Student loan forgiveness program poorly designed

You have to hand it to President Obama: He sure does do a good job of socking it to the folks he claims to be helping.


http://washingtonexaminer.com/new-ed...rticle/2548961

New Education Department rules help elite college students at the expense of poor and minorities
GOV. BOBBY JINDAL • | MAY 28, 2014 | 6:00 AM

Tuesday marked the end of the comment period on the Education Department's proposed new “gainful employment” regulations. While the administration says it wants to expand educational opportunities, the proposed rules would target community colleges and for-profit colleges -- institutions that educate disproportionately poor, minority, and working-class Americans.

But even as the administration imposes new burdens on schools educating non-traditional students, the Education Department would exempt all four-year colleges from the new rules. It creates a very simple bottom line: The proposed regulations will discourage these non-traditional schools from taking chances on students, and programs, that many elite schools wouldn’t even bother considering in the first place.

Compare that attempt to decimate opportunities for non-traditional schools and students with the taxpayer largesse lavished on many elite universities. Last month, the Wall Street Journal reported that enrollment in certain types of student loan repayment plans soared by 40 percent in just six months. These plans, revamped and enhanced by Obama in 2011, cap graduates' repayment plans at a percentage of discretionary income, and forgive all outstanding loan balances in 20 years -- or 10 years for those in public service, as defined by the government.

The Journal also highlighted how elite professional schools are helping their graduates pay back their own student loans, until the federal government forgives their debt entirely. Until recently, Georgetown University’s law school website bragged that “public interest borrowers might not pay a single penny on their student loans — ever!”

It’s nice work if you can get it. Georgetown — with an endowment of “only” $1.3 billion — spent $2 million covering the student loan payments of 432 law school graduates, an average of $4,629 per graduate. After 10 years at that average amount, Georgetown would have repaid the federal government less than what one year’s worth of law school tuition costs now. But the federal government would forgive all the remaining debt — leaving both the borrower and the institution off the hook for loan balances that could remain in the six figures.

Georgetown’s law school dean claimed that his school’s publicly stated policy of allowing students not to repay a dime in loans until the federal government forgives them outright “doesn’t influence the prices the school charges its students.” If you believe that, I’ve got some land I’d like to sell you.

The message from this administration couldn’t be clearer. If you want to attend an elite professional school, you could end up having tens of thousands of dollars in student loan debt forgiven by your school — and the federal government. But if you’re a struggling African-American single mother relying on a certificate program at a for-profit school or a community college, and you like your current educational plan — under this administration, you have about as much chance of keeping it as you do your health plan.

This disparity in the way the administration treats different methods of higher education ranks high on the snob scale -- but it isn't just mere liberal elitism. It is tantamount to redlining educational opportunities for low-income and minority youths. The first programs to disappear under the “gainful employment” regulations will be the ones that try to give Americans their first rung on the higher education and career ladders. As we've just seen, elite law schools are doing fine -- it's certificate and two-year degree programs that would be hardest-hit.

These policies aren't just unfair -- they're also short-sighted. Right now in Louisiana, we have more good-paying jobs than we can find workers to fill them. To ensure our economy achieves its full potential, we need more of the technical training, certificate, and other programs that non-traditional institutions can help supply. That's why our budget includes a new $40 million higher education grant program, with a particular focus on giving workers the practical skills they need to succeed in today's global economy.

Certainly, many students at traditional universities are struggling with rising debt levels, especially as they struggle to find good-paying jobs in the Obama economy. And it is also true there are bad actors in the non-traditional education community. But, the answer to both of these challenges includes more competition and choice, not less.

Like Obama, I was fortunate enough to graduate from an Ivy League school. But unlike the president, I understand that the universe doesn't end at the gates of Harvard Yard -- and our nation's educational opportunities shouldn't either. I believe in public service, but when even the Brookings Institution calls the administration's student loan forgiveness program “poorly designed,” and warns it could cost tens of billions per year, it's time for us to reorient our priorities.

Obama should not just spend time and money subsidizing those already at the top of the career ladder, but should focus on creating opportunities for those just looking to get on the first rung.

I have no sympathy for those that have been duped into borrowing money in order to party for five years and end up with a diploma and a job that does not pay enough to service the money borrowed.

I have no sympathy for those that have been duped into borrowing money in order to party for five years and end up with a diploma and a job that does not pay enough to service the money borrowed. Originally Posted by The2Dogs

I agree, the little bastards should have to pay it back, even if their education was worthless - which many are.

Unlike yours, you fucking fraud.

Does you wife know what you're doing here? Is she listed on ECCIE in Israel, under ball busters!

Oh, that's right. You never lived in Israel. You have no wife. You have no balls.

You're a paper pussy, hiding behind multiple handles on a hooker board.

You are less than nothing.

With every passing thread, you reveal more about yourself...

I have no sympathy for those that have been duped into borrowing money in order to party for five years and end up with a diploma and a job that does not pay enough to service the money borrowed. Originally Posted by The2Dogs

I don't understand your lack of sympathy. You, yourself say that they were "duped" which means fooled. Considering that nearly our entire society tells young people the way to success (and this includes both Obama and Michelle) is get a college degree. Like global warming, this people have bought into something because there is very little public opposition.

If you read the article....the administration addresses problems that needed to be addressed. Imho

No difference than those that paid way too much for housing they could not afford and then turn to taxpayers to bail them and the banks out. Part of the problem in this nation is subsidizing the stupid.
Obama also said if you like your healthcare you can keep it, if you like your doctor you can keep them. How long before we are asked to bail out the healthcare system.

The sense of entitlement cause individuals to believe they should not have to work their way up from the bottom but to be able to jump into the middle and command a salary just because they have a diploma.

But, but, but, I have a liberal arts degree and cant find a job..........

Stupid is as stupid does.

Unlike yours, you fucking fraud.

Does you wife know what you're doing here? Is she listed on ECCIE in Israel, under ball busters!

Oh, that's right. You never lived in Israel. You have no wife. You have no balls.

You're a paper pussy, hiding behind multiple handles on a hooker board.

You are less than nothing.

With every passing thread, you reveal more about yourself... Originally Posted by Yssup Rider

Less than nothing..ooohhhh, that really hurt, coming from a faggot such as yourself.
By the way, you predicted my demise by the end of today - how's that going, you little pussy?

Let's see. You called me a faggot and a pussy.

That makes you a real man, right?

Please give me your wife's cellphone number. I probably fucked her when I was in HS.

Which is more than I can say for you, JF (fraud.)

I guess there's no rule against calling someone a faggot seventeen million times. (BTW -- I DID fuck your wife since you did... and she didn't make me sit in the corner afterwards... Dallas JAPS ... you're a cunt!)

Has anybody ever thought of holding Colleges and Universities accountable for what amounts to overcharging young Americans for a substandard product?

When a college like Harvard can produce an idiot like shameless Jackson Lee it is very obvious that most of these institutions are a sham.

When a college like Harvard can produce an idiot like shameless Jackson Lee it is very obvious that most of these institutions are a sham. Originally Posted by The2Dogs

Once you get in, you've got it made. It is probably so easy to graduate from an Ivy League school that you could randomly select 10 inner city students with dubious credentials but with internal enthusiasm and external money and they would all get their degree. It should be tried.

Any one know any one who paid back their student loan.

Once you get in, you've got it made. It is probably so easy to graduate from an Ivy League school that you could randomly select 10 inner city students with dubious credentials but with internal enthusiasm and external money and they would all get their degree. It should be tried. Originally Posted by Jewish Lawyer

.. and then you might even get "promoted" to the law review.

Any one know any one who paid back their student loan. Originally Posted by i'va biggen

Yes