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Obama Signs Student Aid Bill

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posted on Mar, 31 2010 @ 02:05 AM
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Sen. Charles Grassley, R-Iowa, said students would prefer getting such critical financing from a banker they know rather than from anonymous bureaucrats. "I don't see how the students of this country are going to get the same service out of four call centers as they get from their individual banks," he said.

The new law will make it easier for borrowers to repay their loans if they take low-wage jobs, by capping monthly payments at 10 percent of their income -- down from 15 percent now. In addition, the new law would cancel any debts that remain after 20 years; under current law, loan balances are forgiven after 25 years.




"I didn't stand with the banks and the financial industries in this fight. That's not why I came to Washington," the president said. "And neither did any of the members of Congress who are here today. We stood with you. We stood with America's students."


Source


I'm curious to hear everyone's thoughts about this.




posted on Mar, 31 2010 @ 02:08 AM
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reply to post by GorehoundLarry
 


Even more unconstitional actions by this moron.

No one should be surprised.



posted on Mar, 31 2010 @ 02:11 AM
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I think the bill was needed personally but at the same time I am trying to get into college and am not allowed a pell grant. Apparently 37k before tax is just too much for me and my wife to make so we are gonna have to get a loan or pay out of our pocket which is impossible after bills since the cost of living in a college town is so friggin high. And I about cried that Grassley made that remark about trusting a banker instead of a bureaucrat, me personally I find them about as trustworthy as our president or a car salesman. It shows just how out of touch our representatives are with us.



posted on Mar, 31 2010 @ 02:37 AM
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"I didn't stand with the banks and the financial industries in this fight. That's not why I came to Washington," the president said. "And neither did any of the members of Congress who are here today. We stood with you. We stood with America's students."

Now that comment made me dry reach!!!!!!

But them maybe all his Banker buddies were too busy off spending their bonus..



posted on Mar, 31 2010 @ 02:38 AM
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Originally posted by brainwrek
reply to post by GorehoundLarry
 


Even more unconstitional actions by this moron.

No one should be surprised.



Hm

"The new law will make it easier for borrowers to repay their loans if they take low-wage jobs, by capping monthly payments at 10 percent of their income -- down from 15 percent now. In addition, the new law would cancel any debts that remain after 20 years; under current law, loan balances are forgiven after 25 years. "

Yeah, you're right. Damn this president, making it 10 times easier kids repay their loans if they have low wage jobs and canceling debts that remain after 20 years. What is he thinking? Gawd.



posted on Mar, 31 2010 @ 03:51 AM
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Perhaps he did this because he knows the United States of America has drastically declined its production capacity - having outsourced most of everything but the service industry - and knows there will be no jobs (exag.) left when they graduate with their 2, 4, 6, 8 or 12 year degrees?

Just how many are left right now?

IMO, it was a smart move addressing this issue. It's a very tight one, and held close to the chest most everywhere in America. When they find that unemployment runs out too, they'd better have an out. He is simply trying to provide it.

However, I still believe this is a day late, and a dollar short - as they say.

It's nothing short of temporary pacification of masses of graduating students (coming up soon in a town near you) who everyone knows will not have jobs waiting for them, except at McDonald's™ and Payless™ Shoes.

Hell one girl is even suing her school for "Full Tuition" ($72,000.00) after finding that the field she'd been educated in has all but dried up. It ran on CNN awhile back:

Alumna sues college...

"Congratulations for graduating, and happy hunting." is pretty much what he's saying here.

Forget the career for now...just find a 'job' [Because we wouldn't want you to get too many hardship deferments or forbearance's, now would we?]. :/

Yeah, just more half-a$$ed policy from the same old half-a$$ed, dying government/economy.

Hell, maybe soon enough, everyone will get free-edumication too?


[edit on 31-3-2010 by lagnar]



posted on Mar, 31 2010 @ 10:00 AM
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reply to post by GorehoundLarry
 


Nothing in the Constitution grants the federal government the power to be involved in education, nor in lending for education.

You may not like it, but thats the way it is.



posted on Mar, 31 2010 @ 12:57 PM
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Originally posted by brainwrek
reply to post by GorehoundLarry
 


Nothing in the Constitution grants the federal government the power to be involved in education, nor in lending for education.

You may not like it, but thats the way it is.


When WASN'T the government involved with education in one way or another?



posted on Mar, 31 2010 @ 04:57 PM
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It was another one of his promises.

Another Promise Kept



posted on Mar, 31 2010 @ 05:36 PM
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Originally posted by brainwrek
reply to post by GorehoundLarry
 


Nothing in the Constitution grants the federal government the power to be involved in education, nor in lending for education.

You may not like it, but thats the way it is.



It's worked out okay until now, but now it's time to make some changes to better it. Besides no where in the constitution is there anything about private companies practically enslaving students for a good portion of their lives simply because they wanted to go to school. The interest rates for loans are damn near criminal any student knows this.



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