a better system that doesn't practice censorship.

azdad48

wesleyan11, clearly you haven't set foot on a college campus in a couple of decades. Nobody is talking about Ivy League schools. "Let them go to a community college, for heaven's sake, or one of the many fine public universities out there."

You must have missed the memo that the majority cannot afford to attend "one of the many fine public universities out there" without going deeply into debt. As for community colleges, they are a great way to more inexpensively get the first 2 years worth of courses out of the way, but a 2-year AA or AS degree doesn't qualify anyone for any job in today's market -- if you want to be an engineer, you need a BS in engineering, and if you want to be a nurse, you need a RN or LPN degree.

I went to a 2 year community college for an RN program. I easily transferred my credits to a 4 yr state university after graduating and that effectively cut my tuition cost by 1/2 of the total costs. There is no reason not to attend local 2 year community college for your basics before transferring to a state university. Reason why I was quickly hired is that I had work experience in a hospital while in nursing school. There are couple of BSN RNs that they hired and guess what? They are making the exact same amount as I am. Only difference is that I have no student debt and they have 60k. I stressed my fellow students to start working at the hospital asap while going to school but never listen. It opens up alot of benefits. Work experience, tuition re-inbursements, scholarships, and very invaluable work references. They didn't listen. 10 months later, they are still struggling to to get hired.

My friend works at a HR in a advertising company. He told me that he doesn't care what university they went to. It was a easy way for them to weed out the applicants with and without 4 yr degrees. So it doesn't matter how you get there. It's better to do it the smart way.

I shouldn't have to pay any more than I do so you can go to school. Most state run colleges are funded by tax dollars.

I paid for my son's tuition and although it wasn't cheap and required some serious lifestyle downgrading, it was worth the investment.

I'm all for a plan that REQUIRES all people that receive a free ride to give back to the community. Teach school, provide military service, act as a legal aide, work in a food bank, etc. to repay your debt to me.

That seems pretty darn fair....

WOW , there must be a ton of liberal democrats on the vine , a lot of good posts are being collapsed.

crawdad...The problem with righties is their too narrow scope. A college student ends up with huge college loan debt and then can't find a job in the field in which he studied and received a degree. How is that not "wasteful spending"?

Unless you've had to turn away young job hopefuls with some of the best engineering, chemistry and science degrees, you don't have a clue what's really going on out there. But then, who expects narrow vision to expand that far?

UmGator,

Reading through most of your comments I completely agree. Spot on. Thanks for actually posting with knowledge and a level head.

I am almost finished paying my student loan debt and I don't believe that anyone should be forgiven for theirs. It was an agreement between me and a lendor, why should I not repay it. Also most of that student loan interest that you pay is tax deductible people. I have actually not paid any student loan interest. It was always returned to me at the end of the year in tax credits. Of course I didn't have $50+ K in debt either.

ewent the idiot - so what's next on the liberal agenda, credit debt for the poor who like to live better then most middle class having the debt forgiven after ten years. I work part time and summers to put myself thorough college and after I graduated I continued to live like a poor college student of the 90's for 5 more years to pay off my loans. I have friends in higher education and visit local colleges and half of the current students are living their lives as a higher standard of living then I do now with all my bills paid (except my home). They drive newer and more expensive cars have more techno toys and spend more on entertainment and frivolous crap then I would ever fell comfortable doing on my income as a mid-level professional. Sorry I can't feel sorry for them and don't think I should pay more taxes now and in the future to pay for these spoiled brats. FYI I know there are people in my office that are still paying the student loans off 25-35 years after they graduated.

crawdad :

You are right. What happened to thoughtful, free speech? If you disagree with them, they try and silence you, all while hiding under the banner of free speech.

It further goes to show that the definition of a bigot is "anyone who disagrees with a liberal".

Realist..If you can't post on Newsvine, it might be for calling me "an idiot".

Is there nothing that Repubs won't feel victimized by?

sarah...Former Republican here (BB - Before Bush)...It's ALL about them. Their vision extends only to the tip of their nosy noses. That's as far as their beady eyes can see.

They engorge themselves at the table of denial always swathing themselves in narcissism and self-righteous self-patronism.

Realist...Count the number of "I" "I" "I"s in that post. Proof positive of the me, me, me, mentalities of the right. One size doesn't fit all. One righty with success owed largely to help from McMommies and McDaddies until age 30 an entire nation doesn't make.

I understand this. Assume you go to college. It costs you $20,000 per year, 4 years is $80,000. Your parents are solidly middle class. They earn enough that you don't qualify for scholarships for the poor, but not wealthy enough to be able to come up with $20,000 a year extra. For various reasons (temporary unemployment, health issues, helping parents, whatever) they were unable to save to send you to college.

So, you have to take out student loans for $80,000, assuming 5% rate. Amortizing the loan over 25 years is payments of about $5600 per year. If that is 15% of your income, you are talking about around $37,500. However, if that is 10% of your income, you are talking about $56000, which is a huge difference.

Now, if you change it to a 20 year loan: annual payments of $6335, 15% of $42,237 or 10% of 63,335.

SO, if your spending $80,000 for a college degree, which for many jobs you need just to get your foot in the door, you need to be earning well over $60,000 THE DAY YOU START, just to pay back the loan at 10% of your annual income. If you are not earning that much, after 20 years, the loan is forgiven.

Ladies & Gentlemen: this is a back door method of getting the federal government paying for education for all who are not wealthy enough to pay for a college education themselves. I'm not saying thats a good or bad thing, just pointing out what is actually happening. The student, who becomes a college graduate, has skin in the game, they pay the loan & interest for 20 years. Most will probably be able to pay the loan back.

For the ones who can't (due to economy, health, poor education choices) having an educated populace is not necessarily a bad thing. An educated populace usually makes better choices when choosing its politicians. Otherwise, why would the Republican party be so intent on trying to prevent college students from voting ?

Obama to offer student loan relief

Just another of Obama's liberal bailouts. Where does he think the money for this is going to come from?

I am disappointed in any administration that forgives student loan debt. It took my husband and I 15 years to pay off our loans. We stayed in a smaller house, and didn't have vacations or new cars for the first 10 years, because we had a responsibility to pay that debt. Now as my kids get ready for college, we are assisting them with selections of schools that are affordable for all of us. It's ridiculous to think that my kids could choose to attend a private school at $60,000 a year, stretch out their payments, and eventually get that debt written off. And everyone is OK with that?

crawdad...name calling is a violation of Newsvine's code.

ewent - I call it as you write it, uninformed and without clue. I see in another post that to claim to have once taughtt at an Ivy league college so I would therefore assume you probably went to one and did have mommy and daddy give to everything, so that explains your wholly then thou and never had to work for anything in life attitude. I wasn't a spoil little rich kid, I was the proud son of small mid-west farmers who's father had to work a 40+ blue collar job and farm are small farm on nights and weekends to make a living. I grew up working the farm and then I was old enough I got work helping other local farmers and or work blue collar jobs in town every summer to save money for my college. I receive moral support and little more from my parents, so yes there are a lot of I in my previous post because I did things for myself and I didn't expect others or the government to do it or give me anything.

And ewent FYI by age 30 I lived on my own (not under my parent roof or support) for almost a decade and was just finishing paying off my school loans. If you can't take the truth or the heat say off the website yourself, being educated and well schooled does not make everyone intelligent, you are obviously proof of that.

I can find the same book on Amazon for $8.00 but NO. I have to purchase the $185.00 "College Version".

That simply is not true, Alice Keppel. I have been able to obtain all of my college books at a good discount through various Internet sources. Of you aren't willing to do whatever you need to do to graduate, then drop out of school. However, don't submit posts that are not true.

UMGator- Perhaps at your college or University your statements hold true. However, I have found similar issues with textbook costs. When I went to school I bought used texts when possible, I found other sources when possible, a lot of money was saved. When my daughter started community college ( to save money on those first years) we found that it was not always possible to buy used texts or even use other sources that might give us a better deal. One class used three texts, one of those texts cost over $600, it was soft cover book. It could not be purchased used, it had one time user key code to access additional materials online. IF we could find a used book ( we couldn't ) we could purchase a new key code for $150 ( for a code?!!!). This was for ONE book , for one class. Textbooks that semester cost as much as tuition and fees. I have a major problem with that. It's a rip off. BTW , we aren't using student loans or any other type of financial asisstance.

Quite often you find that the instructor or another professor at the college has written the textbook for the class. At $600 at pop, times 2 classes, 50 students each, suddenly you have an instant $60,000 increase in income each year. For the larger schools, where you might have 4 classes and 400 students in each class, the profits are even larger.

Anyone who does not believe that college is not a big business, meant to keep itself growing, has no clue.

Cassandra you are right, and everytime the government put their nose providing " financial help " to students, tuition skyrocket, what a coincidence?.

"The White House said the changes will carry no additional costs to taxpayers."

I'm a simple man. Can anyone please explain to me how former students can 'save hundreds of Dollars per month' on loans from the Federal government and it 'will carry no additional cost to the taxpayers'?

It seems to me that 'savings' for the former students have to come from less revenues to the taxpayer, thus costing us money.

Is this part of the 'New Math'? Or is it more of the "Hope and Change" rhetoric?

ewent --- you bust my balls i will do the same to you , so shut up , you have narrow vision.

Former Republican here (BB - Before Bush)...It's ALL about them. Their vision extends only to the tip of their nosy noses. That's as far as their beady eyes can see.

They engorge themselves at the table of denial always swathing themselves in narcissism and self-righteous self-patronism.

ewent

You are absolutely, 100% correct. Look at all the posts. It all comes down to a simple principle: "Vehemently oppose anything that does not directly benefit ME, even if it helps society as a whole."

Like you, I am a former Republican, and this new batch of conservatives is so blinded by their own greed that they are incapable of seeing the big picture. All the current Republicans see is: "Someone else is getting help and I am not." They don't realize that less student debt means more consumer spending, thus higher private business profits, thus more demand, thus more jobs, thus more spending from the recently employed, thus more private business profits, thus more jobs, and on it goes. But the current Republicans don't see the long term benefits, all they see is their own greed in the short term.

I'm way past fed up with our Fed Gov't pretending to be a charity and a nanny. This is freaking nuts!!! Yo, Obama, stop encouraging lack of personal responsibility!

You are absolutely, 100% correct. Look at all the posts. It all comes down to a simple principle: "Vehemently oppose anything that does not directly benefit ME, even if it helps society as a whole."

Really?! Teaching generations of children that they are not responsible for anything they do and that they fill not be required to fullfill the commitments they make BENEFITS SOCIETY?! ROTFLMAO!!! What kind of delusional softheaded logic is that?! Your thought process is the kind of the crap being spoon fed to these clowns that let's them think they are entitled to everything without cost. It is epitome of the flawed ethics, morals, and logic that has destroyed the very fabric of American society over the last 70 years.

Realist, will you marry me? Only kidding.

Whew, I'm so glad the farm kids still have brains & common sense!

Take this example: If Suzy Creamcheese gets into George Washington University and borrows from the government the requisite $212,000 to obtain an undergraduate degree, her repayment schedule will be based on what she earns. If Suzy opts to heed the president’s call for public service, and takes a job as a city social worker earning $25,000, her payments would be limited to $1,411 a year after the $10,890 of poverty-level income is subtracted from her total exposure.

Twenty years at that rate would have taxpayers recoup only $28,220 of their $212,000 loan to Suzy.

Former GOP - Try seeing it from the view point of hard working middle class paying more taxes so the poor get get more and spend more to make the rich richer. Yes great plan of the government helping those that don't want to help themselves and others that don't need any help. This is all at the expense of the people that already work the hardest to get what the can and try to hold on to it and maybe if we aren't taxed to much save something to get just a little bit ahead.

All this plan is doing is having the government prop up the economy at the middle class tax payers expense, at some point we will be in worse shape then Greece is now.

This is ANOTHER rightous cause by a rightous president. Anyone that wouldn't think so would have to be .... polarized to a point of absurd. ANYTHING that will educate our citizens, at this place in history, is a positive. In fact, with proper leadership and plain old common everyday horse sense, we could do even better.

Poor too but not living on Govt Assistance
I agree with UMGator. No one is forcing these students to take these loans and there are many low-cost ways to attend a higher education at public colleges and universities. Obama is simply buying votes.

And wait, who is really going to be paying for these "forgiven loans"? YOU AND ME!!!

Ain't that the truth. He's buying them as fast as he can, because he needs every, single one if he is to pull off the biggest upset in presidential election history. Who's he bought this week? Upside down mortgagees? Check! Sandwich Artists with new B.A. degrees? Check! He's already bailed out the public unions once. Sorry, no more soup for you guys.

This will not create a single new job.

Obama is now lying about it costing the taxpayers nothing - the debts they are forgiving are taxpayer money.

It's like saying that if a bank forgives your debt at 20 years, it doesn't cost the bank anything - how stupid do they think we are.

Play by the rules and you get screwed by the Demoncrats!

It's time to get rid of the lying Obamacrats.

The "One" failed to mention that he has already signed a bill into law that contains a provision that allows bill collectors easier access to students personal information thereby making it easier to collect the money on the students debt....Gee, what a guy..!!!!!

Lets see he has again by passed due process that has been in effect in this country for 300 years. So this means this is now Heil Obama dictatorship is taking it's first baby step!!!!!!!! He is also using our tax dollars to go around the country and campaign. Wow and he says the rest of us are out of control!!!!!

rockcandy - thought the Obama was Muslin not to mention radical Muslim at that? Calling something that will weakenthis country and teach our youth to live off government support verses hard work could only be righteous if you want to destroy it like the radical muslims.

Ryan:

How is having an educated populace screwing you ?

As to the jobs issue, maybe the educated will take the low wage jobs the "job creators" are offering, since with a lower payment requirement, the unemployed can afford to live.

Maybe if the cost of a college education wasn't going up faster than anything else, including medical care, students would not be in hock beyond the tops of their heads the minute they get out of school.

Apparently you are not college educated, or if you are, you failed to pay attention in your economics, sociology and poli-sci courses. You would know that most college educated persons earn more, over their lifetime, than the average non-college educated. In addition, most college educated persons create less crime, pay more taxes, and in general society is better off if its citizens are well educated.

It is understandable that the more intelligent you are, the more likely you are to be college educated. The fact that most college educated persons vote for Democrats is just a bonus.

Lets see he has again by passed due process that has been in effect in this country for 300 years. So this means this is now Heil Obama dictatorship is taking it's first baby step!!!!!!!! He is also using our tax dollars to go around the country and campaign. Wow and he says the rest of us are out of control!!!!!

i vote this for funniest post of the day. however, i think it was posted as a serious comment.

lmao ewent and others, this is nothing more than a blatent attempt at vote getting.

If a student takes out a loan for a field of endeavor that already has or is projected to have more applicants than jobs, it is the students fault in choosing that endeavor. Throughout the past 50 years no field was immune from slow hiring, with perhaps the exception being doctors. However, the fields relating to math and science never experienced long term downturns and those with very good GPA's always found jobs.

How obama thinks that having all taxpayers pay for defaulted student loans thru accelerated forgiveness timetables and reduced minimum payments is a good move through an "executive order" should have all taxpayers be more than just a little concerned.

For those still not seeing the consequences of such a plan proposal just look no further back in time than the housing bubble. Here loan originators touted low interest for a few years and then made the claim that when interest rates changed the mortgage holder would have either better pay, the home would have more value to borrow against or maybe interest rates would be lower.

How obama thinks that the taxpayers won't get hosed is beyond me. Bet he has another sound bite that says "If the wealthy would only pay a little more". The wealthy won't be the only ones asked to pay a little more for this type of thinking, We all will, except those students that use rudimentary math to figure out that by making minimum payments and waiting out the 20 years this plan will give them a free lunch.

I wonder how this debt will be taken off of the treasury books at the end of 20 years?

One if by land, two if by sea, Vote for Obama 'cause everthing's free!!

THE ELECTIONS ARE COMING, THE ELECTIONS ARE COMING!!!!

PICK ME!!! PICK ME!!!

gamino - All presidents looking to get re-elected have done so at the taxpayers expense, granted that doesn't make it right and it should change. Of course most of the don't start doing it 14-16 monthes before the election most wait until the other party down to one or maybe two canidates say in at least April or May of the election year.

Why do we still display the Constitution, Obama continues to forget that there a 3 branches of government and that they are each to stay within their own duties. I guess when you think your a god or at least above a laws of this country you ca do anything you please. Funny the liberal media doesn't question his knowledge of US history when he does this crap like they do when a Republican gets something smaller then this wrong; wait I forgot, I guess it's not funny but they don't care.

You are absolutely, 100% correct. Look at all the posts. It all comes down to a simple principle: "Vehemently oppose anything that does not directly benefit ME, even if it helps society as a whole."

I'd have to agree. It seems all the negative post to this stem mainly from jealousy or envy. The "I was never given this so why are they" or "this doesn't benefit ME, so I'm against it".

It seems most of the negative posts are being written by spoiled children (as usual).

Obama got foreign student loan aid in California. Besides, he chose to take out loans, but look how much he's making!!!

WHO IS COLLAPSING THE COMMENTS AND WHY? This is ridiculous, I come on to read the thoughts and opinions of the people who take the time to think and make comments to be read by others and I WANT TO SEE THOSE COMMENTS! It is important to gauge the mood of the readers and the country and all of these comments have stars means that they were read and had at least 5 approvals.
What the hell is going on!?!?!?
MSNBC.com always shows pictures of Obama with his mouth open but in the end he never says anything.

I really want Obama to tell us who ghostwrote his books and why he signed a contract to write the first one and defaulted and kept $125,000. How does an author get to keep an advance on a book he never writes? This smells to high heaven. It sounds very suspicious! And how in the world did he write a book when he never in his life previously wrote an article for Harvard, any magazine or any other publication and never took a writing course in his life!

Obama enacts legislation that kills jobs--obamacare, dodd frank, expanded EPA and then wants to forgive student loans thereby making him look good. If he hadn't killed the economy, it would be rebounding right now and people would have the jobs to pay back the loans.

dirp101 - There are a few inaccuarancys in your post, first medical expense for most college student every before the latest bill to extend them to old students are usually covered on the parents policies or if not when I was in college we had very cheap rates through the college already. FYI most college students are young and healthy, therefore they have minimal heath expenses.

Also do a google search and check your statics, more people with a higher education are registered Republics, but hey you do get a lot more of the high school dropouts. Not to say anything bad about many individuals that took sociology and poli-sci courses but if those were your core classes you are/were probably looking at going into politics or law and have no issues with lying to get the results you want no matter what it costs to anyone else.

Mike in Delray "would have taxpayers recoup only $28,220 of their $212,000 loan to Suzy."

But Obama said it won't cost the taxpayers anything, so you obviously have a problem with your math - or is it Obama that has 'fuzzy math'?

lol

Good old Obama. When there's taxpayer money to piss away, he's always right there. When the taxpayer's money runs out, he prints up more. As always, he never stops complaining that the rich need to pay more so he can spend more.

Obama has absolutely no intention of reducing the debt. He continues spending on all manner of entitlements because he believes that the people beholding to him for all the free stuff are likely to be democratic votes. He's probably right.

I find the comments on here falling into a few categories:

1.) The true Republicans, who just hate President Obama, and nothing he does will ever please them, and usually derogatory remarks about his race or place of birth. Those get ignored and collapsed.

2.) Hard working people who don't understand why people get into debt for college. Understandable, yet not usually angry.

3.) Angry college graduates who were told their whole lives that if they work hard, get a college education, they will get a good paying job when they get out of college and they will be able to pay for the student loans. Then when they get out of college they find out that for every good paying job there are 1500 qualified applicants and the "job creators" really aren't hiring. And then the 6 month period they have after college to find a job earning enough to pay the student loan and eat something other than mac & cheese, hot dogs and ramen noodles just aren't around. So they try to get any job they can but most employers who pay something 1/2 decent won't hire them because they are afraid they'll leave for a better paying job, even though it doesn't exist. So the educated end up working at $10.00/hour (or less) and moving back in with their parents. And they also end up protesting on wall street and elsewhere because the promises made since they were kids turned out to be lies by the 1%.

4.) Realists who understand this is not a give away. The people who have the student loans will pay back some, if not all, of their student loans.

Pick your category and just post.... 1, 2, 3, or 4.

eraser - if you want to pay for everyone else's education please do you can set up a nice grant and put your money into it do be given any to whoever you like but many of don't feel we should be required to if we don't want to. Many we'd like to put our own kids through but why should I pay for everyone else kid too. Most of these college students are already living life up more then we can but yet you think should pay for it. If they didn't party, buy the latest 4G phone every 6 months and drive brand new cars they wold run up such big debt. Now they spend just like our government does, buy everything without a care in the world because the tax payers will pay for it.

A critical key to a better economy is a better educated (in the appropriate subject areas) population. Finding a way to send less people to school is not going to work well for us. I do agree that there are a lot people wasting time in college on meaningless degrees; always were - always will be. Perhaps this plan should be amended to apply only to fields of study that are in the nation's strategic interests until the economy picks up. I would suggest: mathematics, engineering (except for social engineering), pure science, agriculture, medicine (notice I didn't mention law), supply chain management, and any trade school. But that's just me, I don't expect anybody to agree with that.

Picture caption: Hear ye! Hear ye! All your votes purchased here!

President Barack Obama recalled his struggles with student loan debt as he unveiled a plan Wednesday that could give millions of young people some relief on their payments.

Really ? How about posting your Financial Aid and Grant information on-line, Mr. Obama.

Wait a minute......that could be POLITICALLY and PERSONALLY disastrous.

Seems to be a lot of self-righteous indignation over this issue. While I sincerely applaud those who were able to pay off their student loans, I don't understand how it has any bearing on the unprecedented level of student loan debt today, exacerbated by unemployement rates not seen since the 1930's.

drip101: who made those promises in category 3? Parents or grandparents? Their pre-college educators? The government agency that was providing the loans which use tax payers' $s? The schools that were receiving the tax payer's $s from the government? You must be angry at them for lieing to the kids.

I swear,,,,some of you didn't even read the article before jumping into the blogs. There was no mention of FREE education. However, let's do some simple math. If you don't go to college, you can expect to make $15 per hour. That's $120/day, $600/week, $2400/month, $31,200/year. With a family, your annual taxes will be around $3000/year. Go to college (total cost to you, $120,000) and your annual income can jump to $100,000 per year. After subtracting $36,000 for mortgage payments, that leaves $74,000 of taxable income. That puts you in the 30% tax bracket and your taxes will be $22,200 per year. If government had paid for your education, they would have got the money back in 5 years....and then continued to get $22,200 every year thereafter until you retired some 45 years later. And let's assume my numbers are high and the college grad only pays $10,000/year in taxes. Government will receive (in taxes) the entire cost of the education in 12 years.

$15 for no degree and a 100 grand for having a degree, what world do you live in?

I like all the morons who still try to drum up controversy over Obama's education and his books.

Yes, he sinisterly pulled strings to HIDE HIS LOAN INFORMATION! And he's lying and didn't write his own books, WHERE'S THE GHOSTWRITER!!!

Pathetic. He went to Harvard and excelled. He wrote his own books and paid his loans back. Just because your politicians (like Bush) have to hire someone to write their books doesn't mean our educated and extremely intelligent President Obama had to. Keep digging to try to find another halfwit conspiracy, dufuses.

Oh and keep opposing anything he does for working and middle class people. Your deregulation and corporate giveaways have screwed life up for the rest of us. Keep dragging your feet at anything that eases the burden for people. Lets see how that works for you in 2012.

pitmanlaw - I agree with Raizer, a quick online search says the average salary for a college graduate is $46k (if they can find a job today) and most of those will never make 100k in the career (at current pay rate adjusted for inflation). Do the calculations on those numbers and factor in those that never get jobs in there field of education and the tax payers will be footing the bill for a lot of these entitled brats.

Dangerous Minds - Mister transparancy is not pulling strings to hide his college info. he simply refuses to release it, this may not be a big deal except for pretty much every other president has and he who says there should be no secrets will not, so many inquiring minds wonder why? does he have something to hide? By the way Obama has said he did write his book himself , he had someone write it, it's the who's and whys that are the secret.

By words Obama is working of the working class, by actions and deeds he has only helped the rich (union leaders, GE, banks) and the poor (welfare reciprocates).

azdad48- RN is a AS degree and actually thank the lord one can still obtain RN and LPN from a technical school without any college.

That degree can be obtained at many “local” colleges that have tuition around 2k a year, yes a year not a semester for in state residents.

Oddly enough that is something that you can walk off the podium and get a job immediately. Seems like many of the college programs that you can get a job straight away are the lower costs ones.

Ironically it’s those fluff courses of study that cost more, need a master degree to “qualify” for a job, but yet people aren’t getting employed in.

It is the elitist snobs that keep pushing for higher degrees “for qualifying for a job”. Your post has a touch of that but it is the Internet and not everything translates that well. So I’ll cut some slack towards you. :)

First, to prt101 (I think, it was many posts back), you are ridiculously naieve if you think that a professor who writes a textbook that sells for $600 (I workat a med school and we don't even have $600 books, law books are about the most expensive - haven't seen any of those at $600, either, so it must be some exotic course to have a $600 text, but I digress) makes $600 on that book. The average amount a professor gets who writes a textbook gets is 1%-3%, so they are making $6-$18 per book and at $600 a pop, I doubt very few schools adopt that book, so he/she really isn't making a killing on that book. College faculty write texts not to make money, but to make tenure - publish or perish. I grew up in academia with a mother who taught law and a father who was a dean, and I am in academia myself. Therefore, I am quite familiar with the academic environment.

The next fallacy on here is that all students have the latest iPhone, every electronic gadget known to man, and sping break in Cancun. Yes, there are too many kids that do that - most of them have not relied on student loans to pay tuition, either. Those students often don't even belong in college, but went because it was expected - I can't stand them any more than you guys do. Those who rely on student loans are either solidly middle class and don't qualify for Pell grants or other forms of income-based assistance, or they are poor and the grants simply don't cover all of the expenses. These students don't party every weekend (if they do, they do it on the cheap), they drive Dad's 10 year old car, and they might splurge on a cell phone that has a few bells and whistles. Otherwise, they tend to be first generation college students just trying to become the first in their family to go to college and move up the income ladder a little bit.

Also, I agree that we are losing the education battle to almost every other developed country in the world. Our scores are pathetic compared to other Western countries, Asia, and even some African countries. Many colleges, especially community and junior colleges, have turned into glorified high schools the first couple of years. However, the more education the better. We're starting from behind and need to do whatever we can to catch up.

BTW, if you want no doctors, lawyers, PhD's, or people with other graduate degrees except the wealthiest of the wealthy, keep making student loans more and more impossible to pay back. I am in my mid 40's and am still paying my student loan for my PhD in 1985. Luckily, I had a fellowship or I'd have been in even more debt. Due to major health issues it has been extremely difficult at times to pay this off and I would have welcomed any help I could get. Since everyone on here seems to be an expert on education and student loans, I guess you are aware that they can't be discharged in bankruptcy, so no matter what happens to you, you are stuck with that loan possibly for the rest of your life.

I was lucky and never got to that stage, but this is a serious matter and ideas to educate the populous, stimulate consumer spending, and allow people to buy houses and live their lives should not be summarily dismissed as Obama buying votes or liberals pandering to whining kids.

I'm just shocked that after 20 years student loans are forgiven...I worked my butt off even did some part time semesters to pay for my eduction in full. No student loans, no help from mom and dad yet if I dragged out my loan for 20 years I could of gotten away from paying the full balance...wow...Even I find that in bad taste, and I'm on the far left. I just think the cost of a college education is too much and health care for that matter but that's another story.

Buying votes with taxpayer dollars. Plain and Simple!

Roy, maybe I can help you understand.

An old friend ran a service station. A man was getting his volkswagen filled and complaining about his gas mileage. Then he asked my friend how the other volkswagen owners got such good mileage.

My friend said, "Do what they do, lie about it."

Republicans have a strong desire to reserve education only for the elite for the purpose of keeping their thumbs over the control of the ordinary working populace., while they pay for their tuition's with Govt. provided loopholes in their IRS Taxes.

Oh please, you think only republicans get tax loopholes? That is beyond ignorant. Also, WHAT tax loopholes pay for college? Inquiring minds want to know.

This is BS that is following the OWS mantra. Note how many of the little protesters are complaining that their student loans are too high and now Obama is singing the song that they can dance to. Obama's stash, cradle to grave welfare, radically transform America into a third world country so that the NWO will come into being. Pfft.

When everybody has a college degree then that degree is worth less. Rather like that HS diploma. At first everybody had to have a HS diploma to get a job, so they did that. Then the mantra was that everybody had to have a college degree in order to get a job. Now, you have to have a graduate degree. Seems the ones who are really profiting from this are the universities issuing the degrees.

Why aren't they protesting at the universities? Why don't they demand that those degrees cost less? Instead of asking why it costs so much to get a degree, they want the government to take care of them and Obama will happily oblige, what a great way to get votes....more of that Obama stash coming up.

We are very happy though we are below the poverty line, we have never accepted public assistance except for 3 months of food stamps in 1969.

We have sent all our kids to college and they are richer than my wife and I ever will be because they are very successful.

We agreed to "Plus loans" to make up for the difference between grants, scholarships, and student loans the kids were able to get. Our "Plus loans" mounted up to 10s of thousands of dollars and we have been paying on time for 22 years on the "Plus loans". We’re about half way done paying.

I figure I’ll be about 89 when I get the "Plus loans" paid off. Then I’ll consider using the $220 a month to get burial insurance so my kids won’t get stuck with that.

Node4 . . . that is precisely what they do in Socialist economies, and many European ones as well. HS students area "tracked" into fields where their aptitudes meet national needs. If Obama was a little smarter and able to do a little better planning beyond Ham-handed attempts to buy votes, he would move to the next level!!

But this isn't about doing anything serious to help our country or it's economy; this is about buying votes, pure and simple.

The funniest issue that no one has touched on (that I have seen), many or most colleges are state run and financed and everyone is complaining about the cost to the students. The government is raising rates so the can loan the students the money and then forgive the debt. They are also controlling the sources that are telling everyone that they need higher and higher levels of education to get a good paying job but as several posters have pointed out many AS degrees that cost far less have higher paid then BS and MS degrees, don't believe check the avarage pay for RN and dental assistances and also pointed out the jobs are more readily available. The government is to big to involved and to generous with taxpayers money, if a non research instructor in teaching 2 or 3 classes a week getting 60K that a bit high in my eyes for a part time job, if they taught more classes so we had less teachers on staff or paid less the tuition would not be so high and students would not have the huge loans.

Scott: If your kids are making more money than you ever have, they should be paying off the loans, not you. Your kids have a greater ability to make the payments and the loans were for their education, not yours. They need to grow up and take care of themselves.

Today, there are 23 million borrowers with $490 billion in loans under the Federal Family Education Loan Program.

This averages out to a little over $21,000 a borrower. JeeWhiz folks, that's a car loan!

Why not just suck it up and pay it back in 60 payments of about $400 +/- a month depending upon your rate.

If you borrowed more than that you have to ask how smart was it to borrow $40K for a degree in public health? You realized that job wouldn't pay much before you pursued your passion, right?

Pleeze!

This and other giveaways are to be expected from Obama. His dismal record precludes any chance of re-election by the current makeup of voters so he's hard at work creating another class of voter, the entitlement voter.

This was predicted some months ago by some and Obama's now going on record as promoting this. Consider his recent speech where he said that if he's not re-elected, "you're out of luck". He's running on the platform of; vote for me and I'll keep giving you free stuff. Apparently his advisors have concluded that this new entitlement voting block will vote for Obama despite his monumental failings and demonstrated incompetence as long as the free stuff keeps coming to them.

Thus is exposed the primary flaw in democracy which is public official's ability to raid the public treasury in order to buy votes. This flaw eventually leads to democracy's destruction, something Marx alluded to when he said democracy is but a step on the path to Marxism.

Currently, subsidized Stafford Loans have a 3.4% interest rate. However, starting in the 2012-2013 borrowing year, this will double to 6.8%.

With interest rates set to go UP, a student is actually being made to pay more.

Didn't any of you so-called brilliant public school students figure that out yet?

POST Obama; the IRS will go after student loan collection with gusto, they have a long reach that spans years.

"Government's role is not to protect people from or minimize the consequences of their decisions"

Democrats can only import so many voters though... the rest need to be bought somehow.

Exactly, 71268! Most people I know and care to associate with understand the simple fact that if you borrow, you pay back. Period. No "adjusting" after the fact. People went into the mortgage mess with their eyes wide open — dollar signs dancing in them — and the same holds true here. You make an agreement, you sign a contract, you hold up your end of the bargain. Period. We are raising a nation of whiners and losers. And for the record, I'm a liberal Democrat. But this has nothing to do with whether you're liberal or conservative. It's just a matter of common sense and what's right and what's not.

People did not go into those mortgages with their eyes wide open. Since when has any mortage paper been easy to read? Same with the "reverse" mortgage. People don't understand that lingo and ripe for some greedy guts to come along and take advantage of them. The banks don't give it to them now unless they have sterling credit and a good downpayment and insurance. How come they weren't so fussy then?? You can hardly get a business loan out of them now with 50% down. Who knew their house would depreciate. Try looking into the whole shenanigans of the thing and you'll keep quiet about who is to blame. Still can't figure out WHY any American would side with Wall Street, Corporations, and the Banks against one of their own. Still can't figure it out except they buy the whole stinking mess they are spoon fed by their party.

wesleyan, what planet have you been living on? I guess you weren't panicking at the rising cost of real estate, cause you live in an appliance box or something? Anyone seeking housing during a bubble knows that the cost of a mtg is only slightly higher than rent. If you can hardly afford your rent and a bank is courting you for a hundred or so dollars more to invest in your own property (or so you think), you will bite the bullet. Trying to contain living costs. Thinking of your future. Most of you blaming the common working class person probably feel superior throwing stones, but the truth of the matter is that most people borrow for what they believe are necessities and honestly want to pay it back. So now the economy tanks, they lose their homes, can't get jobs in their chosen fields and are in debt up to their eyeballs. Place the blame where it belongs...big business and wall street. Unbridled, nonregulated capitalism. Greed is good, remember?

You shouldn't be signing any contract you don't understand, period. To do so is called stupidity. No excuse.

But WHO IS GOING TO PAY for these "forgiven loans"? ME??

Its amazing how everyone wants better educated people in the work force yet when they do it you want them to never get anywhere. Unfortunately we don't all have wealthy parents or can get enough scholarships to leave school debt free. I am a teacher with a master degree and 85k in debt because of it. This is what you people said you wanted teachers to have in order to continue being teachers and to keep continuing our education while at the same time standing by and allowing our pay to keep going down and our cost of living to keep going up. So remember this isn't a bad idea its one thats been needed for a long time. Also if you want to blame someone for this go back to your republican god Reagan that said "we will leave these labor jobs behind and if you go to college to get a degree you will have a job waiting for you". So alot of us believed that and did that and now there are no jobs. So its your fault republicans!

First of all, higher education is now nearly completely funded by Big Business. Check out the most prestigious US bastions of education and see how many of them are funded by private grants from Big Businesses.

This is where the problems began. Since I taught part-time at Rutgers as an adjunct, I can tell you that these state universities are sticking it to families in this country big time.

Professor teach 2 days a week for a grand total of less than 8 hours and then is paid $210,000 a year? Why does each professor than palm his work off on two assistant profs who then earn $100,000 a year each? Why do these assistant profs need 4 assistants each at an $80,000 salary a year?

Up to 80% of these universities get both government and Big Business funding and when these Big Business donate, they get a tax credit for that donation and then big time influence over its fundees.

Anyone who thinks education isn't an industry as much as Big Oil needs to rethink their position.

There are a number of other things added to tuiton that not all students require. Some are assumed by colleges to apply to all students when they don't. As an example, in NJ, colleges add in the cost of the cafeterias even though most students don't use them. That's a few hundred dollars right there added to tuition that's a blatant assinine gouging. What they are really paying for are those gold plated professorial lunch areas that are off limits to students and look like some NY City upscale restaurant.

This is just one example out of many.

The banks don't give it to them now unless they have sterling credit and a good downpayment and insurance

Please don't tell Wells Fargo, because I am currently in the process of signing a mortgage agreement with them with less than stellar credit and a 3.5% down payment.

Who knew their house would depreciate

Anyone with half a brain should have seen the housing bubble coming and expected it to burst.

Try looking into the whole shenanigans of the thing and you'll keep quiet about who is to blame. Still can't figure out WHY any American would side with Wall Street, Corporations, and the Banks against one of their own. Still can't figure it out except they buy the whole stinking mess they are spoon fed by their party.

How about you try looking at personal responsibility? How about you don't sign a contract you don't understand? How about you don't take out a mortgage you can't afford if anything happens?

If you can hardly afford your rent and a bank is courting you for a hundred or so dollars more to invest in your own property (or so you think), you will bite the bullet.

Really? If you can hardly afford your current bills and someone offers you a bill that increases your payment, you are going to take it?

Most of you blaming the common working class person probably feel superior throwing stones, but the truth of the matter is that most people borrow for what they believe are necessities and honestly want to pay it back. So now the economy tanks, they lose their homes, can't get jobs in their chosen fields and are in debt up to their eyeballs. Place the blame where it belongs...big business and wall street. Unbridled, nonregulated capitalism.

I'm sorry, but yes, I blame the common person who took out a loan they couldn't afford if something were to happen, or in some cases, they simply couldn't afford. My husband and I bought a house in 2001; we were offered a mortgage that we qualified for, but it would have almost doubled what our current rent payment was. Instead of taking it, we opted to buy a house that was significantly less expensive (about 1/3 of what we qualified for). When he lost his job, we were able to maintain our house with just my income. Granted, we had some credit cards that were left to go into delinquency, which we paid off once he found work again, but we kept our house. We are now looking at a new house, again, we qualified for a mortgage that is pretty high, but we know what our income levels are and what we are comfortable spending and are taking a mortgage for about half of what we qualify for. Responsible people know what they are signing and don't overextend themselves. You don't have to have a 3000 sq ft house. You don't have to have a brand new car every three years.

As someone in my young thirties with student loans in repayment I am highly insulted by this program.

I basically started to repay my loans at 27, so I'm on year 6 or so now. I've repaid all my private loans and I plan to repay my Staford loans, which are now consolidated, within the next 2 to 2.5 years. I work my butt off, live responsibly on my own with no parental assistance and have since I was twenty. I understand that it's an obligation for me to pay these loans back. I try to save and intentionally put extra money aside to get out of debt as soon as possible. I'm going to get this done early, real early. I started this process with almost 30K in student debt and I'm down to less then half that amount.

I will in all likelihood not qualify for anything they are doing now, nor would I want to qualify for it. I am greatly upset because not only will I be paying back my loan, I'll probably be paying for these little pricks who got a degree in women's studies and have a complete inability to apply themselves in any useful way to the job market. The one thing I've learned about this country, my country, in the last decade is that being a responsible individual is a sucker's bet. I'm not a Randite, but Atlas needs to shrug and let these idiots fend for themselves, or die miserably trying.

The cost of education has risen faster than the cost health care. That tells you something is wrong with the system. The universities are charging twice as much for services than they're worth. Their salaries and pensions are beyond Utopian. I had a nice converstion with a city policeman who was retiring in April He said tha he could go and get a campus cop position at the university that will pay more after working ONE YEAR than he made in 20 years on the force. An older gentleman at the grocery store told me that the last of his working years was spent at that same University as a maintenance worker. He is drawing a full pension, plus the best health care you can get. This man is 85...been retired since 60. Do some digging and see how our tax dollars are spent in these universities, and it will amaze you.

I have a friend who's daughter is a recent grad of the U of Richmond with a 4 year degree in "Leadership". That's correct, "Leadership". Now she is wondering and protesting why she can't find a good paying job to pay off a loan that she agreed to pay. I'm sure she was all smiles when she and mom and dad signed on the bottom line. Now she wants the tax payers of this country to foot the bill. And if you believe that the tax payer isn't on the hook for those payments, sign up for a "Leadership" course asap. So if anybody out there can steer her to a $60,000 dollar entry level job in "Leadership", please respond.

wesleyan II - I agree with everything in your 7.2 post so I am confused, you aactually have common sense and unlike most people on these blogs I know you don't have to believe everything along party lines or liberal/conservative lines but are you sure your liberal? I voted for candidates from both parties in the past but it was because the were the best candidate and the are some more conservative Democrats and some more liberal Republics but I never had the pleasure to meet someone who claims to be a liberal but can think conservatively also. I think I would enjoy discussing policies with you as you could aactually handle ideas that most can't as the liberals I've tried to have calm political discussion with trouble with anything that doesn't fit their narrow view and only want me to listen to them but get all upset, interrupt and don't listen when it's my turn to talk.

Hat's off to you.

PlumberOne...Blame the victim? How about blame those illogical high school guidance counselors who steer students into college courses that have zero possibility of jobs when they graduate?

Not only that but because the US ranks 19th world wide in scholastic scores, guidance counselors advise them to take college courses that dumb down students. So they'll "guide" them to courses in leadership or fine arts or art history none of which are jobs that are viable in today's job market.

That's the major disconnect. The courses students study in high school and college don't prepare them for jobs. They prepare them to graduate. Period.

I blame the parents for insisting the kid will not succeed if they do not go to college. They are the ones who tell the kids to go see the councilors.

ewent,

You are correct on the HS Guidance Counselors. They SUCK, mine darn sure did, and my college counselor sucked too.

However, I will point out something. You do not need an engineering degree, chemistry degree, or go to med school to have marketable skills in this country and elsewhere.

My major was History, with a minor in mathematics, along with some tinkering in electrical engineering and computer science course work. History, the study of things in the past, generally far in the past, that have limited impact on current troubles or predicaments. Very traditional and very generic as far as degree choices though, although not too 'chic' these days. Yet I do just fine, and don't have a problem thinking of ways to market myself to employers in a variety of fields.

I learned a few simple things with my history degree that are universal.

• To critically think through problems.
• That learning new things never stops, and how to learn new skills.
• To communicate ideas and argue points effectively
• To back up and substantiate arguments with reliable sources and facts
• To follow through and get projects done under a time line and within a time frame and achieve preset goals.
• To not neglect the base mathematical or even semi-advanced mathematical problems as well as being familiar with technology at an above average level.

All of that use to be a given with any base college degree. Today.....not so much.

Lefty - people didn't go into these loans with their "eyes wide open" because of the contract verbage?? Whose fault was that, the loan originator or the borrower? Seems to me that the borrower was at fault for chosing to not know.

I realize that when I took out my mortgage the basic rules put forth by the bank was very clear before an approval was made. I had to decrease my current debt level, I had to make a 10% downpayment, I had to carry insurance, I had to have a certain income level and the house had to meet an FHA inspection. One final rule was also made, if I was in arrears by more than 90 days the home would be foreclosed on.

I didn't need to understand all the legalise of the contract, just what was required to eventually own the property.

American - I guess personal responsibility only applies to individuals and not corporations (by the way corps. are people). I guess it is okay when the corps. cry about help when their taxes are too high or the regulatory burden is too great. For me I would much rather help an individual who has completed college in an effort to help himself than a corp. that is mismanaged and lacks creativity or ingenuity so it runs to the govt. for help.

Peace out!

Mr. Obama,

Do not wait the Europeans to lift the economy, America need to move forward and put the hate policy behind of anti-immigration. The US in need to immigration reform immediatly before it is too late, The US real estate in complete suffer as well the banking and economy. The reason are clear due to the lack of immigration reform and amnesty. Mr. president it is just like a stroke interupting the flow of blood in circulation and the results devistating on the main street. Lets not forget the corner stone of the US nation economy, which is the immigration and dont let the American people forget their ancestry, where their parents came from and the immportant values of the foundation of US. Anti-immigration policy is harming the US values in many ways, infecting the rest of the world.

Deducting student loan interest on you tax return is already in place.

Only up to $2,500 a year and there are income limitations.

Or, let money parents pay for their children's education be tax deductible.

OK, genius. What are you proposing as tax deductions for people who do not have children whose taxes have already been used to pay for the education of the kids of other people for grades K-12?

They'll get higher wage earners to support their Social Security benefits, for when they live too long and take out more $$ than they paid in - and have no kids to look after them.

On the money (no pun intended) Gator. I do not have any children and have been paying for the education of everyone elses (in my local community) childrens education for decades. Where's my tax break ..... my entitlement ? I never even considered it or expected it as it was considered an obligation to further the progress of our society ..... but hey .... since everyone is on the "entitlement" bandwagon ... why not do a little whining too ?

Of course I'm being sarcastic, but some of the posts I have read here just leave me aghast .... small wonder some folks retreat to small homesteads in very rural areas and pretty much tell everyone else to bugger off ... I've sure considered it ....

InniAudi...The subject of interest on loans is gravitating closer and closer to the reality of the skankage. When you borrow money and interest on that loan is more than the loan itself, how is that not loan sharking?

Cassandra...Higher wage earners don't pay into SS after they reach $105,000. That's why the higher wage earners get all those tax credits. They keep more of their money and continue to amass wealth on the backs of the rest of us.

Cut out those tax credits and see how fast they come back down to earth.

Ewent, I know - but up to that point, I mean. More wage earners near that cut-off, as most would be pretty happy with a $100k a year job. Even in SoCal. But without higher ed, it would be pretty hard to get that good of a job, whether nursing, manager, accountant, etc. I do think the ceiling will have to be raised again, and the age again as well.

There are a significant number of Baby Boomers, on the younger end, with no kids - whether hippies that didn't want to add to the world's burden, or ladies that never quite made the time. If they are 55+ and the Medicare changes do not affect them, they'll be lucky. Be really nice to that favorite niece or nephew.

ewent, it is not loan sharking if the APR meets government regulated standards. What you are trying to allude to is nothing more than the fact that say 5% interest is always collected off of what is a slowing declining over time principle. The moral here is to pay off the loan as fast as you can based on ones current finacial needs.

Sure, go the full term on your mortgage and your interest paid will exceed the value of the house, so what? No banker that I know has ever told me any different.

No, they want to default on their obligations and want the taxpayers to pay for it. You heard those kids on occupy wallstreet? Spent 100k on a BS degree and want the government to dismiss all their student loans.

Good point. Student loans are easily consolidation, but you can only do it once. You can't renegotiation your interest when times are tough to reduce monthly payments. I had to use "forebearance" and Citibank would only allow it if I would agree to an extra .25% interest increase. I was up a creek. Reduced income from downsized job...I can't default. I also can't go bankrupt. So, after consolidating my student loans in 2000, I'm stuck at 8.25% (I couldn't get that tasty 3% stuff a few years later since I had alread consolidated).

Also, there needs to be some way to apply "relief" where it is needed. After getting my bachelors in 1995, working some, and then getting a masters in 2000, I've had very few job opportunities, and those I accepted weren't much considerign cost of living expenses and paying back the student loans. Now almost 40-years-old, I've yet to make an annual salary over $35,000. In the past three years, I don't even hit $30K.

When my 1994 Nissan finally konked out in 2009, it was difficult as hell to get a car loan, because every finance shark kept telling me "gee, this just doesn't make sense. Based on your annual income, and the amount of debt (student loans), there's no way banks X, y, z will touch you for financing options."

Too bad I've never had a job in my "professional" career that offered medical benefits or a 401(k) or 403(b). I'm all on my own when it comes to staying solvent, and it's not easy. This even during the decade of "aplenty", 1996 through 2007.

Student loans (and higher education) are a crock.

Also, I have no control who "owns" my consolidated student loans. I've been moved around ("bought up by" is the phrase you get in your informing letter from your previous loan company) at least three times in 10 years, and I never can try to renegotiate my interest rate. Each new guarantor has different rules and fees and litle tricks that I have no option -- the previous guarantor just dishes me off on a new bank without my consent and I have to deal with the new rules and fee schedules, etc.

But WHO IS GOING TO PAY for these "forgiven loans"? ME??

Ed...They will default on their loans when they can't find jobs they were educated to do. DUH...Dumb Uppercrust Hubris. Greed is costing more from the Middle Class and working poor because its these two classes that are the basis of wealth of the 1%.

How do you pay a loan when there are NO jobs? How do people pay loans when Ahole rich bois stagnate everyone's salary but their own? How do people pay college loans, the jacked prices on gasoline to look for jobs and get to work, the rip off of healthcare insurance that continues to be nothing more than rich boi extortion?

Oh and by the way....Where is the Republican Job Creation Program? Righties want it both ways. They want to steal 425 times in their paychecks from everyone else's paychecks and then use that "let them eat cake" BS by telling people to get jobs rich asses sent offshore.

I have a co-worker at work who has 100k in student loans. In this large city where a local community college cost 2800 per year and a local state university cost 8k a year in tuition....... its redicious. I asked her how in the hell she got such a high debt, she stated that she went to a more expensive prestigious university, and used the funds for a laptop, rent and living expenses since she didn't work for those 4 yrs. And my tax money is going to help people like her?

Want to be fair? Give everyone 50k instead of just these irresponsible kids.

I pay roughly $500/month on student loans with 9 years more to go. Why would I want to contribute less of my income to my loans and suffer paying more interest in the end? The logic of some of you people really doesn't give me much hope for our future. The funny thing is, to hear some of you complain about your decisions to take out loans and to get an expensive degree only furthers the view that you are illogical, impulsive, and easily manipulated. I have student loans because my father was laid off from work and my college money was used to help him and my mother survive until he could find another job. So I financed the last two years of my education while working a part-time job. I only took out loans on tuition and I paid out of pocket for everything else. In 2005, after I got a degree, I worked in retail for a full year until I could get hired in an entry-level position in my field. I paid student loans six months after graduation and I have been paying ever since. I do not expect any of you to pay my loans and when the day comes they offer to forgive my loans so that the burden is on the taxpayers I will refuse. If you think forgiving student loan debt is going to help the middle class, think again!

I have a $120,000 mortgage. It is taking me longer than a decade to pay it off. The president and his wife are lucky they where able to pay off a loan in a decade. That education gave them the opportunity to make a good salary that allows them to pay off their loans, go on to buy a million dollar home and make it all the way to the White House.

I borrowed money from the federal government to get myself through college and repaid it all and fulfilled their other obligations, including changing my career hopes just to get to apply.

It was a hope I had, that I could get a job in Journalism. The Vocational Education Act of the time did not include Journalism in their list, yet finishing college was important to me so I backed into a whole different program to utilize the course work I'd been taking thus far. It was teaching.

And it's not been lost on me that running out of strength and money was the best thing that happened to me. I love teaching... (lol bet some of you here might have noticed that.)

I was able to keep my major in English, obtained my first teaching credential and go my college degree in English. We were given a year upon graduation to find work; I did.

The loan had to be paid off no later than six years after graduation. 20% of the debt to be paid yearly plus, for the times, a loan interest very modest for the times.

All that said I have suggestions:

1. For any kind of federal loan, it should be available ONLY to citizens of the U.S.A. with restricted exceptions.

2. A citizen of another country might be enabled to qualify for attending college under a visa set up to require top potential for merit, probability for repayment by the applicant, and restricted only to certain Majors.

3. Require that SAT be beefed up, not down, to show college-level competence.

4. A tight limit to the loans allowed per student from any source.

5. Limit or eliminate "entitlements." (One reason I was successful qualifying was because I could demonstrate I had worked as a part-time office worker to pay for my college fees prior to applying for the loan.)

6. No loans made until satisfactory achievement of first year of college is completed.

And btw, about books for classes? Simple, really. I went to UCLA and there were dozens of used bookstores in the Los Angeles area, including, even specializing in text books for that university.

All we had to do in order to sell our books was to keep them neat and clean. I bought all my text books this way for a fraction of their cost new. This assists us two ways: Receiving money for carefully handling a text book, and saving cost by buying these books.

To me this issue is a no-brainer. If the likes of me could do it, so can any other student... who has the bottom-line qualifications from the start to accepted.

First year will weed the slackers out. And no loans until after first year completion, definitely. The banks should have this restriction also.

I have to agree with your statement. The only grief I have with the books is that often students are in the class that uses that text book for the last time and then they can't get anything for it. But I guess those are the breaks. I did manage to sell most of my textbooks to other students for less than the bookstore would charge, but more than I would have gotten by selling it to the bookstore.

After thinking about this for a while, I have to ask why it is so expensive to get a loan for college, but cheap for a mortgage. Granted there is a time difference, but 15% to get educated? Crazy. But I guess it is because there is no collateral.

As for the slackers, their loan should be paid back in full within 1 year if they drop out.

Of course the parents have no personal responsibility what's so ever. I'm dam sure if my kid want to go to the most exclusive expensive college and want to spend 100k on a art degree, I would beat that kid back to reality and make him/ her get a usefull degree on a community college.

But WHO IS GOING TO PAY for these "forgiven loans"? ME??

I am sure the people who saved money to put THEIR children through school will also end up putting OTHER children through school....with their taxes repaying the amounts left on the loans...it is beyond me that any student that gets ACCEPTED at a college does not realize how much money they are borrowing...omg...add your numbers up people...and I am sure it is much nicer to go to a big name college than a public school, but that is THEIR decision not mine to pay for...we saved for 20 years in lieu of vacations and bigger homes and our children chose public schools and fortunately we were able to put them through...with sacrifices from all of us in the family...but now I probably will have to pay for those that made choices that had no regard to their lifestyle and wants...and ended up owing money...my children would have loved to have gone to a big name dollar school, but knew what was affordable and what was possible...I hope they will carry that same attitude in looking for homes etc when they get older...instead of borrowing beyond their means and then looking for someone to "bail me out" ... for homes, loans etc...we just keep giving and giving and giving to people who cry the most...and they do nothing to change their lifestyles...

Had Enough...The parents have plenty of "personal responsibility". They are just too broke from feeding Big Oil tax subsidies into the billions. They are totally broke from having their utilities jacked, their paycheck stagnated and the cost to feed, clothe and house their kids into the stratosphere.

Some reason the rich can't stagnate their own salaries for change? Or is that asking too much of the Too Rich To Change Greedheads who don't mind savaging an economy with 3 tax credits that made them and no one else 33% richer since 2001? They just aren't too haughty taughty to ask for bailouts for those assinine investment addictions.

How "personally responsible" was it to dump trillions in unfunded derivatives they and no one but them chose to purchase from competitor banks?

Where's the right wing personal responsiblity when they take tax breaks from taxpayers and then buy up 85% of the small businesses and create 9 million jobless? Yes...let's talk "personal responsibility"...the favored mantra of the righties.

How does being too broke excuses parents from ignoring their kids from making stupid mistakes? I'm from a middle class family. I still remember when I first went to college and my dad asked me what I'm majoring in. I told him biology. He flat out bluntly said "Why the hell you majoring in biology..... you want to teach? Not much jobs out there for a generic degree unless you want to go to teaching." I'm glad he told me that advice. Saved me $$ in the long run. FYI, that advice cost him nothing. It requires a little effort in knowing what is going on in your kid's life and it was free.

"But WHO IS GOING TO PAY for these "forgiven loans"? ME??"

Well, since SS is set to run out the year I retire & I've paid into all my life, perhaps you could use some of my SS funds to forgive my student loans.

Had enough...Being too broke means you don't have the wealth of choices that wealthy people do. That's a no brainer. First of all, no kid gets into college all on their own. It's called "collateral". No loan is EVER approved without collateral. So...explain please what collateral any 18 year old has that would grant loan approval? Thus, most parents of humble means end up using their equity in their home as collateral for college loans. You think a rich man's kid has to worry about defaulting on his McDaddy's McMansion?

My last employer was a biologist who owned a laboratory. With all due respect so your Dad, biologists are one of the most successful careers today. They function in R&D labs as well as environmental laboratories. Biologists often end up owning the labs they worked for.

it's called "collateral". No loan is EVER approved without collateral.

Too bad Stafford loans are guaranteed to everyone, regardless of need, and require no collateral.

Had enough...just wondering what you ended up majoring in? No one is talking about wiping out these loans and letting any one off the hook...Seriously...after twenty years the only thing left to be paid is huge amounts of interest...no one loses, the banks just wont get as rich...and since MY tax dollars were used to bail them out this year, I see no issue with that...

Degrees in things like art history used to lead to very good jobs, back when companies prized critical thinking, writing skills, the analysis and synthesis of information, and good argumentation. Companies would then train employees on the job to do specific tasks. Now, companies want employees pre-trained, and so college has slowly morphed into technical school. That's NOT a good thing.

YES!

Obama had to carry on the work of the previous "so smart" administration before being able to do anything he wanted to do. Then our wonderful congress stood in the way of anything he wanted to do to help the lower income portion of the population.

If he offered tax cuts for the higher income bracket he would be very popular indeed. I have never seen how a person who is wealthy buying a new airplane or boat with his tax credits creates jobs.

As for the college thing, millions of dollars in salary for coaches who should be teaching football players something would be better spent on hundreds of teachers that really teach. Anyone can sell insurance.

@Phantomphoenix1

I did a college paper on why colleges need to give less funding to sports and more to academics and I found some very interesting stuff. For instances in most states it's illegal to gamble on college sports yet people do. It's some like billion dollar market. I found that most cuts that colleges have made in the last decade mostly hurt the academics and not sports. No instead they invest, till they go broke, in sports. It get's really wonky when you start talking about VIP access and how much it costs ( like $10000+ for good seats for life and it involves yearyly donations. Or $100000 donations and you get the "real" VIP treatment of seats, snacks, field access, dinner at a coaches home, etc.)

I think the only way to change that is for the mass population to end it's support to college sports. Don't watch, don't talk, and don't go to them. But I know that's not going to happen. The benefits would actually help the majority though who don't play sports.

Good point, rightousyouth. Has anyone looked at how much college football coaches earn? It's millions per year at the larger universities. Even high school football coaches are paid disproportionately compared to the other teachers. Those with good teams at the large high schools earn hundreds of thousands per year.

Perhaps that last increase in tuition at your kid's college would not have been necessary if the football coach were not earning 5 million per year.

Atticus...In NJ, those coaches don't just get that Million dollar salary. It's a complete package. They get a home leased to them for the life of their contract as well as a vehicle and we're not just talking a Hyundai here either. Most of those vehicles the NJ profs drive are at least a Mercedes.

Barry...Let me see if I've got tighty righties line of BS right. It's better for more than half the college kids to come out of college deeply in debt just to get a degree so hotchas of Big Business will deny them jobs?

It's better for a president to suck up to Big Oil than to address the needs of his people? The very fact that everything this president tries to do is bad mouthed by the right wing Anti-Americans who love to pretent patriotism, tells me what a threat he really is.

Just what Americans don't need right now...a right wing miser sucking up to Big Business and creating more mass unemployment and no futures for our future generation of college kids. "Get it while you can"...the favored ideology of the righties.

Where is it written that everyone is entitled to go to college? This is the "I don't want to get my hands dirty" generation. There are over 600,000 skilled trades jobs that need to be filled, and you don't need a college education. Stop telling kids at an early age that if they don't go to college they will become failures. How many Liberal Arts students does this country need?

@plumberone - you absolutely hit the nail on the head. My husband currently works as a Corrections Officer, he has no degree, makes almost 40,000 a year and can retire fully at 55 with a great pension. About a quarter of the people he works with have degrees in criminal justice, they make the same money he does, another quarter have degrees that have nothing to do with criminal justice, sports medicine, engineering, philosophy, they also make the same money he does.

I work as an Admin Asst and make 40,000 a year, I got this job with a high school diploma. I have a bachelor's degree and am currently working towards my masters, but that is because I am not content being an hourly employee and have high hopes of owning my own company one day.

The belief that everyone needs a degree or that going to college gives you some sort of edge over everyone else is absolutely assinine.

..."makes almost 40,000 a year and can retire fully at 55 with a great pension"...

Um, you better keep up on the news as regards the direction "55 and retired" benefits are going. I wouldn't count on that - or if your husband is locked in legally, the ones coming up won't be, when all is said and done.

Having a degree might not give someone an edge over a person who would be willing to work in a prison, true. But I assure you that for professional business positions, no degree means a worker is simply NOT in the running, period.

natedom you're on the government teat both you and you husband. So you make a living off incarceration... let me follow that thinking (if you can call it that) incarcerate people use the tax-payers money to pay for it and all will be well.

plumberone
Where is it written that everyone is entitled to go to college? This is the "I don't want to get my hands dirty" generation. There are over 600,000 skilled trades jobs that need to be filled, and you don't need a college education. Stop telling kids at an early age that if they don't go to college they will become failures. How many Liberal Arts students does this country need?

Apparently we need more Socialogists to tell the story better that we don't need as many English majors.

@cassandra - yes, my husband will be able to retire at 55, with full benefits, for the simple reason that the state would prefer to have young, healthy people keeping the rapists and murderers in line than older people whose knees are shot from spending 20+ years walking on concrete for 8 hours a day.

And did you notice how I said I make more than 40,000 a year in a job I got with a high school diploma? I don't work in a prison, I work for a private company that employs 3000+ people, only a handful of which have jobs that require some sort of a degree, and many of them make significantly more than I do.

@talkingtoyou55 - yes, my husband works in a maximum security prison, yes, his check comes from our state government. Would you prefer we allow the rapists and murderers to run rampant through the streets?

I don't necessarily think incarceration is the best way to go with some who are in prison, but I don't get to make the laws, I simply obey them and accept them for what they are.

Well ewent, thanks for sharing. I must say that you present strawman arguments very well, lmao!

And to think that you said all that in an apparent contradiction of what your self written bio says. "Common sense track only"? ROTFLMAO!

Evil greedy rich people

So after maxing everything out including putting $49k into retirement through a sep. that $500k person doesn't thabe more than $1000 left in discretionary income left.

Frank - whre did you learn to write, much less do math?

Frank - whre did you learn to write...

That should be "where". The system would not allow my correction to post.

.

Great. Spelling/grammar police out in full force today and contribute nothing to the discussion.

Funny, try to lecture someone about their grammar then mispells a easy word. "where". Nice one.

Perhaps the point is what good does paying a fortune for a college education accomplish if graduates can't spell or do math?

Tax the very "non-profit' universities to pay off the debt. We all know these "non-profits" are rolling in dough and using it for non-educational endeavors (which is the basis for their current non-taxed status because of their explicit educational mission statements).

My alma mater went from $16,000/annual tuition in 1995 to $32,000/year in 2010. WTF?

There's no reason the "cost" of tertiary education should be going up so drastically.

Whoever your crack dealer is must sell some great @#$%!

Next time you try to do math, try to actually use a calculator and not Bush's fuzzy math.

Yeah, scortched earth. You got it figured out. Sure wish more people would before we really scortch the earth!

But WHO IS GOING TO PAY for these "forgiven loans"? ME??

Frank...Most of us would love to put 49K into retirement. Some of us don't even get paid by greedheads that much in a year. Glossy affluent thinking doesn't make one size fit all.

Unless the shoe is on the other foot, it's hard for those suffering from affluenza to get it. Anyone earning $50,000 a year is taxed to death before they end up with $43,000 net. That's factoring in the realities of constant increases in the cost of living that plays Pac Man with paychecks.

How did 3 tax credits do anything for those who were downsized, outsourced and offshored for a decade? Prove to me that the rich needed that 2010 tax credit and how well it did for the Middle Class and then gloss over the realities that it's impossible to save with no regular salary increases to keep up with the cost of living.

The rich do that because they are one chief beneficiaries of the increases in the cost of living.

The question is...how did that student get to high rolling did it happen over night? You forgot to factor in that in order to get to high rolling they're earning an income and were paying taxes and their student loans because as good Americans they were trying to be consumers. The importance of good credit; so the creditors can sell you money how did you leave that out? If you're high rolling out of college then you probably didn't get a student loan. Stop the hating self-haters.

Just to add. It doesn't matter what interest will be added.

Cause the loan never ends up being repaid. All the interested added back will be added to the loan that the government will end up eliminating after 20 years.

So it's the US taxpayers who end up paying for this program. The colleges get paid fully. The student just keeps it so there "discretionary" income is at the 10% mark. They will shift/add expenses. It will be a game.

Obama did not think this through fully. Just wanted to get the young votes for 2012.

I cannot even listen to Obama anymore . . . every time I turn on the television he is there sounding like a USED CAR SALESMAN and politician . . . but NOT a Leader.

He has the largest reelection campaign war chest in recent history as well as the bully pulpit from which to BUY votes daily. What is his endpoint . . . that everyone will be living on Government Assistance??

Art - did you read the rest of the article? Their loans are now forgiven at 20 years instead of 25, it doesn't matter if the interest is compounded more, they are getting a forgiveance after 20 years of payments.

Yeah only the Wall Street cats can get that kind of a deal oh by the way one of the incentives to paying off your student loan is getting a good credit rating... you know for your future purchases, so again stop your hate of the half-white President and yourselves you masochists.

Jackie, You are close to being right but it will be our grandkids or great grandkids. It will take that long if ever to get out of this mess...thanks again,obummer

Yeah! what Obama needs to do is let Students act like corporations! they should allow student loans to be wiped out with BANKRUPTCY, a good Republican idea!

That way, they can be capitalists... file bankruptcy.. dump their debts, or maybe dump it to a subsidiary company and move on.

If it's ok for corporations.. then why the hell isn't it ok for citizens?

You pubbies, always talkin' about the back of your neck.. without an ounce of logic to be found.

jackie-385987

Obama has no idea whats going on. Who pays for all these giveaways? Oh ya, our kids.

EXCUSE ME! I have a kid in Afghanistan who also had a lot of student loans. All he wants is to have them consolidated with a lower payment so he has something to eat when he gets out of the military. So don't paint all these kids with the same brush. Some started school and tuition went up, or a parent died, or it was more expensive than they thought. I live near a campus and I'd like to say - give our kids some credit. I went to school cheaply - they are not. You are either going to have a bunch of smart kids take over this country or some dumb asses. This is a far different work force than there was even 20-30 years ago. We have a bunch of soldiers coming home = many will have to retrain because the job they left is gone. They will pile up debt going to school. Do you know how many countries provide free college educations? A lot. Including some in South America. We are so far behind the world in education, health care and many other things that maybe we better start being more supportive of some of these initiatives before we are a third world country. or maybe you don't care.

@Lefty-3666823

But that's socialism and it'd be the end of us. Or whatever BS the righters say. No, I totally agree with you but people listen to scare tatics and then go and spout it like the puupets they are. There's a balance of capitalism and socialism, we are to far capitalistic. We need to move a liitle to the left not tons but some.

rightous...Can we declare War on Misguided Right Wing BS? I know I've had enough of it. Why does it always come out smelling like selfish, self-centered, bossy, overbearing, self-important feces?

Their minds are narrower than a needle's eye. And they actually think the rest of us are so ignorant we don't see through their machinations of greed. Is it possible these geniuses have lived off the fat of the land so long, it's their "personally responsible" entitlement?

I don't know which is worse, their greed or their arrogance of the state of this country. No matter which right wing tripeage you read it always comes out sounding like they hate the government, our president is the devil incarnate and everyone but them is responsible for every penny they have to spend.

Can we reinstate the public stocks in town squares so these miserly cretons can hang their heads in shame?

Lefty,

Just curious as to why a lot of these kids coming home from military service will be piling up student loan debt. They should be able to use some assistance from the GI bill correct? I do know many kids that have returned from service with easily over $30K saved up and use none of it for school. Gone in less than a year and most of them have re-enlisted to get more money. They all could have easily used the GI bill and gone to school, but wanted to party instead. I am not painting all soldiers this way, but have seen it happen more often then not.

Good point Lefty, especially about the G.I. bill. I enlisted in the army in May, 1961, was released from active duty in May, 64. I had intended to make a career out of the army but after I refused promotions to Sgt. E-5 I was counselled and informed of the "Up or out" program, lol. I would have gladly retired as a E-4, just pulling my duty and enjoying my free time, which I had a lot of. I left the army with more money in my pocket, and the bank, than when I went in. In fact, I was doing better than after I got married and had four kids. When the time came for the kids to be thinking college I pushed military service and the beneficial G.I. bill. They didn't go to college and the idea of military service at that time was anathema to them. Well, my oldest son did start, he got a football scholarship at a school in Missouri, full scholarship. Lol, he quit after a year because playing football wasn't fun anymore, at that level it was too serious. Anyway, my grand daughter started college this Fall, with a full academic scholarship. So, there are ways to go to college without incurring thousands of dollars in debt. For those who want to go to college anyway, the question ought to be; Why? To make more money? College used to be for those who wanted a education, to be better citizens, to make society a better place. From examples of students in debt and wanting it forgiven, it seems that college really is for the money, and so, colleges respond by raising tuition, to get their fair share. Lol, like; "Since they are here to learn, and to make more money, we sure in hell want some too, while we teach them." Sorry to drag this out, but something else should be mentioned; The million dollar athletes, like, football players signing multi-million dollar contracts. Hey, what are they doing that is any different? They went to college, learned their profession and honed their skills hoping to be hired. Some do, and, make the big bucks. Others may learn high finance, hone their skills and some get hired to play in the wide and wonderful game of Wall Street, and make some money.

pjam...I didn't vote for a 2001 marketing campaign around the country to sell a war that cost 4,000 American lives and $3.2 trillion dollars. I didn't vote for 8 million people losing their jobs by 2008. I didn't vote for the worst recession since the Great Depression. I didn't vote for a 2008 Financial Meltdown.

"Hey! Halliburton....Here's billions for you. Thanks for buying my presidency".

I'm still very confused by this. Yesterday it said by executive order; today there is no mention of that. Today and yesterday it said no cost to taxpayers but when these loans are "forgiven" after 20 years where does that money come from.

It seems to me that smaller payments mean that more interest will accrue - kind of like paying the minimum balance on your credit card. It's one thing when your $30 steak dinner ends up costing you $75 after all that interest. When you're talking $60k to $100+k you're talking a lot of accrued interest and barely a dent in the principle. Then it will be forgiven after 20 years?

Or are we not supposed to notice that level of detail?

Mendy07:

No, you are not supposed to notice that level of detail. Just listen to Obama and nod your head in complete agreement. If you don't then you are pure evil and deserve any penalty, scorn, attack, etc, etc that the party of complete control deems appropriate.

The only problem with O'Bummers give away programs are that he has already run out of other peoples money. He, N. Pelosi, H Reed, B. Frank have already spent everything you can make, but also your children, & Grandchildren can make in their lifetimes. He and the other Socialist in this country are a little slow, they have not been able to look up the term BANKRUPT as yet. Perhaps we can give them another year to figure it out.

I cannot stand to listen to Obama anymore . . . every time I turn on the television he is there sounding like a USED CAR SALESMAN and politician . . . but NOT a Leader.

He has the largest reelection campaign war chest in recent history as well as the bully pulpit from which to BUY votes daily. What is his endpoint . . . that everyone will be living on Government Assistance??

hey juanita dominguez then you must be completely blown away by bushie poo and the incarnate of evil cheney's wasting of other people money.

Yep! Time to start buying the votes (again)

Exactly right, this man is a crook, just as bad as Bush (if not worse)...continuing the elitist legacy to drive our country into the hands of international bankers and pave the way for global governance. We would do well to get behind true patriots like Ron Paul and DEMAND these criminals be tried for their crimes and regain our sovereignty -- F YOU NWO...F YOU!!

This help for people who take out voluntary loans is nothing more than a buy for votes using other people's money.

Buying votes should be illegal.

The real question is why are people being fooled into believing this is the right thing to do?

Juanita,

Seriousily what money is he giving away... This plan does not affect tax payers so why do you need to comment at all.... I have a 100k in student debt that I cannot afford. I work two jobs and can barely make ends meet. So until you put yourself in my position why dont you shut it and leave room for people who actually have rights to complain... which under this plan is no one...

O and before this comment comes up.. no I dont have kids so I can't get government aide and with only one job i make "too" much to receive assistance... This plan takes a huge weight off my shoudlers and many others

Cutting the small amount on interest for student loans means the taxpayer is being shorted on interest which some estimates say is very substantial, in the billions of dollars.

You chose to take out the loans so it's your responsibility to pay for them, not the government or taxpayers.

You're an adult and entitled to make loan choices. Right? Act like one and be responsible for your choices.

apparently you didnt learn how to read as the plan states it's of no cost to taxpayers.... i guess now you're going to say THAT'S WHAT THEY WANT YOU TO BELIEVE and whatever other stupid thing but in all seriousness it's the second household debt to mortgage and we know the housing market is not going to get better anytime soon, and it would be good for people not to default so the right thing to do would be to.... lower the payments correct that way we can have people pay their debt and also have some money to spend which helps the economy..... see how that works? i mean that's why the rich don't want their taxes up because then they wouldnt be able to hire personnel..... at least that's their reasoning against taxes no?