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About The skanner. (Portland, Or.) 1975-2014 | View Entire Issue (June 11, 2014)
Education News Josh Lederman Associated Press WASHINGTON (AP) — Up to 5 million Americans struggling to make their monthly student loan pay- ments could find relief under a program President Barack Obama expanded Monday, part of an election- year push by Democrats to paint Republicans as block- ing common-sense steps that could help the middle class. Dubbing it a “no-brainer,” Obama also threw his sup- port behind legislation to let some of those same borrow- ers refinance their student chance through education,” Obama said. “We are here today because we believe that in America, no hard- working young person should be priced out of a higher education.” With a group of student loan borrowers looking on, Obama put his pen to a pres- idential memorandum that will allow those who bor- rowed through the federal government before 2007 to pay no more than 10 percent of their income in monthly payments. Existing pro- grams created by Congress and Obama already offer that benefit to recent bor- rowers; Obama’s memo will Under Obama’s ‘Pay as You Earn Plan,’ any remaining balance is forgiven after 20 years of making payments loans at lower rates, in a move the administration said could save 25 million borrowers up to $2,000 over the life of their loans. “I’m only here because this country gave me a make it fully retroactive. How much borrowers could save under Obama’s expansion depends on an array of factors, including income and the size of the loan. But under one possible scenario, an unmarried indi- vidual who borrowed $100,000 to pay for college and makes $30,000 a year could see the monthly pay- ment drop from more than $1,000 a month to just a few hundred dollars. Paying less each month means it takes longer to pay off the loan, but the pro- gram is geared toward low-income workers who can’t afford to pay off their loans under the standard 10- year term. Under Obama’s “Pay as You Earn Plan,” any remaining balance is forgiv- en after 20 years of making payments. But while Obama’s most recent budget request listed the cost of expanding the program at $7.6 billion for the first year, Education Secretary Arne Duncan couldn’t way what the price tag would be for taxpayers who support the federal loan program. “We actually don’t know the costs yet,” Duncan said. “We’ll figure that out on the back end.” Republican leaders fault- ed the president for failing to think through the costs of the program, and noted it We honor the many accomplishments of African Americans. It is our primary goal as a labor union to better the lives of all people working in the building trades through advocacy, civil demonstration, and the long-held belief that work- ers deserve a "family wage" - fair pay for an honest day's work. A family wage, and the benefits that go with it, not only strength- ens families, but also allows our communities to become stronger, more cohesive, and more responsive to their citizens' needs. Our family wage agenda reflects our commitment to people working in the building trades, and to workers everywhere. In this small way, we are doing our part to help people achieve the American Dream. This dream that workers can hold dear regard- less of race, color, national origin, gender, creed, or religious beliefs. The Pacific Northwest Regional Council of Carpenters Representing more than 5.000 construction workers in Oregon State. Do you want to know more about becoming a Union carpenter? Page 8 The Portland and Seattle Skanner June 11, 2014 AP PHOTO/JACQUELYN MARTIN Obama Launches Plan Easing Student Debt President Barack Obama gestures as he speaks in the East Room of the White House in Washington, Monday, June 9, 2014, before signing a Presidential Memorandum on reducing the burden of student loan debt. the president said the rising costs of college have left America’s middle class feeling trapped. He says no hard-working youngster in America should be priced out of a higher education. Obama signed a presidential memorandum he says could help an additional 5 million borrowers. only affects education financing — not the under- lying problem. “Today’s much-hyped loophole closure does noth- ing to reduce the cost of pursuing a higher education, or improve access to feder- al student loans,” said House Speaker John Boehn- er, R-Ohio. Obama, joined by Demo- cratic lawmakers at the White House, also formally endorsed a Senate bill that takes aim at the same prob- lem but could have a more profound effect by allowing by allowing borrowers to refinance their student debt at lower rates currently being offered. Read the rest online at www.theskanner.com
