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A Lesson for Sean Hannity on What Obama has Done for Students With Loans
Sean Hannity claimed President Obama has done nothing for students with loans, so in an attempt to educate the most uneducable, here is exactly what Obama has done to help student borrowers.
Here is the video from Media Matters:
After his panel was done imploring Mitt Romney to be more personable and charismatic (good luck with that), Hannity jumped in a patented piece of Fox News misinformation, “I do love this last minute election year giveaway to energize the base. Mr. President where were you for three and a half years on student loans?”
Well, Sean, since you asked, on March 30, 2010, President Obama signed the Health Care and Education Reconciliation Act of 2010. What this law did was save $68 billion by removing banks from the student loan processing business, which freed up more to be given that could be spent on helping students pay for college. The law also stipulated, “New borrowers who assume loans after July 1, 2014, will be able to cap their student loan repayments at 10 percent of their discretionary income and, if they keep up with their payments over time, will have the balance forgiven after 20 years.”
In 2011, the Obama administration announced the new loan repayment rules which in part allowed borrowers to consolidate some of their payments and save a half of a percentage point interest. Currently, the president finds himself locked into a battle with Republicans who are trying to double the interest rate in student loans.
It is interesting that Sean Hannity didn’t view extending the Bush tax cuts as a giveaway to millionaires, but he views Obama’s attempt to keep the reduced interest rates on student loans as nothing short of a political bribe to the nation’s youth.
Sean Hannity, just like many other people on the right, has a serious case of Obama achievement amnesia. He doesn’t want to see what Obama has done for students, and more importantly he knows that his viewers don’t also don’t want to see what Obama has done for students. President Obama has done a great deal to remove the big bank corruption from the student loan program. Obama believes that the student loan program should be about actually helping students get an affordable education, not adding to corporate bottom line.
What has Obama done for students who have loans? More that Sean Hannity’s lying heart will ever be able to admit.