Obama Puts Cap On Student Loan Payments [GLENN REACTS]
With his Executive Pen, President Obama has put a cap on student loan payments. It caps loan payments at 10% of income. Any balance remaining after 20 years would be completely forgiven. Let's not forget the sweetheart deal for government employees: Any remaining debt is forgiven after 10 years for them.
Here are my thoughts:
5) You thought tuition was high before....now wait and see. Rising tuition and electric bills coming are way...Another Executive Order (EPA).
4) It'll save students about 15 hundred dollars a year. Coincidentally that's how much Obamacare costs.
3) So if you didn't have kids, get ready, you'll be taxed to pay off the loans. I see your waiting for the punchline....Sorry there isn't one here.
2) You get a student loan for a full ride then tell your child to send in 20 bucks a month until they're 45. Nothing could possibly go wrong with that.....except personal responsibility.
1) This will help the economy. Everyone who's been saving for their kid's college is going to cash in the account and start to spend spend spend.
I guess in the words from the woman from Michigan, we'll get it from Obama's stash.