Don't say I didn't tell you guys....

Guess what? The federal government took over the student loan program. Now all those banks that were willing to accept the risks haved been FORCED to turn over everything to the fed. What does that have to do with the ramblings of some? The student loan program now has $830 billion outstanding. That was private risk (some backed by the government) but now it is ALL taxpayer risk. That amount dwarfs the military budget. Can I get a HELL NO! from the lefties?

"The new law will eliminate fees paid to private banks to act as intermediaries in providing loans to college students and use much of the nearly $68 billion in savings over 11 years to expand Pell grants and make it easier for students to repay outstanding loans after graduating."

I think the banks are still free to loan all they want to students, only now it won't be guaranteed by the Feds.

Yes, all that and more. Down the line when you have millions of Americans owing 50 to 200 thousand dollars (think young person social security) the dems will say that if you don't vote for us then the GOP will certainly make you pay it back. (duh) However, if you take a bad job in a bad place or if you are the right race we can zero out what you owe us...just vote the right way.

Guess what? The federal government took over the student loan program. Now all those banks that were willing to accept the risks haved been FORCED to turn over everything to the fed. What does that have to do with the ramblings of some? The student loan program now has $830 billion outstanding. That was private risk (some backed by the government) but now it is ALL taxpayer risk. That amount dwarfs the military budget. Can I get a HELL NO! from the lefties? Originally Posted by john_galt

There was no "private risk" involved whatsoever. All those loans were backed by the feds and the program was nothing more than a Bush giveaway to the banks....Get your facts straight. This is actually one thing Obama has done right!

There was no "private risk" involved whatsoever. All those loans were backed by the feds and the program was nothing more than a Bush giveaway to the banks....Get your facts straight. This is actually one thing Obama has done right! Originally Posted by PSD

Errrr wrong, unsubsudized stafford loans are not backed by the government, only subsudized staffords are. UNSUB's are backed by the issuing bank, UNSUBS are also the type of loans that gave out the largest share of the aid. A students aid is a combination of any qualifying pell grant, a portion from a subsudized stafford loan and then a portian from an unsubsudized stafford. The amount in unsubsudized loans must be collected by the issuing bank so it is private debt, which the government has now assumed. Under the DL program the aid is a combination of Pell grants and subsudized staffords, and is all the responsibility of the government, they have eliminated unsub staffords taking private debt out of the equasion.

As a recipient I feel like I've been sold into slavery. It was against my wishes and now I have to plan a new pay off schedule with bad repercussions if I find myself in hock.

Galt;
Why would you be borrowing anything when you should be eligible for GI bill with your years of service?

Because the GI bill expires after 10 years, duh...

check these site out on which is the biggest departmen or spends the most money.
http://www.usgovernmentspending.com/#usgs302a

http://www.federalbudget.com/

The three biggies seem to be health and human services (welfare), Defense, and interest.

And notice that while the expected amount to be paid in 2010 on the military went down the amount for health and human services increased.

So Galt did you use all of your eligibility up during the 10 years?

How much did you cost us taxpayers for school anyway and what have you achieved with the money?

Was it a 10 government entitlement program paid for by taxpayers?

So Galt did you use all of your eligibility up during the 10 years?

How much did you cost us taxpayers for school anyway and what have you achieved with the money?

Was it a 10 government entitlement program paid for by taxpayers? Originally Posted by catnipdipper

Nipper, your really reaching with this one. This "entitlement" program is earned through years of underpaid military service. Anyone who has ever been in the military knows they are underpaid. The entitlement programs that most complain of are programs that give money and services to people who have done nothing to earn them. Big difference, I know you got a hard on for the Galtinator but play fair LOL.

DD I am a Vet too and I used the GI bill to add to my education after discharge.

There is just some stuff that doesn't add up like use of the GI bill, the accumulated credits and still going but borrowing kinda makes me wonder I guess.

It was the midget N Korean Sub that really got my attention.

Hey bud its not the size of the sub............... lol