President Barack Obama’s push to lower student-loan payments and forgive them five years sooner than current law requires 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 by 511 percent since 1999, and 82 percent of the debt was taken on during 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 more lies — it’s all about more 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 income (the figure is now 15 percent), and 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 and $900,000 per student,” Limbaugh said. “The student on 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 wealth.”
© 2013 Newsmax. All rights reserved.