{"id":485666,"date":"2010-03-29T17:28:40","date_gmt":"2010-03-29T21:28:40","guid":{"rendered":"http:\/\/liveshots.blogs.foxnews.com\/?p=15232"},"modified":"2010-03-29T17:28:40","modified_gmt":"2010-03-29T21:28:40","slug":"uncle-sam-%e2%80%93-your-new-loan-officer","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/485666","title":{"rendered":"Uncle Sam \u2013 Your New Loan Officer"},"content":{"rendered":"<p>CHICAGO- It\u2019s called the Direct Loan Program, and starting this July students will no longer go through a private bank, but will go to the their financial aid office and apply for federally-guaranteed loans and pell grants.<\/p>\n<p>The bill passed last week along with Heath Care under Reconciliation and President Obama will sign it tomorrow.<\/p>\n<p>The banks had been passing along an additional interest rates since 1965 with financial backing from the U.S. Government, now through the Direct Loan Program the student will deal directly with the feds\u00a0 \u00a0\u00a0&#8220;We are going to recover over the next ten years over 60 billion dollars in bank subsidies&#8221;, said Senator Dick Durbin (D-IL).<\/p>\n<p>That money the government expects to recover will go to provide larger and more Pell Grants, and reduce monthly payments required by students after graduation. For example, public service workers such as teachers and nurses will have their debt forgiven after 10 years, all loans to be forgiven after 20 years (currently 25 years) \u00a0regardless of what is stilled owed on the loan.<\/p>\n<p>Watch a portion of the press conference here..<\/p>\n<div style='width:600px; text-align: center;'><script type=\"text\/javascript\" src=\"http:\/\/publish.vidavee.com\/publish\/trh\/embedAsset.js?autoplay=on&#038;width=375&#038;height=212&#038;vtag=yes&#038;startVolume=50&#038;hidecontrolbar=no&#038;textureStrip=yes&#038;displayTime=yes&#038;volumeLock=no&#038;watermark=no&#038;loadStream=off&#038;dockey=123F16BA9904A23AE2D6832B3EF8CBF8&#038;originalMovieLink=http%3A%2F%2Fliveshots.blogs.foxnews.com%2F%3Fp%3D15232&#038;auth_base=s%3Dmpd%7Cd%3D123F16BA9904A23AE2D6832B3EF8CBF8%7Cts%3D1269972644%7Cttl%3D3600&#038;auth_sig=749c90140ae10ac6199985340463abe1\"><\/script><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CHICAGO- It\u2019s called the Direct Loan Program, and starting this July students will no longer go through a private bank, but will go to the their financial aid office and apply for federally-guaranteed loans and pell grants. The bill passed last week along with Heath Care under Reconciliation and President Obama will sign it tomorrow. [&hellip;]<\/p>\n","protected":false},"author":4196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-485666","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/485666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4196"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=485666"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/485666\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=485666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=485666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=485666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}