President Obama Proposes Capping Student Loan Payments at 10% of Discretionary Income

My fience and i are in the same situation. $70000 in debt and knowone will help us consolidate the loans. Sally may is by far the worst. They will not consolidate and want huge monthly payments. They are also saying that her wages will be garnished if we do not pay.

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I think this is a good idea after all reducing the debt burden for students takes some of the pressure off them and should improve their results whilst at the same time ensuring that when they do start to work they'll have more of their salary available for other uses. It could also help reduce young people relying on high interest loans from companies like AdvanceLoan.net who provide short term lending. Overall, a lower student payment cap makes sense.

That is really very good article. I am glad to know. Thanks! cash advance

This loan forgiveness is a good idea. It's true that it's going to come from tax money, but what else is that being spent on? Police who don't do their jobs sajoo , hospitals that overcharge out of greed, government officials who are not helping people? The only public service where I live (Western PA) that actually works for the people is the VOLUNTEER fire dept.s.

There is not much you can do. Student Loans are a scam designed by the federal government to enslave it's people in exchange for money. They all get a kickback for accelerating your debt so it's not in their best interest to help you get out of debt. It's basically a bottomless pit. When Bush was in power, they took 24% of my discretionary income. Bush's policies fucked me over. Now that Obama is in power they only take 21%. If the Republican's become the majority in congress, they are going to ruin this country. Don't let that happen. It was under the Clinton Administration that the US had the surplus. Reagan, spent too much on military. Bush spent too much on military. See the pattern? Neo-conservative right-wing moral majority types are the fuckers that are fucking you and me over.

I wonder how this will apply for those under wage garnishment of student loans. From what I understand how this system works, the nation needs an educated work force. In turn student loans are guaranteed by the US Government. Once the victim is past the grace period to repay the loan he finds a job that will allow him to eat and the government allows the loan companies to garnish 21% of his wages indefinitely and the low paying job is enough to pay interest only as that is what is paid 1st before the principle is paid. This Effectively makes the defaulted loan borrower a 21% slave forever.

First of all thanks a lot for the informative and useful information. I am a student so this question is really important for me. For this reason I always follow all publications about the student loan reform. Before several months my parents have got some paycheck loans in order I could pay for my college. My family does not have much money so this loan program is really needful for me. I hope that our government will solve all problems with this program and all student will be satisfied with this loan program. Thanks a lot one more time for the informative and detailed article and I will be waiting for more essential news about student loan reform from you in the nearest future. Regards.