President Odipshit sticks it to taxpayers again

http://news.yahoo.com/obama-acts-ease-burden-student-loans-001017820.html

So now we get to foot the bill for people who were irresponsible in managing their student loans.

He is also introducing moral hazard and assuring that the taxpayers will be stuck paying the bill.

This guy can't get out of here soon enough. Too bad I can't post what I really think

 

What's really sad is that he is trying to make this out as something new, while payments are already limited to 15% of income and 25 years of payments. Many college kids who haven't yet started making payments don't know this and don't know his grand gesture is nothing more than his typical smoke and mirrors to try to show them how much he is doing for them. Many kids don't know the money costs the government about 1% but they hijack the kids for 6-8% interest. Many aren't making the connection of a perception of 'easy' money being a core cause of the incredible rise in college tuition rates. Like most libbie actions, this isn't helping anyone. I support the availability of loans but you must be responsible for paying back those debts, 100%. The student loan program is very, very generous with deferrments, of course the interest still collects. If there was responsibility for paying these back, fewer kids would get nonsense degrees at ivy league schools and would assess if the cost of the education was worth it.

He keeps saying we can't wait any longer. Well the first three years this sure wasn't a focus, so surely anyone with a brain can see through his actions that it is nothing more than protecting his own job.

 

BTW this isn't his plan or his great save for students. Just a new version of the previous plan.

The idea was to support those who were willing to take lower paying jobs that served communities, not to bankroll colleges esplosive tuition rates and to encourage more carefree debt accumulation by students. The plan has not produced the desired results so what idiot expands it further?

http://www.finaid.org/loans/ibr.phtml