Obama expected to promise student loan relief (Student Loan Debt discussion)

**Meresgi** · 2014-06-08 22:32

Figured why not put up a thread in here about student loan debt and how FUCKED most of our country is after graduating currently.

http://money.cnn.com/2014/06/08/pf/c...html?hpt=hp_t2

President Obama will announce on Monday an expansion of a program that helps student loan borrowers manage their debt, a White House official said.
The official said Obama will expand the criteria for an alternative repayment program, which caps monthly payments for certain federal student loans at 10% of a borrower's discretionary income.

Havn't begun to pay mine back yet as I put them in deferment while getting my B.S. Thankfully B.S is 100% free.

Hopefully this fix isn't like the bullshit fix he did with the Pell Grants. Fucking over students to help reign in the fact that there are so many predatory colleges who just consume Pell Grants like a fat man consumes donuts. Better come down hard on the students though and not those colleges...since the colleges are all backed by Goldman Sachs and friends.

**notorious bum** · 2014-06-08 23:32

10% of nothing is still nothing. I'm sure so many students are going to be relieved lol

**Abandon** · 2014-06-08 23:37

how bout they put a limit on how much fucking money these schools can charge kids to attend? there's a fucking start

**Mertron** · 2014-06-09 01:02

Originally Posted by Abandon

how bout they put a limit on how much fucking money these schools can charge kids to attend? there's a fucking start

paper is expensive man

**Abandon** · 2014-06-09 01:03

fuck out of here

**Moridam** · 2014-06-09 01:13

i wish it were possible for me to believe that the obama administration were capable of doing anything to meaningfully assist debtors of any kind

unfortunately it is not, because this administration has, at every possible opportunity over the course of its terms, shown negative interest in doing so. the best case scenario is that whatever program they're planning to detail will be so narrow in scope that the net effect will be effectively zero. just pray this isn't some convoluted ploy to feed federal student loans to the private banking industry.

**Quicklet** · 2014-06-09 01:35

just pray this isn't some convoluted ploy to feed federal student loans to the private banking industry.

one steps forward, three steps back. the american political cycle at its finest.

**Acevalefor** · 2014-06-09 01:51

There will be nothing meaningful done to curb student debt until corporations stop sponsoring, and subsequently dictating to our government and writing their interests into law. There is nothing to gain as long as votes are bought and paid for by corporate lobbyists. If the whole WolfPAC/MayOne idea works and elected officials answer to the will of the people once again, they might--and I stress might--start thinking about their constituents drowning in debt. Alternatively, if/when the student lending as it stands right now causes another financial meltdown, that will force the hand of the government. Which way the hand will swing is up for debate.

**archibaldcrane** · 2014-06-09 01:58

The unemployment rate for someone with a bachelor's degree over the age of 25 last year was only 4%, and they made on average $1100/wk.

http://www.bls.gov/emp/ep_chart_001.gif

Strive for the median, and "drowning in debt" kinda solves itself, right?

**BaneTheBrawler** · 2014-06-09 02:14

the thing is, if everyone strives for the median, the median moves.

**notorious bum** · 2014-06-09 03:04

The median wages don't mean shit if you're only going to include full-time jobs and salary. Even then, those numbers are suspect as fuck without degrees. Gotta be pre-tax figures, which makes everything look not as bad as they are.

**Xantavia** · 2014-06-09 03:06

Originally Posted by archibaldcrane

The unemployment rate for someone with a bachelor's degree over the age of 25 last year was only 4%, and they made on average $1100/wk.

http://www.bls.gov/emp/ep_chart_001.gif

Strive for the median, and "drowning in debt" kinda solves itself, right?

Read the chart a little closer. Earnings are strictly for those working full-time. Of the 96% of people with a bachelors, I would like to see how many of those have a full-time job vs. working minimum wage for 25 hours a week.

**Quicklet** · 2014-06-09 03:13

That data's not exactly cause for optimism.

Edit: Looks like someone beat me to it. Also keep in mind that the median wages for full-time are going to be skewed higher than the group we're talking about because the data includes people all the way up to age 54 at least, maybe even anyone who's not retired.

**Aksannyi** · 2014-06-09 04:34

Okay that chart made me laugh, I make less than the "less than a high school diploma" people. I'm honestly sure that my student loans are never going to be paid off.

If I actually made what people with an Associates degree made then that would solve a lot of my problems. I know that's the median and cost of living/wages are all over the place in this country, but that really skews things. Badly. If they're looking at that when making any sort of decisions then they're hopelessly out of touch, more than I thought they were.

**Headspace** · 2014-06-09 07:55

I just want to be able to refinance my loans to an interest rate comparable to what students now can take out. No reason a loan that can't be gotten out of by declaring bankruptcy has a 6.8% interest rate in comparison to home and auto loans.

Bachelors students have it nice. Congress doesn't offer pell grants for graduate students and just before I started they got rid of all subsidized loans for graduate coursework. Less financial aid options for classes that are 3x the price. A class in my undergrad was $500 at most. I'm paying over $500 per credit hour now.

The amount that schools can charge because it's free money to them has to be fixed, absolutely. But allowing some of the burden of the debt to be relieved by people already trying to pay them off will help the economy by giving them extra money to spend, invest, or move to a more desirable market.

**Grey Jorildyn** · 2014-06-09 08:03

How in the fuck do you survive on $472 with two kids?! Mind-blowing.

I am hoping something gives here but not holding my breath. Student loans are a major contributor to what holds this country back in general. I am thankful I have two good-paying jobs but making ends meet is always tough when you're always in debt.

**Sepukku** · 2014-06-09 08:08

Originally Posted by Grey Jorildyn

How in the fuck do you survive on $472 with two kids?! Mind-blowing.

I am hoping something gives here but not holding my breath. Student loans are a major contributor to what holds this country back in general. I am thankful I have two good-paying jobs but making ends meet is always tough when you're always in debt.

P. sure our tax dollars are feeding most of those single-parent families in the 'less than HS diploma' bracket.

**wipers** · 2014-06-09 08:09

Originally Posted by Sepukku

P. sure our tax dollars are feeding most of those single-parent families in the 'less than HS diploma' bracket.

You rang:

**Waraji** · 2014-06-09 08:10

Except those Tax Dollars aren't coming from the interest you're paying on them loans. Them bankers laughing all the way to... :l

**Aksannyi** · 2014-06-09 08:13

Originally Posted by Grey Jorildyn

How in the fuck do you survive on $472 with two kids?! Mind-blowing.

I am hoping something gives here but not holding my breath. Student loans are a major contributor to what holds this country back in general. I am thankful I have two good-paying jobs but making ends meet is always tough when you're always in debt.

My kids don't live with me. I swear I need to add that to my sig or something. Also, you did notice that's weekly income, right? I live on about $1700/month. $472/week is sufficient around here. I'm certainly not living large, but it's above the poverty line.

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