Scholarship News

Obama Modern Day Robin Hood? Steal from the Hardworking, Give to the Poor


July 10, 2015
by Scholarships.com Staff
Under the Obama administration, the motto “work hard, play harder” is continually being redefined to “work hard, pay harder”.  According to The Wall Street Journal, a new plan is being finalized that will allow millions of low-income Americans to slash their monthly student-debt bills, in turn raising taxpayer costs for the government’s mushrooming student-loan portfolio.  This week the Education Department proposed to expand eligibility for the Pay As You Earn program, which sets borrowers’ monthly payments as a small share of their income.

Under the Obama administration, the motto “work hard, play harder” is continually being redefined to “work hard, pay harder”. According to The Wall Street Journal, a new plan is being finalized that will allow millions of low-income Americans to slash their monthly student-debt bills, in turn raising taxpayer costs for the government’s mushrooming student-loan portfolio. This week the Education Department proposed to expand eligibility for the Pay As You Earn program, which sets borrowers’ monthly payments as a small share of their income.

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Education Department officials report that six million more Americans will become eligible this autumn for PAYE. The program caps monthly loan payments at 10 percent of discretionary income, defined as the amount above 150 percent of the poverty level. Well-paid graduates and those working minimum-wage jobs will be paying equivalent proportions of their income towards their student debt. While low-income borrowers who have incurred an unusually large federal debt reap the benefits of the revised program, a majority of college graduates and taxpayers will continue to suffer.

With a current outstanding student debt of $1.2 trillion, the White House continues to give people an economic incentive not to repay a loan. Because these loans are issued regardless of the borrower’s ability to repay, opponents of PAYE say the loans fund basic living expenses with tens of thousands of borrowers consuming aid even when they’re not enrolled for courses. Universities have also taken advantage of the flawed program, offering to pay student’s monthly bills under PAYE while simultaneously raising tuitions. The loans are turning into six-figure grants, debts the taxpayers incur.

Is the Obama Administration setting a double standard, promoting income equality, yet essentially paying young people not to pursue higher incomes? Is PAYE a program that allows those enrolled to take advantage of the system, while punishing those who work hard for their money?

Working after high school IS NOT getting you a financial jump on your college peers. You are instead creating self-inflicted wounds to your livelihood when you could be one of the six million new applicants prospering from Obama Hoods thievery. It makes absolutely no sense not to apply for financial aid with curriculums that allow you to maintain a job, programs that ease (or even lift) the burden of financial debt, and give you the opportunity to earn a degree to fulfill your childhood dreams! No individuals of any race, age, gender, or income class have an excuse to not get their degree, seeing expert assistance is as quick as completing your Scholarship.com profile.

Connect with our massive database of millions of college scholarships by conducting a free scholarship search at Scholarships.com. Scholarships.com offers the simplest way to search for, apply to, and win college scholarships.

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Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



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Kelly B  on  7/15/2015 11:26:47 AM commented:

This is wrong, one more government hand-out to mostly ungrateful people. Work hard to earn not only the money to pay for things but the self-esteem to know you did something good! Handouts only lead to an entitlement mentality, not to self-worth or self-esteem.

Skrings  on  7/15/2015 8:54:06 AM commented:

This is the dumbest idea yet. We cannot go on paying people's way. You borrowed the money now pay it all back. I went to college payed my own way. Suck it up America don't you have any pride left?

Branden S  on  7/15/2015 4:46:09 AM commented:

This program is great for Teachers who graduate making not enough to support the cost of their education. But over all it should not simply be based on income alone. The middle class is left out of the aide program in general I make just enough to much as a student to not qualify for grants and Im working to put my self through school and still be able to live. But I could not have received my education with no loans and as a future teacher I am glad that my loan payment can only total 10 percent of my income under this program because Teachers are highly needed and under paid. We do it for the love of it and the watching of our students develop into well rounded educated adults.

Raven W.  on  7/14/2015 10:37:01 PM commented:

I cannot believe Obama added another freaking government program!! It's like we are never going to get the gov back out of the taxpayers pocket!! SeriousIy, what the hell is he thinking?!

Raven W.  on  7/14/2015 10:36:12 PM commented:

I cannot believe Obama added another freaking government program!! It's like we are never going to get the gov back out of the taxpayers pocket!! SeriousIy, what the hell is he thinking?!

dear/madam  on  7/14/2015 8:26:27 PM commented:

I'm mother willing to help my son to college ,but I need some help ,could you please help me to improve my son career. Thanks so much

George  on  7/14/2015 3:54:28 PM commented:

That is becoming the American Way. How hard is it for a white male to get a scholarship? Believe me, they are the minority when it comes to scholarships. Middle class people are left out of government grants and a lot of scholarships because your income has to be below 35,000 to be eldigible for them. Where is the money to help the average hard working American? Because I couldn't find it!

Paden  on  7/14/2015 5:48:07 AM commented:

You need to start scholarship search once a week with Yo ur kids starting in 9th grade. Plus your kids need to talk to the guidance counselor once a month and ask about scholarships. Look at HBCU (historical black colleges and universities) many top rated schools may have the major they are looking at and if your not a minority then at HBCU you get minority scholarships. Gogle scholarships and DO NOT PAY FOR INFORMATION

linda Naylor  on  7/11/2015 11:02:09 PM commented:

i am trying to get certification for medical billing and coding

Rizwan Ahmed Sayied  on  7/11/2015 10:03:20 AM commented:

Dear sir I have three doughter no job no business very poor life and I am suffering from diabetis 1doughter first year girls college 2 std 9th 3 std 3rd please help me some thing

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