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Submission + - Obama Issues Executive Orders to Forgive Student L (whitehouse.gov)

cjcurrie writes: "(My first submission and I accidentally posted anonymously. Resubmitted here so you can get a copy of the full email if you want it.)

IIRC, the Obama Administration took all online petitions with over 25,000 signatures and promised an official response. Today, at 6:31 Central, they issued an email to all voters with a link to this reply:

"Today, the Obama Administration announced [...] a series of executive actions to put Americans back to work and strengthen the economy because we can’t wait for Congressional Republicans to act.


"The new “Pay As You Earn” proposal will allow about 1.6 million students the ability to cap their loan payments at 10 percent [...] and forgive the balance of their debt after 20 years of payments."

After describing mortgage consolidation tweaks, the Office of the Press Secretary also announces (in the email, but not in the letter):

"In addition to capping student loan repayments, the Healthcare and Education Reconciliation Act helped increase the maximum Pell Grant to $5,500 and saved taxpayers billions by cutting out banks as middlemen. Because of this reform, there will be over 800,000 additional Pell Grants awarded over the next 10 years and the value of Pell Grants will be able to keep up with additional college costs."

Pell Grants are not loans, but money given to students to help pay for a bachelor's degree.

This executive order will take place starting January 2012."

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Obama Issues Executive Orders to Forgive Student L

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