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That's the issue I have. One can live it up large. BMW, house on the beach. After all a car and house is considered essential isn't it? There's no definition of what's luxury living and what's not in the bill
I knew about this little side bill with health reform. It's only coming to the front news today cause Obama is trying to push for young votes.
Now we know why the government took over student loans - so they can manipulate it when they see fit and change the terms at their whim.
But say the balance of the student loan keeps growing. The student doesn't care cause he only needs to pay 10% of whatever money he has left. And Obama will forgive the last 10 years of the loan. So that's $200k becomes $600k after 20 years an the taxpayers eat the costs.
The colleges get paid fully. It's the American taxpayers who eat the cost.
Now, can people see why college costs keep going up? Why schools feel comfy providing all the high price tag Underwater Basket Weaving Programs for which they could care less if the job it provides (or doesn't) enables the graduate (or drop out) from paying back a loan?
2. Does he realize how much this program will cost?
What the heck does paying back only 10% of discretionary income mean? You can make 500k a year an spend most of it. Leaving yourself with less than $1000 of discretionary income. So does this mean you only have to pay $100 each month on say a $200k loan and Obama will forgive your unpaid balance after 20 years?
Look no matter what Obama does these days, he does so with the intentions of winning votes, in that sense he is not stupid, he is going to win votes anyways he can. Fixing this economy, is not a priority, but winning votes now, that is.
College Students: The latest in a long line of Americans with their grubby hands out begging to be saved from their own stupidity by responsible Americans.
How does anyone run up $100,000 in debt going to school???
Well, if you're like my niece, go to an out of state college, live in the dorm and also use student loan money to buy food, clothes, pay your bills and social life for 4 years including summers.
That's how. Now she owes $160K and is working as a receptionist at a day care center because her degree can't get her squat. Not Math or Science related degree but some esoteric liberal arts subject.
How does anyone run up $100,000 in debt going to school???
$100k is pretty normal these days. I owed around $120k.
But guess what. Through hard work and after 10 years, all loans paid off.
This took a lot of sacrifice. Driving a 8 year old 1987 Toyota Corolla and than "upgrading to a 5 year old 1995 Toyota Corolla".
Living in a 500 square foot studio. Those are sacrifices one needs to make to pay off these loans.
I didn't have my parents helping out.
The biggest mistakes young adults make is graduating. Making $30-50k and than blowing every last cent through high end apartments, luxury cars and $100 plus nights out on weekends at the clubs. I managed to save over $10k on a $44k salary in New York City. As my salary improved, more of it was used to pay the loan down.
Good. Republicans have been doing stuff to help their followers (religious fanatics and big business) for years. Its about time the Democrats step up to the plate to help people who vote for them.
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