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In 2010, Congress pass and President Obama signed the Health Care and Education Reconciliation Act. Along with cutting off the private student loan market by removing subsidies, making loans pretty much the exclusive realm of the federal government, the legislation capped the repayments of new loans to 10 percent of the persons discretionary income. The previous cap…
Last fall it started. Congressional legislators like Senator Dick Durbin (D-Ill.) proposed – and president-elect Obama supported – “cram down” legislation allowing bankruptcy judges the ability to modify mortgages of primary residences. If lawmakers thought this was a good idea, it was certain that future legislation would allow modification of other loans including automobiles, credit…
Last Friday, the Obama administration issued a “recommendation” to Congress. These reports always seem to come out on a Friday in the hopes, I suppose, that no one is paying attention. This one, much like many other “recommendations”, is a kick in the whatever to the private sector.
On a pretty regular basis during the last few years, we’ve seen stories concerning “outrageous” student loan rates and “unbearably-high” student loan principal amounts. The target is almost always the evil private student loan industrial complex and the employers who just won’t pay these kids enough money to pay off their loans. Should they direct their…
Does everyone understand how low student loan rates are? Borrowing money for college during the last 10 years has never been less expensive. So why are Democrats freaking out about the loan interest rates, while turning a blind eye to the huge tuition increases at public (and private) colleges and universities?
Broken record indeed. The only answer President Obama has in response to questions like the one asked yesterday in Iowa is that he knows times are tough, but at least kids have health care until they are 26 and the government took over the “terrible” student loan system.
Democrats in Congress don’t like middlemen; at least they don’t like middlemen in the private sector. The Obama administration and Democrats – exclusively – banned private banks and financial institutions from the student loan business, and 2,500 employees at Sallie Mae will lose their jobs.
Do you think the holder of a private school loan is heartless for demanding payment on a student loan of a person who has died?
If someone asked you about total college loan debt as compared to credit card and car loan debt, would you know that college loan debt was highest?