Obama Student-Loan Plan Is ‘Fraudulent’
Obama Student-Loan Plan Is ‘Fraudulent’
Obama Student-Loan Plan Is ‘Fraudulent’
President Barack Obama’s push to lower student-loan payments in addition to forgive them five years sooner than new law needs is a “fraudulent solution” to the problem of rising college tuition, Rush Limbaugh said on his radio show Thursday. Obama’s plan would save graduates less than $10 per month, he said, quoting a magazine piece in The Atlantic.
“This is all a fraud,” he said. “It’s all about making the student-loan community think that he cares.”
According to The Atlantic, student loans have grown
from the 511 percent since 1999, plus 82 percent of the debt was taken on over the past decade.
“That is a stunning fact,” Limbaugh said. “So, here’s Obama now, out promoting a fraudulent solution, just like everything else he does is fraudulent. It’s all about
additional lies — it’s all about extra promises.”
Obama’s proposal will allow borrowers to consolidate all direct government loans, limit the amount of student-loan payments to 10 percent of graduate’s
earnings (the figure is now 15 percent), along with forgive the debt after 20 — it’s currently 25 — years.
“These student loans are going to end up costing the taxpayers anywhere between $800,000
in addition to $900,000 per student,” Limbaugh said. “The student during the loan repayment, if they make the payment, will save $8 to $10 maximum a month.
“Obama’s proposal was geared to getting the best headlines for the least amount of
budget,” he continued. “The taxpayers get screwed royally. It’s another transfer, redistribution of assets.”
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Obama’s proposal will allow borrowers to consolidate all direct government loans, limit the amount of student-loan payments to 10 percent of graduate’s
profit (the figure is now 15 percent), with forgive the debt after 20 — it’s currently 25 — years.
“These student loans are going to end up costing the taxpayers anywhere between $800,000
as well as $900,000 per student,” Limbaugh said. “The student during the loan repayment, if they make the payment, will save $8 to $10 maximum a month.
“Obama’s proposal was geared to getting the best headlines for the least amount of
money,” he continued. “The taxpayers get screwed royally. It’s another transfer, redistribution of resources.”
