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Obama and Student Loan control?

Did I get wind of a sad, new Obama plan about government controlling all student loans? That he is trying to get the government to be the ONLY ruler of who and how much students can get? So much for banks staying in business - seems like he is overstepping them! Time to start stuffing the mattress! But, in all seriousness, how can banks who rely on interest from loans, keep giving interest on customers assets?

Has anyone else heard anything about this?

Also, if loans will become easier to get, and the government's idea for doing this will increase college undergraduate enrollment, doesn't this kind of level the playing field? What about working hard and healthy competition? your thoughts...

Answer Question
 
thundernlight

Asked by thundernlight at 10:18 PM on Sep. 22, 2009 in Politics & Current Events

Level 14 (1,383 Credits)
Answers (34)
  • God forbid people have access to college.
    bubsiclesmom

    Answer by bubsiclesmom at 10:20 PM on Sep. 22, 2009

  • The government already controls them, the banks just front the money so they can collect the interest and the government doesn't have to front their own money. What sucks here is we are now ALL paying for them instead of the banks putting up their own money for profit.
    Anonymous

    Answer by Anonymous at 10:21 PM on Sep. 22, 2009

  • Have you ever had a student loan? Almost all of them are Gov backed, always have been.
    By Ian Shapira
    Washington Post Staff Writer
    Friday, September 28, 2007

    President Bush signed into law yesterday a student loan bill that will provide more than $20 billion in federal aid to college students
    stacymomof2

    Answer by stacymomof2 at 10:24 PM on Sep. 22, 2009

  • spare me the weak attempt at sarcasm, bubsiclesmom. Show me where people do not currently have access to college?
    thundernlight

    Answer by thundernlight at 10:25 PM on Sep. 22, 2009

  • Yes, stacy. But Bush didn't cut out all lenders!
    thundernlight

    Answer by thundernlight at 10:28 PM on Sep. 22, 2009

  • Where this is going to bite us in the ass is the defaults. Right now the advantage of having private lenders write the loans mean it's THEIR problem when people don't pay them. They pay the collection agents, they pay the skip tracers, they, ultimately, take the hit if the loan ends up written off. With Obama's plan, that will all be 100% tax money. That means we all take the hit, we all pay the collection agents, we all finance tracking down all of the deadbeats who drop out and leave town without updating their address with the lender.
    NotPanicking

    Answer by NotPanicking at 10:30 PM on Sep. 22, 2009

  • seems like Obama, once again, is trying to control everything and cut out other businesses. He wants us all equal and under his wings. another socialist plan. hell, why not just ban private colleges and create all public universities the same? but, I guess that's the ONLY case I'd agree to the saying "Gee, give him time!" lol.
    Anonymous

    Answer by Anonymous at 10:31 PM on Sep. 22, 2009

  • thank you NP. I just do not understand how he can cut out other lenders!!!!
    thundernlight

    Answer by thundernlight at 10:33 PM on Sep. 22, 2009

  • Government Loan Application

    Name:_______________________
    Race:_________________
    Primary Language:____________
    Did you vote?______If yes, for who?_____________
    How much do you want?______________________
    Anonymous

    Answer by Anonymous at 10:39 PM on Sep. 22, 2009

  • Federal aid isn't just student loans. There are a lot of grants available.

    I think this is another power grab. Sure it seems basically harmless, but NOTHING this administration does will be harmless.
    yourspecialkid

    Answer by yourspecialkid at 10:39 PM on Sep. 22, 2009

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