{"id":6217,"date":"2011-10-27T00:01:02","date_gmt":"2011-10-27T07:01:02","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/2011\/10\/27\/obama-helps-students\/"},"modified":"2011-10-27T00:01:02","modified_gmt":"2011-10-27T07:01:02","slug":"obama-helps-students","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2011\/10\/27\/obama-helps-students\/","title":{"rendered":"Obama Helps Students"},"content":{"rendered":"

Barack Obama is rolling back the regulations under which students are required to repay student loans  Although it took him far to long to realize that Republicans will accept no compromise short of cave-in, he is finally doing what he can to help some of the people lambasted by the Republican Recession and locked out of the American dream by Republican class warfare.<\/font><\/p>\n

\n

\"27studentloan\"<\/a>President Barack Obama recalled his struggles with student loan debt as he unveiled a plan Wednesday that could give millions of young people some relief on their payments<\/strong>.<\/p>\n

Speaking at the University of Colorado Denver, Obama said that<\/p>\n

he and his wife, Michelle, together owed more than $120,000 in law school debt that took nearly a decade to pay off. He said that sometimes he’d have to make monthly payments to multiple lenders, and the debt meant they were not only paying for their own degrees but saving for their daughters’ college funds simultaneously. <\/p>\n

"I’ve been in your shoes. We did not come from a wealthy family," Obama said to cheers.<\/p>\n

Obama said it’s never been more important to get a college education, but it’s also never been more expensive. Obama said his plan will help not just individuals, but the nation, because graduates will have more money to spend on things like buying homes.<\/p>\n

"Our economy needs it right now and your future could use a boost right now," Obama said.<\/p>\n

Obama’s plan will accelerate a measure passed by Congress that reduces the maximum required payment on student loans from 15 percent of discretionary income annually to 10 percent. He will put it 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. <\/p>\n

He will also allow borrowers who have a loan from the Federal Family Education Loan Program and a direct loan from the government to consolidate them into one. The consolidated loan would carry an interest rate of up to a half percentage point less than before. This could affect 5.8 million borrowers.<\/p>\n

Student loans are the No. 2 source of household debt<\/strong>. The president’s announcement came on the same day as a new report on tuition costs from the College Board. It showed that average in-state tuition and fees at four-year public colleges rose $631 this fall, or 8.3 percent, compared with a year ago. Nationally, the cost of a full credit load has passed $8,000, an all-time high\u2026 [emphasis added<\/em>] <\/p>\n<\/blockquote>\n

Inserted from <CBS<\/a>><\/p>\n

Of course some will say that this is not enough, and they will be right when they do.  If people want more, they need to give Democrats a majority in the House and a filibuster proof majority in the Senate.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

Barack Obama is rolling back the regulations under which students are required to repay student loans  Although it took him far to long to realize that Republicans will accept no compromise short of cave-in, he is finally doing what he can to help some of the people lambasted by the Republican Recession and locked out […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-6217","post","type-post","status-publish","format-standard","hentry","category-politics","category-5-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/6217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=6217"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/6217\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=6217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=6217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=6217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}