Comments on: What did Obama say his plans for financial aid for college students?

By: Mike

Mike — Mon, 15 Feb 2010 16:16:22 +0000

you can never tell, he says one thing and does another, he flip flops on the same Speech, chances are he will say, interest rates are low, and that’s like financial aid and everyone can go to college cheap, if i can do it as a black american president from kenya, then nobody else has an excuse. or something like that, watch and see

By: pip

pip — Mon, 15 Feb 2010 13:53:03 +0000

he had proposed things such as being able to serve in some fashion (peace corp, military, etc… basically added more than just military to the list) for reimbursement, as well as an attempt to raise overall availability of financial aid and grants. Those are the types of things that usually come about latter in a term, not at the beginning so it will probably still be a bit till there is proposed legislation on the subject.

By: Spock (rhp)

Spock (rhp) — Mon, 15 Feb 2010 13:06:52 +0000

stop looking for a handout. What Obama said isn’t material — what Congress can pass is what counts.

***
as to what ’should be’ done — here’s my suggestion:

government loans for everyone who wants them for any recognized program of study. the amount should be ‘about’ $2500 per month.

repayment as follows — your personal income tax rate, for the rest of your life, goes up 1/8th of 1 percent for every month you’re in the program. no credits or rebates against this, ever. no minimum amount — you pay 1/8th of 1 percent of your entire adjusted gross income every year for the rest of your life for each month that you’re in the program. [no debt to heirs]. [if you get married, your rate and your spouse's rates are averaged. if you later divorce ... your rate returns to what it was, AND applies to any net assets you receive in the divorce.]

this tax can not be canceled or reduced in bankruptcy. it continues to apply even if you move out of the country or get into a no tax situation.

{note: four years of support at college equals a 4 percent of AGI tax obligation. If you go to law school on the program, it is 7 percent. etc.}

***
this scheme would, imo, impartially treat everyone. if you use the education provided to make a fortune, you’ll pay a lot in tax. if you later go into social work at poor pay, you won’t.

since the education can’t be returned or repossessed, the debt can’t be forgiven or canceled.

how does this sound?

By: carter_lansford

carter_lansford — Mon, 15 Feb 2010 12:51:33 +0000

Hopefully total loan forgiveness. That would be sweeeeeeet