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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default Student Loan Relief Announcment

    Millions of student loan borrowers will be eligible to lower their payments and consolidate their loans under a plan President Barack Obama intends to announce Wednesday, the White House said.

    Obama will use his executive authority to provide student loan relief in two ways.


    October 6, 2011: Gan Golan, of Los Angeles, dressed as the "Master of Degrees," holds a ball and chain representing his college loan debt, during Occupy DC activities in Washington

    First, he will accelerate a measure passed by Congress that reduces the maximum repayment on student loans from 15 percent of discretionary income annually to 10 percent. The White House wants it to go into effect in 2012, instead of 2014. In addition, the White House says the remaining debt would be forgiven after 20 years, instead of 25. About 1.6 million borrowers could be affected.

    Second, he will allow borrowers who have loans from both the Family Education Loan Program and a direct loan from the government to consolidate them into one loan. The consolidated loan would be up to a half percentage point less. This could affect 5.8 million more borrowers.

    Education Secretary Arne Duncan told reporters on a conference call that the changes could save some borrowers hundreds of dollars a month.

    "These are real savings that will help these graduates get started in their careers and help them make ends meet," Duncan said.

    Obama is expected to unveil his plan at a stop in Denver. The White House said the changes will carry no additional costs to taxpayers.

    Last year, the Democratic-controlled Congress passed a law that reduced the cap and moved all student loans to direct lending by eliminating banks as the middlemen. Before that, borrowers could get loans directly from the government or from government-backed loans in the Family Education Loan Program that were issued by private lenders but basically insured by the government. The law was passed along with health care overhaul with the anticipation that it could save about $60 billion over a decade.

    Today, there are 23 million borrowers with $490 billion in loans under the Federal Family Education Loan Program. Last year, the Education Department made $102.2 billion in direct loans to 11.5 million recipients.

    Outside of mortgages, student loans are the No. 1 source of household debt, the White House said.

    Also on Tuesday, the Education Department and the Consumer Financial Protection Bureau announced a project to simplify the financial aid award letters that colleges mail out to students each spring. A common complaint is that colleges obscure the inclusion of student loans in financial aid packages to make their school appear more affordable, and the agencies hope families will more easily be able to compare the costs of colleges.

    Separately, James Runcie, the Education Department's federal student aid chief operating officer, told a congressional panel on Tuesday that the personal financial details of as many 5,000 college students were temporarily available for other students using the site to view on the Education Department's direct loan website earlier this month. Runcie said site was shut down while the matter was resolved, and the affected students have been notified and offered credit monitoring.
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Atomic Punk edwardv's Avatar
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    12.12.17 @ 07:18 AM
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    $ome people are cleaning up on higher education at the top. Nothing wrong with learning. But a 4 year degree is mostly bullshit today and I have interviewed my share of masters degree graduates who cant find work in their perspective fields.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  3. #3
    carpe damn diem billy007's Avatar
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    Default

    Then the phone rang. He said, "You get it." I picked it up and said, "Hello?"... The other side said, "Is this Steven Wright?"... I said, "Yes..." The guy said, "Hi, I'm Mr. Jones, the student loan director from your bank. It seems you have missed your last 17 payments, and the university you attended said that they received none of the $17,000 we loaned you. We would just like to know what happened to the money?" I said, "Mr. Jones, I'll give it to you straight. I gave all of the money to my friend Jiggs Casey, and with it he built a nuclear weapon... And I would appreciate it if you never called me again." - Steven Wright

  4. #4
    Hang 'Em High sickman's Avatar
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    12.12.17 @ 03:42 AM
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    Well he is running for re-election and has just secured a lot of votes from college age adults. God forbid anybody has to actually do something for themselves anymore.
    I used to jog but the ice cubes kept falling out of my glass.

  5. #5
    Good Enough pal1800's Avatar
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    Go to a state school close to home and get a part time job. That way college can be affordable. Others think they r entitled to go to higher end universities, well, then pay the $.

  6. #6
    Atomic Punk Dave's Dreidel's Avatar
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    12.12.17 @ 07:59 AM
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    Quote Originally Posted by edwardv View Post
    $ome people are cleaning up on higher education at the top. Nothing wrong with learning. But a 4 year degree is mostly bullshit today and I have interviewed my share of masters degree graduates who cant find work in their perspective fields.
    That is very inaccurate.

    Income is easily quantifiable by education level.

    On average, college graduates make more than high school graduates, masters make more than college, doctorates make more than masters, etc.
    Taylor Swift is nice to look at. Adele can sing.

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  7. #7
    Good Enough JakeK21's Avatar
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    I'm fortunate enough to have had my parents pre-pay my college like 10 years ago, but there are plenty of kids going to the local college that struggle to make sure they pay.

    The thing that pisses me off is that my friends and I who are in programs like IB, AP, and Dual-Enrollment can hardly find any scholarships. It's almost all for minorities or some ultra-twisted situation that probably fits only one person. The only big scholarship within our reach is something called Bright Futures, but the state constantly raises the standards and lessens the amount they provide.

  8. #8
    Good Enough JakeK21's Avatar
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    10.26.15 @ 12:38 PM
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    By the way, and I don't know how long this has been going on for, but the biggest ripoffs are these textbooks. They charge so much and then try to make your copy obsolete by adding ten words and telling students that they need to buy that new copy.

  9. #9
    Baluchitherium Mikey Metalhead's Avatar
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    my degree had little to do with my success, but partially by my choice...

    my daughter on the other hand is a perfect example of go get an education... she got a job a week out of college for 48K that she could not get without it.

    90% of her loans are in my name though, and the goverment doesnt feel as sorry for me as her
    I SURVIVED TEXAS LINKERS WEEKEND I, II, III, IV and VI and VII.barely made it to VIII time to slow down
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  10. #10
    Baluchitherium loveevhsince79's Avatar
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    10.23.15 @ 04:49 PM
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    I was watching the news last night and it had people who had recently graduated college and showed the amount of debt that they owed. Many were in for over 100K for their college degree. I'm sorry but that seems absolutely insane to me. I can't imagine that there isn't a college near where you live in this day and age that does not have a degree in your area of interest that you could pay an in state tuition and live at home while going. Or to do an on line college. Most of the story was about how 85% have to move back home after college because they owe too much and the pay is too low in their first jobs to make it on their own. Wouldn't it be better to continue living at home during school so you aren't saddled with so much debt?
    Life may not be the party we hoped for, but while we are here we might as well dance.

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  11. #11
    Atomic Punk edwardv's Avatar
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    12.12.17 @ 07:18 AM
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    Quote Originally Posted by Dave's Dreidel View Post
    That is very inaccurate.

    Income is easily quantifiable by education level.

    On average, college graduates make more than high school graduates, masters make more than college, doctorates make more than masters, etc.
    Dave I interview hundreds of college grads a year who have a Bs or Ba and take jobs with my business for 10- 11 dollars an hour as a veterinary tech. Come on over one day Ill show you. I have receptionists working here that have degrees too. I have been hiring people since 1981 at the same place of business and its getting worse not better.
    Last edited by edwardv; 10.26.11 at 09:09 AM.
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  12. #12
    Damage your reputation seenbad's Avatar
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    So you and your business have over qualified talent. That doesn't detract from the accuracy of what he's saying in the least, which is quantifiably accurate without any doubt. I'm sure what you're saying is true too, but your instance is secular, not representing the overall which he's referencing. I'm also sure that it's getting worse and not better....probably very closely in line with the decline of the economy if I were to guess.
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  13. #13
    Hang 'Em High sickman's Avatar
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    How come Congress never calls the heads of universities to Capital Hill like they do Big Oil every 2 years when gas goes above $5.00. Higher education is a rip off. It is total bullshit that it should cost that much. My wife will still be paying off hers when we start sending our first son to school, and her 4 years only cost $100,000.00.
    I used to jog but the ice cubes kept falling out of my glass.

  14. #14
    Atomic Punk Dave's Dreidel's Avatar
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    What schools are people going to that when they get out they are 100K in debt?
    Taylor Swift is nice to look at. Adele can sing.

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  15. #15
    Gird your loins Daisy Hill's Avatar
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    12.11.17 @ 07:55 PM
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    Quote Originally Posted by JakeK21 View Post
    By the way, and I don't know how long this has been going on for, but the biggest ripoffs are these textbooks. They charge so much and then try to make your copy obsolete by adding ten words and telling students that they need to buy that new copy.
    if there is one thing (and there is only one thing) that I like about e books is that it should help in this regard.

    text books are so expensive because they are costly to develop, costly to print in the full color style demanded today, costly to ship, but mostly expensive because of the pressures on the publishers of the organized used book market. The only way the publishers can continue to make money is to continue to revise editions ( lower development costs and cuts out the used book market)

    ...oh and the little text book publishing houses got bought out years ago by conglomerates who demand bigger profits than those small publishers who just took pride in putting out text books

    Quote Originally Posted by loveevhsince79 View Post
    I was watching the news last night and it had people who had recently graduated college and showed the amount of debt that they owed. Many were in for over 100K for their college degree. I'm sorry but that seems absolutely insane to me. I can't imagine that there isn't a college near where you live in this day and age that does not have a degree in your area of interest that you could pay an in state tuition and live at home while going. Or to do an on line college. Most of the story was about how 85% have to move back home after college because they owe too much and the pay is too low in their first jobs to make it on their own. Wouldn't it be better to continue living at home during school so you aren't saddled with so much debt?
    and yet have you noticed how nicely they dress, what nice cars they drive, what nice places they live in and how they have money to go out to eat, and to clubs, and on vacation trips at Christmas and Spring Break?

    no one wants to be a starving student who pays for gas by returning bottles for the deposits.

    and you know those college student house painters that you used to see advertised on flyers on lamp posts....mostly not students these days

    they want to keep their lifestyle just as it was at home, and they make up the difference in loans and credit cards

    oh, and I lived at home and went to college and worked all the way thru....took me longer but I graduated with $0.00 in debt ( and money in a savings account)


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