Free Market Evaluation - Send us your resume and we will give you free feedback
Boston Bomber Appears in Boston Federal Court
Boston Bomber Appears in Boston Federal Court
Obama’s Executive Order on Immigration Unconstitutional
Obama’s Executive Order on Immigration Unconstitutional
sale of marijuanaNative American Tribes Divided Over Ability to Grow and Sell Legal Marijuana
sale of marijuanaNative American Tribes Divided Over Ability to Grow a...
Suspended Immigration Lawyer Identified as Suspect in DUI Accident
Suspended Immigration Lawyer Identified as Suspect in DUI Accident
Legal Job Listings

President Obama Signs Executive Order for Student Debt Repayment Caps

On Monday, President Barack Obama signed an executive order that lessens the college loan burden on five million young Americans. The order caps repayments at 10 percent of the monthly income for borrowers, according to The New York Times.

“These rising costs have left middle-class families feeling trapped,” Obama said. “You’ve got middle-class families who can’t build up enough savings, don’t qualify for support, feel like nobody’s looking out for them.”

Obama spoke about his own financial history when signing the order. He said that he and Michelle finished paying off their law school loans 10 years ago.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




“This is why I feel so strongly about this,” Obama said. “This is why I’m passionate about it.”

The order signed by Obama comes alongside a bill from Senate Democrats that permits 25 million borrowers to refinance their student loans at lower interest rates. The measure would be financed by taxing the wealthy.

“Everybody here knows it’s a partisan political stunt,” Senator Lamar Alexander of Tennessee. Alexande is the ranking Republican on the education committee. Alexander said that the bill will expand federal debt and raise taxes. He also said that it will offer loan-holders a $1 per day subsidy.

The order signed by Obama will take effect in December of 2015 to give the Education Department enough time to draft and institute new rules.

Arne Duncan, the education secretary, said, “We’ll figure that out the back end, but we think this is something that’d be fantastic for the economy. This is not about pointing fingers and laying blame. This is about mutual responsibility.”

Obama continued with, “It would be scandalous if we allowed these kinds of tax loopholes for the very, very fortunate to survive while students are having trouble just getting started with their lives.”

Obama was joined at his announcement by recent graduates who were indebted to their schools or banks for their education.

Want to clear you Student Debt soon? Check out for high paying jobs only on Granted.com

President Obama Signs Executive Order for Student Debt Repayment Caps by

Tagged: , ,

Posted by on June 10, 2014. Filed under Breaking News,Politics. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Legal Assistant / Secretary - Bilingual
USA-GA-Gainesville

~~Rapidly expanding General Law Firm seeking a Legal Assistant/Secretary to join our team at our Gainesville, Georgia location !  Our firm is a goal/target oriented, fast-paced environment with a...

Related Posts: