WTF Has Obama Done? - Issue No. 009 - Education: College

Only 3 years in office, President Barack Obama has achieved more in Education than any other President in the last 40-plus years.  In these 3 years he's covered 5 broad policies, 13 funding initiatives which include programs and grants, and 10 targeted actions - all for our children and college students.  And need I remind you? HE'S ONLY BEEN IN OFFICE 3 YEARS!

Don't let them lie to you, it's the truth!  No matter how hard they try and convince you otherwise, the facts are there.  I have included excerpts and references down below, and if you find them to be false, please let me know.

Today I will cover 3 broad policies in reference to college education.

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Enacted largest reform of student aid in 40 years.

Instead of private banks issuing loans guaranteed by the government, the government will now become the originator of the loan.

The change will eliminate private banks as “middlemen” in the loan process and will save the US government about $68 billion dollars over 11 years, according to the White House.

Eventually, students with federal loans will qualify for better repayment terms. Part of the legislation signed today also improves repayment terms first enacted last summer. Loan payments will be capped at 10 percent of a student’s disposable income (it’s currently 15 percent) and any debt remaining after 20 years will be forgiven (the current threshold is 25). For public servants – including teachers, nurses, or members of the armed forces – that cap is 10 years.  [Reference-1]

The change reflected in the new law represents a significant loss in what has been a $70 billion business for the banking industry. [Reference-2]

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Health Care and Education Affordability Reconciliation Act of 2010.

"For a long time, our student loan system has worked for banks and financial institutions. Today, we’re finally making our student loan system work for students and our families.  But we’re also doing something more.

From the moment I was sworn into office, I’ve spoken about the urgent need for us to lay a new foundation for our economy and for our future.  And two pillars of that foundation are health care and education, and each has long suffered from problems that we chose to kick down the road.

With the bill I signed last week, we finally undertook meaningful reform of our health care system.  With this bill, and other steps we’ve pursued over the last year, we are finally undertaking meaningful reform in our higher education system.  So this week, we can rightly say the foundation on which America’s future will be built is stronger than it was one year ago." - President Barack Obama

The Act will also invest savings in Historically Black Colleges and Universities and Minority Serving Institutions. [Reference]

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Established President’s Advisory Council on Financial Capability to assist in financial education for all Americans.

On January 29, 2010, the President signed Executive Order 13530, to help keep America competitive and assist the American people in understanding and addressing financial matters, and thereby contribute to financial stability, it is the policy of the Federal Government to promote and enhance financial capability among the American people. Financial capability is the capacity, based on knowledge, skills, and access, to manage financial resources effectively. In order to develop this capacity, individuals must have appropriate access to and understanding of financial products, services, and concepts. Financial capability empowers individuals to make informed choices, avoid pitfalls, know where to go for help, and take other actions to improve their present and long-term financial well-being. [Reference-1, Reference-2, Reference-3]

As promised, I will come back to this topic in another issue.  Please make sure to read the next issue, Issue No. 010 - Education: Children as I continue with
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