Obama To Promise Action on Student Loans

[eynon81]

[Mr.Bill]

I bought my house in the early 90's, with a 15 year mortgage... By 2006 or so it's estimated worth was $450k.. Damn what an investment eh?

Well the crash happened, and now I'd be happy to sell it for $250k.. Which would be about the break even point(original cost plus mortgage)..

Still a nice chuck of money for my retirement when I decide to sell.. Much better than nothing(if I had rented all those years).. But like all investments, it's a crap shoot.

[Winchester]

[Winchester]

[Mr.Bill]

90% chance I won't be buying again... We'll just rent, I'm tired of the maintenance and the maintenance cost of ownership..

When you are young I do understand the lure of owning your own house. It is one of the great events in one's lifetime.. But all my kids are gone, so between the maintenance, the heating costs for a house that's too big for us, and the taxes it's just an anchor now.

I'll just take the money we get when we sell, sock it away to help pay the rent, and/or use it to go on loooong vacations in the mountains, or NYC.. We're easy. Wouldn't mind doing one of the European River Tours also.. Good food...Wine... Perfect vaca for me..

[Saz]

1. This is HUGE for millions of borrowers. Something like 7 million
people are in default on their student loans, and this provides
immediate relief for them. Obama came through for us! This is why
voting matters, this is a life changing moment for millions of
borrowers. Personally, I'm a solid democrat now and will happily vote
democratic for years to come provided they don't go insane. f**k what
the republican say, no tax cut of their will save me as much money or
give me as much flexibility as what Obama has just done. FINALLY,
government working for the youth and future of this nation, rather
than giving handouts to spoiled whiny boomers.

2. Galt is clueless. Anyone who this this is a simple matter of paying
what you owe knows nothing about how student loans work. We don't get
the bankruptcy protections afforded to every other lender. We have
loans at 7%+ interest rates, when the government borrow for free, and
boomers can refinance their houses or cars for a fraction of that.
Many borrowers were not even 18 when they picked their college or
major and had to commit to massive debt for the chance at further
education. Only in America would we file rape charges against someone
who slept with a 17 year old, or press charges on someone that age for
having a beer, but then allow KIDS to take out six figure loans for
what is a legitimately necessary and socially beneficial function.
Only ignorant people like galt run around talking about paying what
you owe, oblivious to the complex and useful system of bankruptcy we
have to deal with those who can't repay what they owe. Only ignorant
people like galt run around laying blame at the feet of children
seeking to better themselves, meanwhile when idiot boomers buy a house
they can't afford it's Goldman sachs fault. I would love to hear a
f**k explanation for why interest rates are DOUBLE for student
loans despite the fact they still cannot be discharged.

3. School should be free anyway. A college degree is MANDATORY now for
just about any position, even positions that you ignorant people think
require only trade school. Its absurd that people have to take out 5
and 6 figure loans for a shot to be competitive in the work force.
Every other civilized country pays for the education of its young
people, because they understand it's an investment in the country's
future. In America, we get "state schools" that cost as much as a car
to attend every year, financed by loans at 7% that the government
MAKES billions of dollars off of annually. Don't ever forget we are
still getting f**k. Our "prize" is the luxury of paying a 10% tax
for 20 years for our education, something boomers got for free or
limited cost. That's better than before, but it's still shameful,
immoral and a drag on the economy.

4. This program is never going to go away, or be pulled out from under
borrowers. Obama's expansion confirms this. There are simply to many
people who now rely on it for it to ever be touched. Yea, of course
costs should be dealt with, but this is a great first step because now
it socializes what is societies problem, rather than forcing the young
and educated to carry what is societies burden. I have no doubt now
that everyone is subsidizing education, costs will start to be curbed.

5. This is going to be a huge economic boon. I can afford to save for
a house or retirement. I can afford to have kids before 40. I can
afford to take a lower paying job that is more enjoyable or socially
beneficial. This is the first step towards loosening the shackles on
an entire generation. Boomer power is slowly but surley fading and I
think this is just the first in a series of common sense policies that
will finally prioritize the future of this country rather than
focusing on old rich people. Take note, young people elected this
president and he has come through for us in a big way. We are taking
what is our and woe unto anyone stupid enough (republicans) to try and
roll it back. The chains are off and we are free to live and work
without the Sallie Mae bleeding us dry for an illegitimate debt. Free
at last, free at last! Thank god almighty, IM FREE AT LAST!

[John Galt]

[eynon81]

[Saz]

According to federal statistics, for example, about seven million of
the nation’s 40 million student loan borrowers are in default.

http://www.nytimes.com/2014/06/11/opini ... ef=opinion

[eynon81]