Hi Everybody......Guess Who?
WASHINGTON (AP) — President Barack Obama is prepping new executive steps to help Americans struggling to pay off their student debt, and throwing his support behind Senate Democratic legislation with a similar goal but potentially a much more profound impact.
Obama on Monday will announce he's expanding his "Pay As You Earn" program that lets borrowers pay no more than 10 percent of their monthly income in loan payments, the White House said. Currently, the program is only available to those who started borrowing after October 2007 and kept borrowing after October 2011. Obama plans to start allowing those who borrowed earlier to participate, potentially extending the benefit to millions more borrowers.
Obama also plans to announce he's directing the government to renegotiate contracts with federal student loan servicers to encourage them to make it easier for borrowers to avoid defaulting on their loans. And he will ask the Treasury and Education departments to work with major tax preparers, including H&R Block and the makers of TurboTax, to increase awareness about tuition tax credits and flexible repayment options available to borrowers.....snip~
Obama to take executive steps on student loans - AP News 6/7/2014 7:52 PM
How is this reducing their costs? Where is he stepping? What say ye?
I don't see where it changes the cost of schooling in any way nor the interest rate in which is put on these loans. The terms are clear when they sign the papers, just sad the cost of college goes up with each passing year.
I highly suggest sticking to close to home for college, at least for the first couple years as to not get in over your head.
That's good advice.I don't see where it changes the cost of schooling in any way nor the interest rate in which is put on these loans. The terms are clear when they sign the papers, just sad the cost of college goes up with each passing year.
I highly suggest sticking to close to home for college, at least for the first couple years as to not get in over your head.
Ok i agree with this, I also think we need a better system. I mean it was great until the .gov got involved. now look we have idiots that play sports reading at less then high school levels. I mean really?
Heya Nicnam. :2wave: Didn't they mention out of state tuitions were down?
That's good advice.
The first couple of years can be taken care of much more eonomically at the junior college as well, and you're more likely to get professional instructors instead of graduate students.
As for those loans driving up the costs, before loans were so readily available, the colleges had to stick to costs that the students/parents could afford. Now, it appears that the sky is the limit. It used to be possible to work your way through and come out debt free with a degree in four years. I did, and it was nothing unusual. Now, hardly anyone does.
When the cost of something increases way faster than the general rate of inflation, there is generally a reason. When the seller can raise the prices beyond what the buyer could ordinarily afford, that is often the reason. See also: Medical care in the USA.Yep, staying close to home and going to school is a great way to save money.
So it's the loans that are driving the costs up, interesting. I thought it had to do with the rising cost of everything due to the economy, learn something new everyday.
LOL, I musta missed that part.
Mr Obama has done nothing to change the costs of college,
nor has he created any jobs for the graduating students.
LOL, I musta missed that part.
Mr Obama has done nothing to change the costs of college,
nor has he created any jobs for the graduating students.
I highly suggest sticking to close to home for college, at least for the first couple years as to not get in over your head.
What i suggest is people actually do some work in high school and get into a highly ranked school, regardless of distance, that will pay all costs. This is easier than the app #s suggest, since so few make any effort in HS, that it's easy to stand out.
#1 reason for america's lousy k-12 and beyond is lack of effort all around
Cool, i didn't realize it's the government's job to scam its young into lifelong misery. Then again, the military has done it at various times too...
There just aren't many options for today's HS grads whose parents can't pay their full tuition or who don't get into one of the few colleges so wealthy they'll get grants instead of loans.
When the cost of something increases way faster than the general rate of inflation, there is generally a reason. When the seller can raise the prices beyond what the buyer could ordinarily afford, that is often the reason. See also: Medical care in the USA.
The reason is that a good college education, even at the currently inflated prices, is a bargain in the long term.
I see a lot of whining about how Obama hasn't created jobs for college grads. But the unemployment rate for college graduates is about 3%....which is basically full employment.
Table A-4. Employment status of the civilian population 25 years and over by educational attainment
What the administration is doing is trying to help college students amortize their debt over longer periods.
I'm not sure why all these right wing socialists here want the government to lower the cost of education. I thought they wanted the free market to rule...
Free market rule would bring the cost down. It is the government guaranteed loans that are inflating the costs.
I'm not sure this is really true.
Costs are actually not that unreasonable.... Two years at a CC, then under 10k tuition a year at most decent public universities.
Sure, if you want to go OOS and live on campus, it's going to cost.
That's 10K a year + whatever they get from the state government.
It used to be possible to work your way through college, to earn enough working summers and part time during the year to pay as you went and not have any debt at all a the end. I graduated with a BA in 1964, broke but out of debt that way. There was nothing unusual about graduating debt free at that time. It was, in fact, the norm. Then we started having easy credit, and tuitions soared. Now, it is not possible to make enough to go to school full time any more.
Yes, it's tougher. But not impossible.
a lot tougher, and unnecessarily so.
Again, the return on investment is high. I don't think it's too tough, considering the rewards.
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