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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Posted daily or weekly on BLADE 7184 until Election Day!

WTF Has Obama Done? - Issue No. 002 - Health Care Reform

Yesterday we looked at funding and targeted actions involving Civil Rights issues the President achieved over the last 3 years.  We will be going back to that in the future, but today we will focus on Health Care Reform.

As you are aware, not many republicans are happy with the Patient Protection and Affordable Care Act / Health Care and Education Reconciliation Act of 2010, but unbeknownst to many of  you, it has actually helped save hundreds of lives already.  Patients with cancer or other pre-existing conditions are now being seen, when they were never given the opportunity to begin with.  Hell, Ron Paul is telling us we need to find a local church that can offer us healthcare assistance. As if churches could give every American money.  If that was the case we would all be going to church on Sundays.

We will go back to "Obamacare," as Republicans like to call it, at a later time.  For now let's focus on WTF-4...

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Requiring large employers to contribute to a national health plan. - During the campaign, President Barack Obama said that large employers would have to offer their workers health insurance or contribute toward the costs of a national plan. This type of requirement is usually called an employer mandate.

But the final version of the health care law requires a contribution from employers, but it's not a straightforward mandate. Instead, the law states that large employers have to pay fines if any of their workers qualify for public subsidies. [Reference]

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Requiring insurance companies to cover pre-existing conditions. - Requiring insurance companies to accept people with pre-existing conditions is one of the cornerstones of the health care reform bill passed by Congress and signed by President Barack Obama on March 23, 2010.

The issue is addressed in Section 2704 of the bill, which states very clearly, "A group health plan and a health insurance issuer offering group or individual health insurance coverage may not impose any pre-existing condition exclusion with respect to such plan."

And Section 2705 spells the prohibition out in even more detail:

"A group health plan and a health insurance issuer offering group or individual health insurance coverage may not establish rules for eligibility (including continued eligibility) of any individual to enroll under the terms of the plan or coverage based on any of the following health status-related factors in relation to the individual or a dependent of the individual: health status; medical condition (including both physical and mental illnesses); claims experience; receipt of health care; medical history; genetic information; evidence of insurability (including conditions arising out of acts of domestic violence); disability; any other health status-related factor determined appropriate by the Secretary." [Reference 1, Reference 2]

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Requiring health plans to disclose how much of the premium goes to patient care. - Under section 2718, health insurance providers are required to report how much they spend on payments for clinical coverage, activities that improve health care quality, and "all other non-claims costs." The provider must also include an explanation of the nature of these costs. The law mandates that the information be available on the Department of Health and Human Services website.

Starting in 2011, companies that provide insurance for the small group and individual market must issue rebates if they do not spend at least 80 percent of the premium revenue on medical care. For the large group market, the threshold is 85 percent. The rebate amount is based on the premium revenue and by how much the provider falls short of the prescribed thresholds.

We wanted to point out this additional proof that President Obama kept his promise. The rating remains unchanged. [Reference]

Please make sure to read Issue No. 002 tomorrow as I continue with  
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