Your Questions About Student Loans Obama
Betty asks…
What does Obama means by reducing student loans, how does it work?
I read an article stating that Obama would reduce student loans… How would he do that? Wouldn’t that affect us in any way.
Joe answers:
According to a report I read on USAToday, the President wants to cap the student loan payments based on a percentage of disposable income. Then, under certain conditions, any balance remaining after 20-25 years would be forgiven. This is all fine and dandy, but you really need to read the actual bill/executive order he signs into law. Best regards.
The Chosen One of Allivar by E.W. Greenlee
Donna asks…
Who is going to pay back their student loans now that Obama says we don’t have to?
I recall that he said in the State of the Union that all student loans will expire after 20 years, after 10 if you’re a public servant. So I ask to you, good people of Yahoo Answers, who the hell is going to pay back a loan that they don’t have to? Isn’t our President so competent with money?
Joe answers:
The taxpayers. However, there seem to be fewer and fewer of us everyday..
Stupid me paid as I went and didn’t borrow..
Linda asks…
Republicans – Are Any Of You Against Obama’s Direct Student Loans?
(2010)
Is there anybody out there who is actually disappointed with
Obama’s policy to cut out banks as the middle-men for student loans?
This policy shall save the federal government $64 billion over ten years.
(Can right-wingers just admit that this is a good policy by Obama?)
Joe answers:
That depends on whether it also discontinued the tax deduction given to employers who in the past paid for furthering the education of the employees. If it did, then it is a poor substitute. If not, it will lead to a lot of unpaid loans. If I’m not mistaken, this has been tried before with over half not paying their loans.
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