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Sen. Charles Grassley, R-Iowa, said students would prefer getting such critical financing from a banker they know rather than from anonymous bureaucrats. "I don't see how the students of this country are going to get the same service out of four call centers as they get from their individual banks," he said.
The new law will make it easier for borrowers to repay their loans if they take low-wage jobs, by capping monthly payments at 10 percent of their income -- down from 15 percent now. In addition, the new law would cancel any debts that remain after 20 years; under current law, loan balances are forgiven after 25 years.
"I didn't stand with the banks and the financial industries in this fight. That's not why I came to Washington," the president said. "And neither did any of the members of Congress who are here today. We stood with you. We stood with America's students."
Originally posted by brainwrek
reply to post by GorehoundLarry
Even more unconstitional actions by this moron.
No one should be surprised.
Originally posted by brainwrek
reply to post by GorehoundLarry
Nothing in the Constitution grants the federal government the power to be involved in education, nor in lending for education.
You may not like it, but thats the way it is.
Originally posted by brainwrek
reply to post by GorehoundLarry
Nothing in the Constitution grants the federal government the power to be involved in education, nor in lending for education.
You may not like it, but thats the way it is.