Trick or Treat: President Obama's Plan for Cutting Federal Student Loan Payments

(Following comments by meggaaraddxx's Mom)
Everyone, please remember that when we pay our taxes, we are also paying for the Senators' and Congressmens' kids to go to college, (not to mention the corporate CEOs and Chairmen who wriggle their way out of paying taxes so we end up paying that also). Those people don't pay a dime for their kids college - we taxpayers bear that burden. Before you blame the President for higher taxes to help us in repayment of loans we have to take out (and earn too low a salary to pay back because corporate greed pushes our salaries, raises and healthcare benefits lower and lower every year), remember that everything he tries to do has to be approved by both houses of Legislature. All the Legislators care about is passing laws to line their pockets and assure their own family's well being - they aren't actually doing anything to help us middle and lower class people get ahead or even stay above water. It doesn't even occur to them that is what they are supposed to be doing and if it did, they wouldn't bother anyway because they are disconnected from us!! The Government isn't working the way it was originally laid out by our founders because it has been bastardized by decades of selfishness, corruption and cowardice. I know this because I have watched them corrupt the system for decades, but I don't have the knowledge or training to know how to stop them. I am one of millions who believed the fairytale of the "go to college, buy a house, have a family, work hard and everything wil be great" 'American Dream'. Maybe instead of discussing how expensive college is or spending time on blogs, get going researching 'Civics' to understand how our government is supposed to function. Get a degree in Political Science and focus on fixing the problems in the country. Learn to start and run your own business so you don't have to work for someone else. Most of all, don't believe the rhetoric you are going to hear in the coming months before the election. Both Democrats and Replublicans are only saying what they think we want to hear to get themselves back in office. Research the candidates and know who it is you are voting for before you pull that lever!! There's your challenge. Go do something about it because you are the future of this country!!!! Be a positive force and turn this country into the great nation it once was!!! You are our only hope! (PS: The Tarp was actually approved last minute at the end of his last term by President Bush.) In light of the above, I applaud President Obama's attempt at helping us get back some of our hard earned money in supporting the Government repaying college loans. I think its the least the Federal Government can do after putting us through the ringer for the past oh, 8 decades. Before anyone responds to this comment, please make sure to research your information and be prepared to back up what you say. And don't bicker at each other - you young people all have to start getting along or the nation is not going to survive. Just look where we've come to presently with that sort of behavior being allowed...

what about those of us with older excessive loans (b/c we were too young and dumb to know better) who can't pay them because we can't find good employment in this economy???

The reason why college is so expensive is because in the United States college is more like a business rather than an extension of your education. So, therefore Americans are forced to pay out of pocket to one of several million institutions that compete for your business. Other countries offer Free college education to their citizens and some even offer free tuition for citizens of other countries and aliens as well. Greed and politics have really costs the citizens of this country big time over the history of this nation. Not sure if anything can be done now about the high cost of education here in the states. You just have to find a way to make it work and deal with the debt afterwards. That's basically the way the system is setup now. Thus, another detriment to the economy.

http://www.distance-education.org/Articles/How-Other-Countries-Manage-Paying-for-College-226.html

http://answers.yahoo.com/question/index?qid=20070718054544AAMkgbw

Look beyond symptoms to causes, student loans too high...NO...school icosts tis too high. Your homework assignment (a) Find out how many BILLIONS $ these TAX EXEMPT schools have in their endowment funds?
(b) How much is the school abministration getting in pay and bonus to find ways to raise your costs.

Check out this site...there is help just have to be resourcesful http://studentaid.ed.gov/PORTALSWebApp/students/english/PSF.jsp

The true problem isn't the repayment terms of the student loans. These new rules will help virtually no one. What needs to be done is to lower tuition costs. There are lots of unneccessary expenses in getting a college degree. Why go four years, when you can be trained in three? Why not take more courses online? Students need to more seriously consider living at home, too. Sure campus life is fun, but its very costly. Schools will continue to raise tuition because WE continue to borrow the money to pay. "Forgiving" student loans or letting borrowers default just pushes the costs onto our future taxpaying selves.

This doesn't help me at all! I'm already in repayment and can't find a job to pay off my existing loans totaling $90k- oh and that's just the federal loans- not including the private loans serviced by crooked banks who got bailed out!!!! They got a bailout/ we didn't! We r the people! Bit yet Obama continues to help the rich get richer- the banks to continue their greed, meanwhile massaging Wall Street and making lame ass meaningless speeches! Great! U talk a good talk Mr. President- action? Ha! Keep on holding hands with the Republicans and sing Kumbaya! Meanwhile I have NO JOB, NO INCOME- on unemployment for over a year- in debt bcuz I was STUPID enough to think that an grafuate education secures ur future and now come to find out the break he's giving to students only applies to recent borrowers! Pathetic! For those of u popping open the champagne on this one- ask yourselves what the tax consequences are of the government forgiving the loan after a period of time! It means that it is deemed income and u are taxed on it! Use ur education to read between the lines!!!!

It is better then nothing but it does nothing to help students that went into debt to graduate college and are looking for a job to pay the loans off now. WE NEED JOBS NOW! That is the only thing that will really help.