Bypassing Congress, the President, assisted by provisions in current Health Care Law (March, 2010) and precedent dating back to 1974 in the area of budget exercised executive privileges and powers to create a program of Forgiveness for student College loans.
Provisions of the Program may be found here.
President to Ease Student Loan Burden for Low-Income Graduates [NY Times]
Here are articles that outline the legal underpinnings for his actions.
- Student Loan Overhaul Approved by Congress. [NY Times]
- Budget Reconciliation. [NY Times]
Obama can get to the finish line on the above before anyone knows the has had another thought because of his expanded staff of attorneys and of course czars.
This fall Obama will be a big man on campus but he will be begrudged praise and support from collection agencies and banks who will suffer.
samiam60
October 26, 2011
Good Morning Sunshine, you sure are on top of things this morning:
Obama to Announce Student Loan Relief Plan
WASHINGTON – 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.
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.
Read more: http://www.foxnews.com/politics/2011/10/26/obama-to-announce-plan-to-reduce-student-loan-payments/#ixzz1btAafD8m
samiam60
October 26, 2011
I put up a link back to you for this post over at Cheers my friend
samhenry
October 26, 2011
Thanks very much Sami for the link to your area and for the FOX link. You know I appreciate that. I have my day in the emerald city today. See you all later.
samiam60
October 26, 2011
Hope the Wizard grants your wish my friend
samhenry
October 26, 2011
Actually my wish was to stay home and it was granted. I could not find my car keys; the dog was sick and I had an asthma attack. Three strikes and you’re out!
Freedom, by the way
October 26, 2011
Not only will collection agencies and banks suffer, but everyday people (and future students) looking for loans. Banks have already over-corrected their lending policies due to the housing debacle that the federal government is to blame for Now, it will be harder and harder for folks to borrow–because banks never know when their rules of loan repayment and penalties will be ursurped by the government. In the meantime, taxpayers are left holding the bag.
samhenry
October 26, 2011
Per usual Free, you are right on top of this. Thanks for the ping back. SH
roblorinov
October 27, 2011
I like the example given on Fox News who actually did the math on this. The student will end up paying back only 13% of the loan while the taxpayers end up eating 87%. How long do you think Obama would be in business if he were running one LOL? Barack Obama is what we get when we put a man in the Oval Office with NO experience in anything except reading Marxist books! He doesn’t have a clue about anything. Or does he? Might not everything he is doing is by design and plan? I don’t think he’s that dumb. I think his mission is to take down our nation every way he possibly can and he’s doing it. Afterall, this is the man who sat in Rev Wright’s church for 20 years listening to all the hate America sermons and never batted an eye, never challenged Wright, and never walked out of that hate filled church! That means he agreed with Wright and I really think this President really does hate America. People had better wake up!! We’ve got a traitor in the WH!!
BTW what is wrong with Congress? Obama keeps going around them and they say nothing to challenge him on it. Correction: We’ve also got a pack of traitors up on Dung Hill !!
samhenry
October 27, 2011
RL – Congressional complicity in Obama’s actions. Observe Boehner the other day:
By John Parkinson
Oct 25, 2011 12:43pm
Boehner, House GOP Agree With Obama That ‘We Can’t Wait’ for Jobs (So Senate Should Act)
Email 24 Smaller Font Text Larger Text | Print
House Speaker John Boehner told reporters today that he agrees with President Obama’s catchy new slogan ”We Can’t Wait,” and encouraged Senate Democrats to take action on 1
5 measures languishing in the upper chamber that he says would help get the unemployed back to work.
“The president says we can’t afford to wait,” the Ohio Republican said. “Well guess what? I agree with the president. We’ve got 15 bills that are sitting over in the United States Senate. After we finish this week, there’ll be 16 bills sitting over in the United States Senate waiting for action.
roblorinov
October 28, 2011
Boehner told Laura Ingraham yesterday that he’s watching Obama to make sure he follows the Constitution LOL. Guess he just woke up and crawled out of bed.
samhenry
October 28, 2011
Out of bed? Surely you jest. Bonehead crawls out from the hole he has to live in to miss so much. We have to find it and fill it in.
roblorinov
October 29, 2011
Oh…oh…can I make the concrete??? lol
samhenry
October 29, 2011
ROFL – would that qualify for funding as a shovel-ready project?
AFVET
October 29, 2011
Boehner is a prime example of one who has got to go.
IMO, Michelle Bachmann would make a much better speaker, and wouldn’t that just curl Pelosis’s toes.
roblorinov
October 29, 2011
SH I think it would qualify as a “shovel ready” job and also I could most likely get stimulus money for the project LOL. AFVET what sweet revenge that would be on Pelosi, no? Great idea!! Bachmann for Speaker of the House!!
samhenry
October 29, 2011
You had better watch what you say about Pelosi so close to Halloween LOL. She may be cruising at the same altitudes you frequent. Let’s file a flight plan for Bachmann to soar to the height of the podium.