your student loans.

But I thought you could already consolidate your loans? At least I did in 2006. Did something change after 2006? I was a bit confused when they were talking about it on the radio today

10/26/2011 7:41:41 PM

I'm gonna write that trucker a letter and ask him to pay for my schooling when I decide to go for the doctorate

10/26/2011 7:44:31 PM

MORE "CHANGE" FROM OBAMA

[Edited on October 26, 2011 at 7:44 PM. Reason : ]

10/26/2011 7:44:39 PM

http://www.theatlantic.com/business/archive/2011/10/obamas-student-loan-action-wont-have-much-impact/247411/

10/26/2011 8:09:44 PM

Thanks Obama.

This pleases me greatly.

10/26/2011 8:12:30 PM

daaaaaaaaaaaag

And I have a question. The following two are true (supposedly):

- student debt can't be eliminated, even in bankruptcy
- the fraction of income that can be asked to pay off the loans is limited to 15%, or maybe 10% in the future

How does this work? Wouldn't it be possible to hold a debt that never gets paid off for the rest of your life? I don't think they can get their money after you die.

10/26/2011 8:17:49 PM

your estate pays it .

10/26/2011 8:27:46 PM

In the future it's 10% of your monthly income over the poverty line for 20 years then the rest is picked up by I guess the rest of us who actually contribute to society.

10/26/2011 8:30:03 PM

This will work, in the sense that it will drum up support for Obama from people that don't understand much about economics. To Obama, that's all that matters - getting through the next election. Controlling tuition costs would require a more long-term approach: ending federally subsidized student loans and allowing student loan debt to be defaulted on/refinanced.

10/26/2011 8:33:16 PM

I like the idea as a short term solution until the U.S. is out of the recession, but they aren't telling people the amount paid in interest will be higher the longer the loan is active.

A 15 year loan will extend to 30 years. If you look at debt as slavery, then 1 house and 1 university education will enslave you for 60 years.

10/26/2011 8:34:13 PM

Quote :

""It's entirely incoherent," Charles Krauthammer said of Obama's plan to pay down student loans. "I'm not sure if those savings are real, where are they? What he spoke about today was tweaking the student loan program, which he now controls. In a way, it's rather astonishing. The numbers were run by an economics correspondent today in The Atlantic magazine [posted above]. And It turns out what he is offering the students is between $4.50 and $7.70 a month of relief.""

10/27/2011 8:09:21 AM

I think it's time for me to go back to get my glass blowing degree at one of the expensive SUNY schools.

10/27/2011 8:13:44 AM

The plan is horrible. Lower interest rates would do more to help people than this, however, they would see less NET revenue from the plan because those who actually pay their loans (and would regardless of what plan is in place) would pay less.

As a result of this plan, the government is essentially saying to those who would likely default we'll take your money at monthly payments that hardly affect your principle for 20 years and then let you get on with your life, getting 20 years of payments instead of complete default after 5 or 10.

10/27/2011 8:25:57 AM

Quote :

"he government is essentially saying to those who would likely default we'll take your money at monthly payments that hardly affect your principle for 20 years"

I thought you couldn't default on student loans?

Also I finally heard an explanation. This is going to allow you to consolidate private student loans. All my student loans were from the gubnet so I guess that's why I was able to consolidate them.

10/27/2011 8:29:49 AM

I don't see this plan doing much except becoming extra fodder for the "OMG SOCIALISM" crowd

10/27/2011 8:34:13 AM

My bf's brother pays somewhere around $3000/mos on a $30k salary just for student loans. I think this would help him, not sure if he's interested in ever paying it off as his only relief has been to go back to school to stop the payment but ultimately accrue more debt. He can barely make rent or any other type of bill. While this may not be a long term fix it may give some immediate relief.

10/27/2011 9:40:38 AM

Quote :

"My bf's brother pays somewhere around $3000/mos on a $30k salary"

That cash flow doesn't work.

10/27/2011 9:42:43 AM

it really is a terrible plan, mostly because it does nothing for me and i am a member of the Agent 0 party.

10/27/2011 9:50:02 AM

Damn. I'm just going to pay my loan off as quickly as I can without stretching myself. Is that like a bad plan or something?

10/27/2011 10:02:41 AM

this is just some pre-election bullshit. the glow of the 'trendy' president is far gone, so giving young graduates the impression that he hastheir best interest in mind is just another ploy to get some votes

10/27/2011 10:17:36 AM

Quote :

"My bf's brother pays somewhere around $3000/mos on a $30k salary"

Does not compute

10/27/2011 10:18:19 AM

^ I'm thinking there's an extra zero in that payment number.

I only pay $130/month for my student loans. I thought that was normal until I heard of some of my friends having $800/month student loan payments NCSU tuition ftw.

[Edited on October 27, 2011 at 10:31 AM. Reason : a]

10/27/2011 10:30:42 AM

I think my payment will be about $600/mo

10/27/2011 10:36:29 AM

haha yeah. If he's paying $36k/yr for student loans on a $30k salary, I want budget lessons from him.

10/27/2011 10:37:24 AM

I talked to someone this morning who must pay $1088 a month just to cover the interest on their student loans. Anything less than that and the loan actually acrues unpaid interest each month that gets added to principal at the end of the year.

10/27/2011 10:38:15 AM

^^^^ i sure hope so

[Edited on October 27, 2011 at 10:38 AM. Reason : carats]

10/27/2011 10:38:24 AM

It maybe be $2000, or he might make a little more than $30k/yr, either way, it's up there and he can't afford shit. He lives in an apartment his stepdad owns who is old school and charges rent, so his mom will pay his rent for him most times. It's fucked up. Grown ass adult and can't afford shit.

10/27/2011 10:41:20 AM

That still doesn't really make sense. If his annual salary is $30k, then his monthly salary is $2500 gross. So all of his money goes to loans and he never eats or pays utilities or goes shopping?

10/27/2011 10:43:52 AM

No, he really struggles. He gets help from his family every month. I don't know specifically what he makes or what his loan amount is but from discussions it is extremely close to what he makes. He very often needs help with groceries, luckily his utilities are covered in his rent, that his mother covers.

10/27/2011 10:47:39 AM

I pay around $300/mo



No way that guy is paying $2000/mo on a 30k salary

10/27/2011 10:47:46 AM

really....REALLY....glad i didn't have student loans...


thank you Lord for making me a poor, yet smart, woman from the country

10/27/2011 10:48:20 AM

This guy is almost 40 and has been going to school since he graduated hs, so he has a bigger debt load than most of us.

10/27/2011 10:49:40 AM

^^ eh student loans aren't bad if you're smart about it. When I was graduating from high school my parents were like, "Well you can either go to Tulane and be in debt for the rest of your life or go to NCSU and be able to pay it all off in a few years." I chose plan B.

Quote :

"This guy is almost 40 and has been going to school since he graduated hs"

Well shit, I can't feel all that bad for him then. Sounds like he's made some poor life choices.

10/27/2011 10:58:45 AM

Is he in a residency of some sort? From my knowledge of student loans most will allow you to apply for an income contingent plan that only makes you pay a certain amount based on the amount to earn. The person I mentioned above only has to pay a few hundered dollars a month based on the amount of money they make. It seems like he could apply for a simular thing.

10/27/2011 11:01:35 AM

^^^At some point I think they're supposed to start paying you

10/27/2011 11:02:39 AM

^^^but i didn't have to pay back any of the 40 bazillion scholarships i got...


those little shits add up...


throw in a couple of substantial ones and...BOOM...they are giving you back money at the end of each semester




[Edited on October 27, 2011 at 11:03 AM. Reason : sdfsd]

10/27/2011 11:02:58 AM

These stories all sound like bullshit to me.

Pity fodder for the #OWS crowd.

10/27/2011 11:14:40 AM

I don't know if he is aware of that or not. I look at the scenario from the sidelines really. I know he could use some help because he feels like his only option is to go back to school, again.

10/27/2011 11:15:43 AM

Quote :

"This guy is almost 40 and has been going to school since he graduated hs, so he has a bigger debt load than most of us."

Quote :

"I know he could use some help because he feels like his only option is to go back to school, again."

That sounds like a really clever plan.

[Edited on October 27, 2011 at 11:22 AM. Reason : l]

10/27/2011 11:21:48 AM

lol I know. I didn't say he was wise. Luckily his brother isn't like him at all.

10/27/2011 11:38:07 AM

This will not get my vote Obama.

10/27/2011 12:20:17 PM

http://www.theatlantic.com/business/archive/2011/10/obamas-student-loan-order-saves-the-average-grad-less-than-10-a-month/247411/

Saves the average student $10 per month

10/27/2011 1:06:04 PM

Quote :

"My bf's brother "

is full of shit

10/27/2011 9:23:53 PM