Conservative Bytes: Obama Planning Student Loan Payoff to Buy Election?

[Patricia M. McBride]

Government has once again created this problem by injecting themselves into the student loan program thereby increasing the costs, and now as a solution, Obama may use it to win votes for himself by sticking the taxpayer with the bill.  In essense, even if you would not give this man a dime for his campaign, he may be about to reach out and steal it out of your pocket anyway.  Many people lost their jobs when Obama took this over (and here in Jacksonville I know of roughly 150 people who lost their jobs over this power grab), and now that the costs to the students have been run up due to a bill passed by the democratic congress in 2007 which increased the interest rates on student loans, students are seeing huge increases in the amount they owe.  Our federal government at it's finest.

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April 25, 2012

Obama runs student loan program.  Laying this off on Congress?  Obama took over the student loan program from private sector banks! You young people need to know this.  Barack Obama and the federal government run the student loan program.

And, by the way, what is it? Defaults on the student loans are at a rapid rate, but if you hang on long enough, isn’t…? Oh, I forget this.  After so many years, isn’t the student loan just wiped off the books? I forget how many years it is.  Don’t quote me on that.  I might have that wrong.  What would college costs be — would it cost less — if illegal aliens had to pay out-of-state tuition rates?  There are a lot of factors in why tuition goes up. You young people ever noticed that price of gas goes up a dime and everybody raises hell.  The price of contraception goes up and everybody really raises hell.  Price of milk goes up and mothers raise hell.  The price of tuition goes up, and nobody raises hell, except the students.

But government never gets on education for overcharging its customers.

Read more here:  http://conservativebyte.com/2012/04/obama-would-rather-forgive-stud...

[tamara stephenson]

Patricia, as someone who paid back over $75,000 in student loans, I can assure you, it never goes away.  You cannot declare bankrputcy; it is there always until you pay it off.  I took out a loan through a private bank with federally insured funds.  At the time, my interest rate was 9% (this was in 1995 when interest rates were much higher).  the servicer of my loan, a bank out of Pennsylvania, was truly the worst loan provider ever.  There was no way to get an amortization.  When I would pay extra on the principal, unless I wrote a separate check, put it in a separate envelope, and then marked it PRINCIPAL ONLY, any extra monies went to interest, and that was no help at all.  The amount of mmoney that bank made off of me for ZERO service was atrocious.  And oh by the way, once you consolidated your loans (meaning, you take out a loan once a year, and at the end, instead of having 4 different loans, you refinance into one giant loan), you could never refinance that loan.   so, in 2008, i was still paying 9% interest.  Nothing could be worse than the private banks, nothing.  So, if the fedeeral government (who supplies the money, by the way), wants to cut out the middle man, have at it.