Wednesday, October 26, 2011

Obama Aims to Provide Relief to Student Loan Borrowers



OK, so I can't say that I'm not at least slightly disappointed with Mr. Obama's administration. But I can admit that I'm definitely not voting for anyone else...even if the nominees on the Right weren't all chock full of crazy.

And now President Obama made it even more clear that he's the one for me...

Via the Chicago Tribue:

President Barack Obama is taking steps to ease the burden of student loans, potentially helping millions of cash-strapped college graduates in a tough economy.

Obama plans to accelerate a plan to cap student loan payments at 10 percent of income, bringing it forward to start in 2012 instead of 2014.

"Steps like these won't take the place of the bold action we need from Congress to boost our economy and create jobs, but they will make a difference," he said in a statement.

Obama will announce the student loan measure in Denver later today as he wraps up a swing through western states that will be vital to his re-election campaign in 2012.

The loans initiative will be the third such move by Obama in as many days, following action to aid homeowners and boost hiring of military veterans. The White House wants to show he is an activist president battling a "do-nothing" Congress.

The loan changes do not require approval by Congress.

Americans owe more on student loans than on outstanding credit card debt, and total loans outstanding are slated to exceed $1 trillion this year, according to the Federal Reserve Bank of New York. Outside of mortgages, student loans are the No. 1 source of household debt.

The White House estimates the loan changes could cut monthly payments for 1.6 million graduates.

Student debt will also be forgiven after 20 years, compared with 25 years under current law.

6 comments:

DeepBlue said...

Happy for you, my friend. I hope this will bring a real substantial relief for you.
Take care!
Hugs
Jon

Writer said...

Happy Hump Day hugs to you too, Jon. And I SO hope this helps too. :)

Stan said...

This is great news.

Writer said...

Yeah. Hell, Stan, even my Mom called to make sure I heard about this. LOL

JamTheCat said...

Not to be a wet blanket, but I want to see him actually DO it (instead of just talk about it) before I believe him.

Writer said...

I know what you mean, Kyle. Any word? Has this actually been signed in yet?