Repost: Student Loans: Repayment based on income under new plan available July….some payments totally waived…after 25 years debt erased

REPOST: To learn if you qualify for Income Based Repayment or Public Service Loan Forgiveness programs, visit the following Web sites: ibrinfo.org and StudentAid.ed.gov run by the U.S. Department of Education.

Your Money- Sandra Block:

Starting July 1, borrowers will have a new option: a repayment program that caps monthly payments based on income. It targets borrowers who would have a hard time paying basic living expenses if they had to make standard monthly payments on their loans, says Lauren Asher, acting president for the Project on Student Debt.

Under the income-based repayment program, such borrowers will never have to spend more than 15% of their discretionary income — an amount based on federal poverty guidelines — on student loan payments.

Most who qualify for the program won’t spend more than 10% of their income on student loans. Those whose income falls below 150% of the poverty level (see box) won’t be required to make any payments, Asher says…

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June 8, 2009. Tags: , , , , , , , , , , , , . Department of Education, Economy, Finance, Labor Department, Music, Obama Administration, Politics, Popular Culture, Taxes, Uncategorized, Unemployment Statistics. 1 comment.

Arne Duncan, Secretary of Education, on Team Obama College Loan Plans, charter schools, merit pay for teachers…

Vodpod videos no longer available.

…increasing Pell Grants by 94 million over next few years, taking subsidies from banks and giving them to students….He says they will reform FAFSA application for next Fall, that would be an improvement for sure….

Insight on how President Obama’s administration plans to spend a record $5B to transform schools, with Arne Duncan, U.S. secretary of education.

more about “Arne Duncan, Secretary of Education o…“, posted with vodpod

April 20, 2009. Tags: , , , , , , , , , , . Department of Education, Finance, Obama Administration, Uncategorized. 1 comment.

Breaking: Senate passes $410 Billion Omnibus…Amendment to save DC Vouchers fails….Sessions e-verify amendment fails…

Update; Looks like Alexander voted yes, Wicker MS, Murkowski AK, Bond MO, Cochran (R-MS),  Shelby (R-AL), and the usual suspects,
Snowe (R-ME), Specter (R-PA),

Collins,R- ME, VOTED NO!! so did Dems Baygh of Indiana (our pick for HRC VP), and Feingold WI, McCaskill MO of all people voted nay, but Reid got the MO GOP senators to vote aye to cover her axx,

The Corner has it. Also Amendment votes:

Update: Sen. Jeff Sessions’ (R-Ala.) amendment on e-verify also came very close — it was tabled on a 50-47 vote. By contrast, the amendment to save the District of Columbia’s Opportunity Scholarship program was soundly defeated.

The cloture vote will be available here in a few minutes.

What total hypocrites the Obamas are if they let those kids at Sidwell lose their vouchers when their own daughters attend that school and Teh One had a scholarship to an exclusive Hawaiian Prep School which just today he credited for having given him the ability to hold his office…. and I have to believe Obama could have called Durbin of all people his former co Senator of Illinois and had him table the bill…just wrong..

March 10, 2009. Tags: , , , , , , , , , , , , , , , , . Department of Education, Economy, Finance, Music, Obama Administration, Politics, Uncategorized. 1 comment.

Economic Stimulus Update: AZ stimulus showdown: Political Dueling for a Fistful of Dollars or a Few Dollars More

govbrewerOur GOP branches are arguing and trying to throw each other under the bus over the stimulus here in AZ.

The State Legislature accuses the Governor of having deliberately cut the most ‘sensitive’  areas of services  to arouse voter anger and pushback so that the GOP legislature will be unable to fight her secret wish to take lots of money from Team Obama.

The Governor says not I! I merely began making the cuts you legislators legislated….

and the “really good news” they reported as a headline in our local media is that now that our Unemployment rate has jumped to 7.01% we are eligible for even more federal handouts! Gee it’s great to have your economy collapse! Let’s all be unemployed! What is wrong with these people?!

East Valley Tribune:

Republican lawmakers are off base in criticizing agency chiefs for cutting services to the poor, Gov. Jan Brewer said Wednesday.

Brewer told Capitol Media Services it should have come as no surprise that the Department of Economic Security, the Department of Health Services and the Arizona Health Care Cost Containment System all announced that they would be eliminating certain programs. That followed mandates by the Republican-controlled Legislature to each of those agencies to cut spending by millions of dollars to help balance the state budget.

Senate Majority Whip Pam Gorman, R-Anthem, was particularly critical of the cuts by DES. That agency reduced by 1,100 the number of beds in homeless shelters it would fund and eliminated services for 5,000 people who are developmentally disabled.

DES also eliminated subsidized child care for 20,000 low-income families, a cut that Brewer restored Wednesday.

“When you are taking cuts that look to any observer to be the last place that you should be looking for cuts and actually it’s on your first pass, you have to think to yourself, why would they do that?” Gorman said. “So our only guess is that it’s politically motivated – not politically in the terms of Republican versus Democrat – but in terms of creating a grass-roots campaign if you will to stave off any cuts.”

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March 2, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , . Art, Department of Education, Economy, Film, Foreclosures, Healthcare, Housing, Labor Department, Music, Obama Administration, Politics, Popular Culture, Uncategorized, Unemployment Statistics. Comments off.

Important Update: Budget: Student Loans…

From a savvy commenter and we thank them!!!! It is NOT the total private lending being affected, that apparently continues with its insane lack of caps on interest rates unabated, it is only FFEL a federally guaranteed partially subsidized through fees program being hurt, that seems counterproductive ? But then again the entire Obama Budget plan sounds counterproductive to me!

The excessively high interest rates you refer to are not part of the FFEL program. Those private loans would not be impacted by the budget proposal, and are free-market products. The FFEL loans have capped interests rates that fluctuate from one budget year to the other, as set by Congress, but have been in the single digits for several years.

The savings by eliminating FFEL are direct subsidies to lenders who risk financial loss by defaulted loans due to the narrow profit margins mandated by the interest rates capped by Congress.

There are those who argue that FFEL is actually cheaper for the taxpayer than direct lending because of the borrower-education and default aversion programs that that FFEL participants provide that is practically non-existent in direct lending, resulting in fewer loans going bad. Depends on whose numbers you are looking at.

HUGE GINORMOUS CHANGES TO STUDENT LOANS IN THE BUDGET!!

Via BondBuyer.com:

The $3.55 trillion budget request, which was summarized in a 134-page overview released yesterday, would also phase out the Federal Family Education Loan program and require all new student loans to be originated by the Department of Education and financed with Treasury borrowing. That action would effectively kill the market for federally guaranteed student loans, municipal market participants said.

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February 28, 2009. Tags: , , , , , , , , , , , , , , , . Cabinet, Department of Education, Economy, Finance, Hillary Clinton, Music, Obama Administration, Politics, Popular Culture, Uncategorized, Wall St. 6 comments.

Stimulus Update: Reach Out and Touch Someone….

call your Congress Critters!

dont cut education!!

To say GET EDUCATION BACK IN THE BILL call these fools:

Your Congress Critter, email them here

Your Congress Critter in the House call them here

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February 9, 2009. Tags: , , , , , , , , , . Department of Education, Economy, Film, Foreclosures, Music, Obama Administration, Politics, Popular Culture. Comments off.

Bumped: Stimulus Update: Gang of Old Senators Steal Childrens’ Futures and Charge Them For It…

I am in the unenviable position of agreeing with the Mrs. Rev. Lovejoy…

Remember for a moment if you can, like we at MiM can,  growing up in the 70s: the inflation, the gas lines, the CARTER..now think of that 1 trillion times worse..now there are no jobs because government has crowded out the private sector…that is what our kids may face..can we give them a damn school that has no asbestos to learn in on the off chance they get the opportunities in life we had??

The pathetic excuses for leadership that call themselves Senators and claim to represent the children of Maine, Ohio, Nebraska and Pennsylvania have conspired with Rahm Emanuel ie the White House to cut 65 Billion out of all that money, and chose education to take the hit..

The best is the way Susan Collins R ME is PROUD of herself for cutting most of the money from the children’s only break they get in this porkwrapped tax on they and their progeny..

All to make the porkulus look better, selecting not the Money going to Chicago to build a futuristic green machine, but the money from the children who they plan to stick with the bill for their spending..they gutted the money from School Construction and School Nutrition.

That’s one less salmonella tainted peanut butter sandwich for you Oliver..

Yeah we wouldn’t want to encourage CONSTRUCTION would we? We want jobs. Uhm yeah construction IS jobs, but you know Mayor Daley and Obama want their Chicago Earmark, and we cant have anyone looking there so this is better..

Obama SOLD this as INFRASTRUCTURE with his Tale of Woe for the poor little schoolhouse with no repair since Lincolns Day, everyone remember that? Well, Team Obama wants to forget it. Don’t let them.

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February 7, 2009. Tags: , , , , , , , , , , , , , , , , , , , , . Department of Education, Economy, Entertainment, Fantasy, Film, Finance, Music, Obama Administration, Politics, Popular Culture, Sci Fi. 2 comments.

Travellin’ Tom Daschle or Been Around the World and He He He, He Don’t Pay His Taxes…….

Travellin Tom didn’t declare any of these jet rides, expense free vacations/’gifts’/international lobbying trips which at first glance certainly appear taxable and the IRS and Feds have been investigating the outfit for various other issues…in the immortal words of Cole Porter for Team Obama (who now play it in lieu of Hail to the Chief)…s’wonderul? s’marvelous? s’frakin ridiculous!…

It’s as if he deliberately set about violating every conceivable aspect of paying income taxes:f he took invalid charity deductions,  failed to declare as in kind payment gifts from charities he lobbied for-vacations and jet rides, failed to notice he hadn’t declared over 80,000 in ‘consulting’ (ie LOBBYING) income, didn’t declare the car/driver as income, didn’t pay the Medicare taxes on said driver….and the topper, he lobbied for pharma companies..PHARMA! How can you be head of HHS and not handle a conflict of interest there? it was within the past 2 years…

From WSJ:

People familiar with Mr. Daschle’s case said the question involves two flights he took aboard EduCap’s corporate jet to vacation destinations to speak with members of the board of directors of the Academy of Achievement, a related organization. In February 2006, Mr. Daschle flew to the academy’s annual retreat in the Bahamas. The next month, he flew with academy officials to Jordan, Egypt and Israel to scout out sites for the group’s international awards ceremony. While there, the delegation met with Jordan’s King Abdullah and Israeli minister Ehud Barack, said Daschle spokesman Jenny Backus.

Which part of this had to do with student loans exactly?

Under federal tax law, individuals involved with a charity aren’t allowed to take anything of personal value from the charity that isn’t connected to the charity’s core mission.

-snip-

The Internal Revenue Service has examined whether EduCap, a Sterling, Va.-based nonprofit student lender, was following its charter. EduCap also faces a separate Finance Committee probe into whether the charity, which has spent money on an expensive jet, it abused its status as a charity.

February 2, 2009. Tags: , , , , , , , . Cabinet, Department of Education, Music, Obama Administration, Politics, Popular Culture. Comments off.

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