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Obama On Student Loans: More College Aid; No "Middlemen"

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posted on Mar, 27 2010 @ 07:24 PM
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ecreditdaily.com


Capping off an historic week that launched the overhaul of the nation’s decades-old student loan program, President Obama said today that no longer will taxpayer dollars be “handed out as subsidies” to bankers and middlemen, saving $68 billion to help needy students.

On Thursday, Congress approved an end to the 45-year-old Federal Family Education Loan Program, which propped up private student lending with federal subsidies.

Colleges and universities are working hard to accommodate the major shift over the next three months as the U.S. Education Department now becomes the chief provider of federal student loans.

By July 1, universities and colleges must have their computer systems hooked up and staffs in place to work directly with the Education Department.

Critics say the action will result in fewer lending options and eliminate the jobs of thousands of private lenders. But the President and proponents of reform say the subsidies to the “middlemen’” bankers should be poured back into increasing financial aid and easing terms of repayment, two primary goals of the reform.

Please visit the link provided for the complete story.


Hopefully, cutting out the "middlemen," who simply add to the cost of student loans, will make more money available directly to students and ease the financial burden of repaying loans after graduation. One of the proposed changes is to require a smaller percentage of the borrower's income in monthly payments, and that in itself will help those struggling with massive debt.

It's always cheaper to borrow directly from the bank, both in fees for the borrower and overhead costs of the middlemen.

It would be good if the cost of higher education was also contained more, though a lot of conservatives would yell that that's interfering with the free market.





[edit on 27-3-2010 by Sestias]




posted on Mar, 27 2010 @ 07:46 PM
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Remember though, it's Obama that is doing it so it must be a diabolical evil plot to destroy America.


A lot of people on this board have completely shut down their brains and have just latched onto the idea that if Obama does something it's the end of the United States forever.

I think it's great to cut out banks for student loans. I think that anything that makes education more affordable and easier to obtain is a good thing.

But of course, Ill be called an Obama bot or Stalin or something for saying so.



posted on Mar, 27 2010 @ 07:58 PM
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I sure hope this works.

The banking industry has made huge profits on the backs of people trying to get an education. And frankly, I remember the abused student loan programs that showed the system (at least in some places) as being corrupt.

I know too many people who really (really) can't afford to pursue higher education, I hope this makes it easier for them.

Unless this will be counted among those partisan issues which will create conflict generating nothing but drama and few tangible results.



posted on Mar, 27 2010 @ 08:04 PM
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reply to post by Maxmars
 



Unless this will be counted among those partisan issues which will create conflict generating nothing but drama and few tangible results.


Too late...

Obamas Army! YES WE CAN!

Remember, no matter what Obama does, it must be an evil plot to destroy the United States.




posted on Mar, 27 2010 @ 09:03 PM
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reply to post by whatukno
 



Now I don't love the guy (Obama), I ran with Ron Paul during the Primaries but I have to say that the teabaggers make me sick.

Where they in suspended animation from 2001-2009?
Another planet maybe?

I don't see how people who loved what Bush did can offer anything in terms of being pissed off.
The fact is that most of the teabaggers are pissed off a Black guy is in Office.

He has done a few things right, there are huge problems that the prior administration left the new one with.

He makes a lot of mistakes IMHO but then again they all do.

Time will tell what road he will take us down but as long as you got grub in your stomach and a roof over your head I don't understand the outrage directed at Barack Obama as a man.

To the Bush loving teabaggers STFU like you did when Bush was in office, those that protested Bush (Real Patriots) my hats off to you and I understand what you are doing.


I am 32 and going back to School, I like what he is doing in regards to this.



posted on Mar, 27 2010 @ 09:16 PM
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A lot of the colleges need revamping themselves. There is so much corruption in the school system. The college education system is another monster that needs an overhaul that has been overlooked for far too long.

College costs are sky high, and getting higher. You have too many upper management stealing money and spending it on stupid stuff. It is very corrupt.
I think there needs to be more transparency in how colleges spend money.

Yet so many places require a degree to get anywhere, instead of relying on credibility and good ol fashioned experience.

Only in the US do you take a 50k gamble, not guaranteed anything, and the school doesn't have any accountability on funds.

My state gets a D- for affordability, and they want to raise tuition 5% for the state schools to make up a budget class.

Talk about something becoming only accessible to the elite.



posted on Mar, 27 2010 @ 09:44 PM
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I have what seems like a VERY social plan for school...but bear with me.

We should implement testing from Kindergarten to discover the strengths of our students. As we begin to discover what they are good at, we begin to funnel them into educational paths that will further refine their skills.

By the time they are in high school, there should be a very clear career path laid out for them. Of course, you never only give one choice. WHat you do it prioritize, and funnel them into what they are best at, with an eye on up to 5 or 6 possible career paths.

What this will do is create more engagement with the students. Getting them interested is only half way. You want them engaged. Teach them what they are good at, primarily, so that they are not only more excited about learning, but are becoming more and more refined in what they know.

By the time they are graduating high school, there should be a choice presented to them:

1. Take the career paths laid out before you and proceed. If you are working within your path, and the path requires schooling, your education would be paid for by the government. Get corporatoins involved in this financially, snce they will benefit for a more skilled workforce.

If you path does not require schooling (blue collar labor), then no monies will be provided for higher education.

2. You could choose to ignore your career path, and go on with what you want to do (for people who have a passion for something, regardless of skill level in that or any other career...those with a "calling"). If this means that you are not to be educated in something aligning with your career path, then you pay out of pocket for schooling.

What this will do is allow the US to put its "aces in their places", and possibly promote greater discovery. It is a true "no child left behind" concept. It still allows people to make free choices, only it doesn't provide funding for decisions that are not seen as highly likely to yield the highest return on investment.

It will benefit the US economy by putting a more skilled workforce in place (you would not believe how much business is outsourced to Canada just because they have so many college degrees in their populace), and impacting the nations bottom line (the GDP).

What i want to see is a return to preWWII Germany in regards to intellectualism. Of course, it would need to be guided away from facism as much as you can....but we are hopelessly locked in to a narrow, "in the box" thinking type of national cycle.

We need to stop addressing our schools from the psychological points of view of people like Dr. Spock, and start adressing our schools in a logical and methodical manner, meant to achieve a final result: improved intellecualism nationally, a more highly skilled workforce, and a competitive advantage against our foes.



posted on Mar, 27 2010 @ 09:49 PM
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reply to post by nixie_nox
 


While a college degree helps, it is not always required. I have been very fortunate to be a pretty smart guy who see's the "big picture" easily by conceptualizing. Mixed with this were a couple of opportunities that were given to me by good people who saw my potential.

I am a freshman college dropout, and have managed people with MS and PhD's (while they worked in my call center in Laramie, trying to get through school).

I currently manage a hotel, after the call center i managed for 8 years closed (damn Philippines). I had never worked in the hospitality industry, but the resume that i earned in the call centers got me my chance.

Now, i have a resume that says "I can manage anything, and never fail".

College is not as important as a little brains, and a ton of really, really hard work. I think interpersonal skills help, too, when managing people (and possibly a background in psychology/mental health), but that again boils down to the experiences i have had.



posted on Mar, 27 2010 @ 09:51 PM
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reply to post by whatukno
 



Well, I for one won't be calling you an 'Obama-bot' or whatever the other term you mentioned was


It's great, isn't it --- what Obama's doing in this an many other areas ?

Of course it's going to be better for everyone, this cutting out the loathesome Middle Men --- great for everyone except the Middle Men and too bad for them

I'm more impressed with Obama with every day that passes

He's brokered a deal with Russia to mutually reduce arms. Where's the celebrations ?

For once, it seems as if the US has a leader with a working brain ! Yipee !

No longer are the liars and Online Troops going to influence me against this man

Go Obama



posted on Mar, 27 2010 @ 10:07 PM
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Originally posted by Dock9
reply to post by whatukno
 



Well, I for one won't be calling you an 'Obama-bot' or whatever the other term you mentioned was


It's great, isn't it --- what Obama's doing in this an many other areas ?


"great" isn't the word i would use.




Of course it's going to be better for everyone, this cutting out the loathesome Middle Men --- great for everyone except the Middle Men and too bad for them


I agree with this, but if they don't fix the cost, making more loans available is only going to increase debt (which is what is wrong in the US right now, btw).

It isn't "fixing" anything. It is kicking the can down the street a little with bad and incomplete legislation.




I'm more impressed with Obama with every day that passes


How about that! Now you are a "minority"!




He's brokered a deal with Russia to mutually reduce arms. Where's the celebrations ?


And what president hasn't? When Reagan and Bush Sr were in office, this was a weekly news announcement (some new "deal" to reduce arms, that both sides ignored or loopholed).

I will celebrate when their agreements mean something. Until then, it is just like the wind: noisy and unceasing.




For once, it seems as if the US has a leader with a working brain ! Yipee !


Working? Working for who? The Chinese?

What, exactly, does Obama do differently? Still in Iraq, still in Afghanistan, he has dropped more Predator bombs in 1 year than Bush did in 8, Gitmo is still open, and he just passed a Health Care bill that is almost identical to what the GOP put up in 92.

No, the last leader we had with a working brain died in Dallas from a gunshot wound to the head.




No longer are the liars and Online Troops going to influence me against this man

Go Obama


I hope he does something, but i lost most of my hope when he failed to deliver on any of his campaign promises....like every single other president.

Don't celebrate him. Scorn him. He is just as inept as Bush.



posted on Mar, 27 2010 @ 10:08 PM
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reply to post by bigfatfurrytexan
 


Sounds like an interesting proposal; I agree with a lot of it.

However, I balk at the idea of deciding what a child's career path will be IN KINDERGARTEN. How do you know at that early an age whether a child will be college material, much less suited for a defined career?

And what about the students who are poor or minorities; isn't there a danger that preconceived ideas about them could cause them to be channeled prematurely into "dead end" jobs?

I've known some people from Greece and other countries who take college entrance exams their last year of school. Those who pass (and the exams are hard) receive funding for college through their governments.

It seems to me seniors can be sorted out more effectively than kindergartners.

Also, how do you know 12 years beforehand what jobs there will be a demand for? This changes year by year, not decade by decade.



[edit on 27-3-2010 by Sestias]



posted on Mar, 27 2010 @ 10:22 PM
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For once, it seems as if the US has a leader with a working brain ! Yipee !


OMG i cant believe you idiots are phrasing him, So wait are your going to phrase when he will attack iran to? and maybe Syria then?

Whats with ATS lately?


Think before u phrase obama, remember this what happened with hilter first aswell, everyone prashed him first because he acted good at first but then of all sudden bah, the man changed into a person we know today.


Please ATS dont be fools.



posted on Mar, 27 2010 @ 10:30 PM
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Originally posted by nixie_nox
A lot of the colleges need revamping themselves. There is so much corruption in the school system. The college education system is another monster that needs an overhaul that has been overlooked for far too long.

College costs are sky high, and getting higher. You have too many upper management stealing money and spending it on stupid stuff. It is very corrupt.
I think there needs to be more transparency in how colleges spend money.

Yet so many places require a degree to get anywhere, instead of relying on credibility and good ol fashioned experience.

Only in the US do you take a 50k gamble, not guaranteed anything, and the school doesn't have any accountability on funds.

My state gets a D- for affordability, and they want to raise tuition 5% for the state schools to make up a budget class.

Talk about something becoming only accessible to the elite.


I'm curious as to where the basis of your statement, "You have too many upper management stealing money and spending it on stupid stuff. It is very corrupt" comes from?

The normal hierarchy in a University system works like this:

President>Provost>Deans>Professors>Support Staff (E.G., Technicians, Lab Assistants, etc.)

All monies requested by Deans or specific departments, or projects are accounted for and budgets for projects are requested, reviewed, and then deemed necessary or unnecessary.

Your statement make this sound as if there's some type of monetary account "upper management" have access to and are allowed draw funds from without external review or any accountability.

I want you to back your statement up with some facts.

You don't think earning 120 College credits in exchange for a BS/BA degree earns an individual "credibility?" If not; then, how do you feel someone young with relatively no job experience earns a degree of "credibility" that can be independently verified. I'm not saying College is the only way to earn that status or reference; however, I'm curious as to what you are trying to infer.



posted on Mar, 27 2010 @ 11:16 PM
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Originally posted by Sestias
reply to post by bigfatfurrytexan
 


Sounds like an interesting proposal; I agree with a lot of it.

However, I balk at the idea of deciding what a child's career path will be IN KINDERGARTEN. How do you know at that early an age whether a child will be college material, much less suited for a defined career?

And what about the students who are poor or minorities; isn't there a danger that preconceived ideas about them could cause them to be channeled prematurely into "dead end" jobs?

I've known some people from Greece and other countries who take college entrance exams their last year of school. Those who pass (and the exams are hard) receive funding for college through their governments.

It seems to me seniors can be sorted out more effectively than kindergartners.

Also, how do you know 12 years beforehand what jobs there will be a demand for? This changes year by year, not decade by decade.


[edit on 27-3-2010 by Sestias]


In kindergarten, all you could decide is whether they have basic skills. Kids who show athletic talent could begin having that ablity groomed for future work as a soldier, or something adventurous like that.

It is about noting various talents, and then funneling them into increasingly specialized coursework meant to bring those skills out to their fullest capability. It isn't about pigeonholing anyone. The freedom is still there....but the path is made easier when you are actualizing your fullest potntial. It benefits you, the counrty, and your countrymen.

The consideration of race and racial profiling is not something i want to consider. Continuing such considerations is the core of what propagates racism. The catering to the concept of racism has, arguably, created a worse problem than we had before: counter racism (feeling of victimization, and using it as an excuse for lack of achievement) and "white guilt". It is better to start by not recognizing any racially divisive actions as pertinent to success.

RE: the future job market being in flux....i am not saying that in kindergarten we decide that someone is going to be some specialist of some sort. I am saying that you identify what they are strong at, and cater to that strength. As the child ages, you have specialized people who test and work with the student to develop their career path.

It is about allowing people to do what they are best at, regardless of what it costs, to help them achieve the most from their potential. This is what we should be doing...not giving out freebies regardless of the amount of effort put forth. Our nation is only as strong as the sum of its parts. If we can increase the sum of its parts, it stands to reason that it would become more strong. The same applies to the world. If we can allow people to be fulfilled by doing what they are good at, and therefore enjoy, perhaps we can see an improvement in the mental and physical health of the populace? Perhaps just improving the daily 8 hour grind for people will impact other aspects of our daily lives? We have the ability to do it, and we stand to benefit from putting some logic and planning into our future.

But, like i said, you need to find a way to include corporations and businesses. They are the customers of our schools, why wouldn't they pony up some for the service improvement?



posted on Mar, 27 2010 @ 11:41 PM
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reply to post by whatukno
 





Remember, no matter what Obama does, it must be an evil plot to destroy the United States.


It's true. It doesn't matter how all the different ways he's plotting to destroy America contradict with each other.

Pretty soon he's gonna line up all us folk in the firing squads.

Yesterday...I actually seen a slight hint of devil horns on his forehead. He was also doing satanic hand gestures and spitting on statues of the virgin mary.

He peed in the holy water man!!!! The man is pure evils.

/end of sarcasm

You know...if Obama really wanted to destroy the country...HE COULD HAVE DONE IT ALREADY.

The man inherited 2 wars, a 10 trillion dollar deficit, massive unemployment, financial meltdown, etc etc.

He didn't create all of these problems. That being stated....they are going to ALL have to be fixed or we are in big trouble.



posted on Mar, 28 2010 @ 12:19 AM
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Originally posted by David9176
reply to post by whatukno
 





Remember, no matter what Obama does, it must be an evil plot to destroy the United States.


It's true. It doesn't matter how all the different ways he's plotting to destroy America contradict with each other.

Pretty soon he's gonna line up all us folk in the firing squads.

Yesterday...I actually seen a slight hint of devil horns on his forehead. He was also doing satanic hand gestures and spitting on statues of the virgin mary.

He peed in the holy water man!!!! The man is pure evils.







you're a dichead!





now I pissed my other foot





I should get a diaper

or borrow Obamas helmut





[edit on 28-3-2010 by Janky Red]



posted on Mar, 28 2010 @ 12:37 AM
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reply to post by Janky Red
 


LOL sorry man!


I can't wait to join Obama's army! Maybe he will spare me! Hopefully the uniforms have the cool Obama logo we've all come to know and love.

He plans on taking out all the statues of Jesus and the Virgin Mary in churches and replacing them with Chairman Mao and Hitler.

The man is evil! EVIL!!!



posted on Mar, 28 2010 @ 11:02 AM
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reply to post by CosmicClearance
 


Do you know the breakdown of how college income is spent. Ever wonder why you never hear about corruption in the news? Do you have any idea on how powerful the education system is?
Ever wonder why you have massive entities all over the US, yet you hardly hear anything about them on the news?


Because we think teachers and books, most people do not pay much attention. I didn't. I get a lot of my information from someone who worked on the inside. The stuff that goes on is unbelievable. They tried to go to state senators about it. The senators shrugged. Basically they know it and there is nothing they can do about it. Where Deans hire girlfriends at over inflated salaries, to spending money on friend's projects that are not needed, to getting the top of the line computers replaced every six months.
Just do a simple search on college and university corruption, you won't find much.
It is a large system, yet it remains relatively quiet. How is that? Your bound to have a bad egg now and then, everyone does.
Try to find out how your college spends money, good luck with that.

Here are a few linkies to make you happy. The second link is more along the lines of what happens, quite frequently. Money that belongs to the college frequently go to pad personal tastes of the management.

dean faces charges

associate dean faces charges



Brown Shows Why Tuition Charges Are Worse than Taxes October 2nd, 2009 | Category: Undergraduate EducationShare This Post Earlier this year, Brown University’s governing board voted to set tuition at $38,048 for the 2009-10 academic year—a 3 percent, or $1,108.19, increase from the previous year’s mark. This morning, the Brown Daily Herald reported that thanks to an unexpected $2 million tuition surplus, the school would be speeding up the construction process for an on-campus student center so that it could open at the start of the 2010-11 academic year, rather than in December. The extra funds would be used to cover the overtime costs and higher contract prices due to less time for competitive bidding.


Brown and tuition



But in the months after being selected to receive the Homeland Security funds, Stevens became mired in an ugly legal battle with the state attorney general's office over allegations that it not only misspent money, but that it grossly overpaid its president and floated him sweetheart loans for a vacation home in Vermont.


NJU misspend federal funds.



Produce an application deluge. An important measure of success is selectivity; and selectivity begins with lots of applications for admissions. So a college should market itself to as many audiences as possible, encourage applications from one and all (whether or not the applicant can get in or is interested in the place), make it as easy as possible to complete and pay for an application, and promote the notion that the college is the ideal "back-up" or "alternative" institution. Admissions staff should not discourage any students from applying, even if their chances of getting in are slim or their interests better pursued elsewhere.

Reject as many as possible. The second half of the selectivity equation is to accept the lowest percentage of those who apply, which means disappointing as many applicants as possible. The trick is to not accept any applicant who won't actually enroll (called "yield" by professionals) or, as at least one institution has tried, turn down those who are most able and most likely to go elsewhere. To minimize turndowns from students, colleges can: use as many early-decision dates as possible; pay careful attention to clues from interviews or prior applicant profiles; use financial or other inducements with wavering students; recognize that amenities like classy dormitories are more persuasive than numbers of periodicals in the library; and actively recruit the "chosen."


corrupt college rankings


And I haven't even touched the sports department yet..... Which is probably the worst of them all.



posted on Mar, 28 2010 @ 01:03 PM
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reply to post by nixie_nox
 


While i share your horror, this is not surprising at all. It is called "Marketing", and it is what is done when someone wants to increase revenue channels.

I would say that, from a scholastic perspective, if you have to advertise, that is the first sign that you are doing something wrong.



posted on Mar, 28 2010 @ 05:54 PM
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reply to post by nixie_nox
 


Brown is a private university. It is answerable primarily to its board, its students and the alumni who support it. If it were a state-funded institution it might be subject to more public scrutiny, but as it is it's just a business.

In my academic career I have come across many departmental and university-wide practices and policies that I haven't agreed with. For example, my university built a multi-million-dollar fitness center for students' recreational use when it seemed to me there were more pressing academic and faculty needs. Bottom line: the school believed it would attract more high-calibre students with amenities like this.

And yes, I have been aware of outrageous budget-wasting appropriations and a great deal of labyrinthine maneuverings and what you might call "hanky panky" in the private lives of my departmental colleagues. But I wouldn't call any of that criminal behavior.

If your friend is truly outraged about some questionable practices he or she might appeal directly to the alumni whose contributions are central to the running of the school.

Some businesses are run better than others. Hopefully Brown will learn from its mistakes. You just can't confuse stupid with illegal.





[edit on 28-3-2010 by Sestias]



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