Obama to offer plan to aid students buried in debt
October 25th, 2011
01:01 PM ET
10 years ago

Obama to offer plan to aid students buried in debt

Washington (CNNMoney) - President Obama is expected to announce measures aimed at helping college graduates climb out of their student loan debt hole.

One of the proposals would push up the start date for more favorable terms on a special loan repayment program based on income, sources tell CNNMoney. Another measure would encourage graduates with two or more different kinds of federal loans to consolidate and refinance to get a lower rate on all the loans.


Filed under: Debt • President Obama
soundoff (23 Responses)
  1. Justin

    more Obamacare. Obama does care about people more then any of those GOP canidates ever would.

    October 25, 2011 01:08 pm at 1:08 pm |
  2. Rudy NYC

    I never understood why the Bush administration wanted to privatize the federal student loan program. The largest segment of private debt is not for homes or credit cards, but for student loans. Our kids got waxed by banks, and now they cannot find jobs.

    October 25, 2011 01:13 pm at 1:13 pm |
  3. Ed 1

    Go after the rich you think they should pay for everything for everybody what a joke you are.

    What happened for you work hard and buy things you can afford never mind they all look for the government for direction they can't balance a budget and spend more so why should we be any different.

    Go out and spend like there is no tomorrow because at the rate our government is spending there won't be a tomorrow for the United States of the Third World.

    October 25, 2011 01:22 pm at 1:22 pm |
  4. Wire Palladin, S. F.

    And the republicans jobs bill is, "no more abortions."

    October 25, 2011 01:22 pm at 1:22 pm |
  5. Obama/Biden 2012 -- Four more years of 9-10% unemployment, record foreclosures, record $1.3 TRILLION yearly deficits, runaway debt reaching $20 TRILLION

    I sure wish Obama would worry more about all the debt HE is running up and that WE will have to pay for!! Is there ANY group that this buffoon will not try to pander to? This clown has to go.

    October 25, 2011 01:25 pm at 1:25 pm |
  6. Sniffit

    GOP: "Unacceptable!!!! They have a harder time quitting if they get refused a raise or their benefits are attenuated if they're buried in debt!!!! Buried in debt is where their employers want them!!!! We can't have the next generation of labor negotiating with employers from a position of confidence and equal footing, let alone a position of strength!!!! They need to be desperate to take whatever table scraps are offered!!!"

    October 25, 2011 01:27 pm at 1:27 pm |
  7. Sniffit

    BTW, for exactly the reasons I snarked, I wouldn't be suprised to hear GOPers/Teatrolls tell us that crippling student debt helps create jobs.

    October 25, 2011 01:28 pm at 1:28 pm |
  8. boycott black friday

    both of those proposals are already available – what is new?

    October 25, 2011 01:30 pm at 1:30 pm |
  9. Love-My-Texas

    Here's a great way for Obama to help "aid students buried in debt". Start with the MILLIONS he has in his campaign war chest and share his wealth. After that "share the wealth" of folks like Pelosi, Kerry, Frank, Moore etc. They're all about sharing the wealth so lets share their wealth. Nothing better than showing by example, but of course we know none of these MILLIONAIRES would do that, now would they. They're all about everyone else sharing their wealth, but leave ours alone. HYPOCRITES!

    October 25, 2011 01:31 pm at 1:31 pm |
  10. Wire Palladin, S. F.

    Republicans will not like this. But, you have to admit that conservatives are soft on terror, tough on class warfare against the middle class and poor, supporters of unfunded programs to increase our national debt, and proponents of giving tax breaks to the wealthy and big corporations.

    October 25, 2011 01:43 pm at 1:43 pm |
  11. Rick McDaniel

    How long are the people going to tolerate this spendthrift, wasting OUR money????

    If students borrowed money for school, they should be obligated to pay it back! That is no different than any other debt.

    All the Democrats do, is give everyone a free ride, in exchange for votes. It is time Americans "man up" and pay their own way, in this world, and stop expecting government to bail them out of their bad choices.

    October 25, 2011 01:51 pm at 1:51 pm |
  12. Dean

    "BTW, for exactly the reasons I snarked, I wouldn't be suprised to hear GOPers/Teatrolls tell us that crippling student debt helps create jobs."
    Makes as much sense as Pelosi/fleatards stating unemployment benefits stimulate the economy and creates jobs.

    October 25, 2011 01:55 pm at 1:55 pm |
  13. Wire Palladin, S. F.

    Unlike billionaires, the unemployed spend their money, and it goes back into the economy. Do a little fact checking Dean.

    October 25, 2011 02:02 pm at 2:02 pm |
  14. Ancient Texan

    Does mean he's about to bail out the Hippie Clones on Wall Street? That's part of their demands, and Obama is already working on the demise to capitalism, so soon they'll be happy.

    October 25, 2011 02:05 pm at 2:05 pm |
  15. Scott

    I'm glad that it seems that the President is past giving a d@mn what the right thinks. I'm glad he's going right past them. They've had endless opportunities, and discussions ad nauseum to include them on fixing what is broken in the country. They've chosen to simply obstruct. Anyone claiming President Obama hasn't reached out to Republicans many times over the last 3 years, are themselves the "dope-smokers" that they call everyone else.

    October 25, 2011 02:05 pm at 2:05 pm |
  16. Sniffit

    "Makes as much sense as Pelosi/fleatards stating unemployment benefits stimulate the economy and creates jobs."

    Nobody argues that unless they misunderstand wha unemployment benefits actually do. What they do, particularly in a recessive economy, is help stabilize demand by giving peopel who have lost their income stream money to purchase necessities like groceries, gas, clothing, etc. By doing that, you not only avoid people/families having to destroy their life's savings and go into poverty, but you also help to stabilize the economy by preventing demand from shrinking further. THAT, in turn, helps prevent businesses, particularly small businesses, from being hurt by the recession and what would otherwise be a huge drop in demand and spending on the goods and services those small businesses offer. It thereby SAVES jobs and helps stop the economy from receding.

    MONEY TRICKLES UP, NOT DOWN. The sooner you fools realize and accept that, the sooner we can move on with fixing our economic system.

    October 25, 2011 02:09 pm at 2:09 pm |
  17. david bidlack

    dave from michingan ; lets see the house leadership has gone to a part time in session house of reps still getting full time wages and benifits! the just say no to everything republican leadership in the senate has decided that there is no point in doing anything for the problems facing this country because they plan to winn the next election at the expense of all americans! than there is rick perry who like most republicans are so drunk on the drug of more tax cuts for the rich that they think adding more to the big tax breaks given to the job exporters with a flat tax will somehow turn them into to job creators instead of job exporters! the american people need to pick up a websters dictionary or the web and look up the word " ARISTOCRACY" than they will understand the long term goals of the republicans and why they don't care if almost all the people will have to learn how to like eating cake!

    October 25, 2011 02:09 pm at 2:09 pm |
  18. Rudy NYC

    Rick McDaniel wrote:
    If students borrowed money for school, they should be obligated to pay it back! That is no different than any other debt.
    You still don't get it do you. They would love to pay it back, and as quickly as possible. The problem is that there no jobs out there so they can pay the loans back. Working at McDonalds to pay off your loan to get bachelor's degree doesn't cut make the ends meet.

    For example, Bank of America recently announced it was layoff something like 30,000 jobs in the US by the end of next year. But, guess what. On the other hand, Bank of America is currently proceeding with an aggressive recruiting campaign to hire part-time people in the US without benefits to fill what will probably be those exact same positions but at much lower hourly rates.

    October 25, 2011 02:14 pm at 2:14 pm |
  19. ConservaFASCISTS/TEAliban/TEAhadists

    When you have a Congress that isn't functional, you must step over them, and deal with the consequences later. The TEAhadists are playing roulette with the economy. They are finincial terrorists only interested in protecting the top 1%.

    October 25, 2011 02:18 pm at 2:18 pm |
  20. Love-My-Texas

    All Obama has to do is cut back on his golf games and vacations. The money saved just doing this would pay off most of this debt he's so concerned about.

    October 25, 2011 02:20 pm at 2:20 pm |
  21. Alec Richardson

    Paying back the debt wouldn't be a problem if college graduates can get a job..

    October 25, 2011 02:20 pm at 2:20 pm |
  22. Independent Voters

    President Obama trying to help students and all these republicans is for the ricjh people. President Obama going to win the young generation vote because if they see the republicans going to go against Obama plan they going to use this to say you went against the young generation to help ease cost for students loan.

    October 25, 2011 02:27 pm at 2:27 pm |
  23. Jack

    Personal responsibility is for wimps! Great leaders we have. Greece here we come.

    October 25, 2011 02:42 pm at 2:42 pm |