Paul Wants To Phase Out Federal Student Loans

Republican presidential contender Ron Paul wants to end federal student loans.

The congressman from Texas says that federal lending for college is a failed program that has put students $1 trillion in debt when there are no jobs and when the quality of education has deteriorated.

Paul unveiled a plan last week to cut $1 trillion from the federal budget that would eliminate five Cabinet departments, including education. The student loan program is not part of those cuts, but Paul said Sunday on NBC's "Meet the Press" that he'd kill the loan program eventually if he were president.

Amid rising tuition, borrowing for college is at record levels. The Federal Reserve says students and parents took out a record $100 billion last year, and owe more than $1 trillion.


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  • by Anonymous on Jan 5, 2012 at 05:39 AM
    student loans are a rip off anyway. i have been paying for my student loan for years and will be for years to come. and dont be late or they will threaten to take away your tax refund or garish your wages
  • by amazed on Oct 30, 2011 at 12:11 AM
    Without student loans many fewer people would be able to pay college tuition costs because they are housing and feeding themselves. It seems a no brainer to me that if fewer and fewer Americans make it to college; society in general is going to suffer...both by a dumbing down and by a lack of qualified people to do the more skilled jobs that make a living wage...exactly in WHOSE best interest is it for fewer Americans to go to college??? These young people are going to be the people taking care of us in our old age...they will be the cops, the firemen, the nurses and the doctors and the politicians...don't all of you 'get' that??
  • by Free Market Location: enc on Oct 28, 2011 at 05:42 PM
    Free market my foot! Apple announced today that they have 81 Billion dollars! This "patriotic, American" company keeps 66% of it overseas to avoid paying taxes to the US! This is the kind of company the GOP is supporting! If they REALLY want a free market, then hear this. If it isn't made in the US by American workers-it should be taxed as any other "import" and restrictions should be put on the sales! Don't avoid taxes, lay off American workers, take your jobs overseas, and then expect us to give you "tax breaks"!!! If it walks like a foreign company, talks like a foreign company, acts like a foreign company-it should be treated like a FOREIGN COMPANY!!!
    • reply
      by Anonymous on Oct 30, 2011 at 08:39 AM in reply to Free Market
      Actually, if you did some research, Apple has not donated to any of the Republican candidates, they have however donated to Obama. They have also donated to moveon.org (not a Republican affiliated website) if you dont believe me here is the link. http://www.campaignmoney.com/apple_computer.asp
  • by Jasper Location: Washington on Oct 27, 2011 at 01:28 PM
    Didn’t all those unwashed Occupying Wall Street graduate from college after borrowing hundreds of billions of dollars to study Advanced Nose Picking majors? Perhaps Americans should forget about buying worthless college degrees for socialist morons and let them learn how to make or fix something! So if people want to go to college, let them and their parents figure it out.
  • by Anonymous on Oct 26, 2011 at 05:07 PM
    The Government and the rich that run it have been putting American family's in the street for years. Why think they care about their education.
  • by Skip a Rope Location: Fla on Oct 26, 2011 at 04:33 PM
    On line college courses, degrees are available. Could save a lot of money. Check it out on the net if you wish.
    • reply
      by T Skip a Rope on Oct 28, 2011 at 05:43 PM in reply to Skip a Rope
      Better be careful!Do you have any idea how many of these have been exposed as rip offs? You better double check!
  • by Obama Snake Oil Co Location: Washington on Oct 26, 2011 at 05:46 AM
    Notice, we are not catching much on Days of Rage at Wallstreet? The student loan issue seems to be one issue of the struggle there. But do they know what they are fighting for? From the Blaze; It might not come as a surprise that key Democratic leaders supporting the Occupy Wall Street movement have in fact all raised substantial funds from Wall Street. Heritage reportes that President Obama, former House Speaker Nancy Pelosi, Congresswoman Debbie Wasserman Schultz, and Congressman Barney Frank have all raised significant funds from Wall Street. OpenSecrets.org even reveals that the president has raised nearly $12 million in Wall Street donations for the Democratic National Committee. Heritage notes that the amount is more than all the Republican Presidential candidates combined have received from Wall Street. Yet Obama supports the Occupy Wall Street movement, stating that their protests are a reflection of a “broad-based frustration about how our financial system works.” He has also adopted the term “99%” when talking about raising taxes.
    • reply
      by Data Man on Oct 26, 2011 at 07:48 AM in reply to Obama Snake Oil Co
      You are so sick! what does this have to do with this racist guy wanted to cut out student loans! Poor people cant afford college you nut! you just like all the other racist republicans want poor people to get food stamps so you can talk about them! These loans are the only thing that some of these students can get! white people are a trip! you people have stole and robbed for years off of the back of black people and now you are wanting to cut every kind of help out there out! snake oil you are a disgrace for all minoritys! you should be ashammed!
      • reply
        by Obama Snake Oil Co on Oct 28, 2011 at 09:47 AM in reply to Data Man
        Data Man, are you saying that I have a lot in comon with Obama since we are both mutts. You saying mutts are racists? The difference between how you and I look at things is simple, I look for the person, not the color. I have a choice between Romney and Cain. I will base that decision not on color but on who would be a good leader. You chose a man based on color who proved before he was elected, he had no leadership ability. Now you see the condition of this country and his message of hope and change. You judge a man based on color, I judge based on accomplishment. I will support the republicans, the party of MLK that gave us the right to vote and freed us from slavery in America. I will support the party that took us off the plantation while you chose to remain on it. Good luck with the crazy thing, most people will agree with me and not you.
      • reply
        by Frank Sinatra on Oct 30, 2011 at 12:54 AM in reply to Data Man
        O whoa is me. Another whiner blaming someone else for their inability to succeed. You will get ahead when you learn to man up and accept that your failures are yours and your successes are yours. Quite blaming someone else and change your name you lack pertinent data.
    • reply
      by To OSOC on Oct 28, 2011 at 05:44 PM in reply to Obama Snake Oil Co
      Why are you so shocked? 67% of the millionaires in this country agree that they should pay higher taxes! The GOP isn't even listening to them! They only have ears for Norquist and the Koch brothers!
  • by History Student Location: NC on Oct 25, 2011 at 08:46 PM
    Obama gave us another enemy who hates Americans. Now Muslim only no! Jews? - I bet even Buddhist would be " Beheaded " Religious Violence, Uncertainty in Post-Mubarak Egypt Threatens Ties to Israel, U.S In the eight months since the Egyptian Revolution, radical Islamic groups are rising to power, the army seems unwilling or unable to stop a growing rash of sectarian violence and the long-standing friendship between the U.S., Israel and Egypt is in serious question. “I am the enemy of democracy,” Hesham al Ashry said in an interview with Fox News in his Cairo tailor shop. The devout Muslim is a main organizer in a group called the Salafists, which is working to bring ' Shariah Law ' to Egypt. They, along with the Muslim Brotherhood, have risen quickly in the past eight months to fill the power vacuum left in post-Mubarak Egypt. The massive change has billionaire tycoon and financier of the revolution Naguib Sawiris now calling Egypt’s future "dim ... bad."
    • reply
      by uh on Oct 25, 2011 at 11:42 PM in reply to History Student
      Jack Van Impe seems pleased as punch when there's unrest in the middle east.. why don't you cheer up a bit?
    • reply
      by Anonymous on Oct 26, 2011 at 05:33 PM in reply to History Student
      What have you been smoking? Earth to History Stupid,cocaine is a very addictive drug.
      • reply
        by Obama Snake Oil Co on Oct 28, 2011 at 09:39 AM in reply to
        Truth hurst ehh? Thanks for leaving no doubt about your intelligence...keep up please.
  • by Albert Location: Chocowinity on Oct 25, 2011 at 07:52 AM
    The clearest indication of this newfound difficulty is the state of loan delinquencies. According to Moody’s data, those who took out loans in 2008 make up a greater percentage of the total loan defaults than student loan borrowers from 2007, who in turn make up a greater percentage than 2006 borrowers, hinting that those who entered college during the recession years are more likely to default. What’s more, Moody’s speculates that “delinquency and failure rates will rise in coming years because many students will be unable to service their loans as income growth falls short of borrowers’ expectations.” All of this leads Moody’s to conclude that student lending could hurt consumers and the economy as a whole in the future. On the one hand, students who pursue degrees at pricey colleges and fail to find competitive employment may be encumbered by their loans for decades, making it that much harder to fulfill their other financial obligations and limiting their amount of disposable income. On the other hand, if students choose to pursue less education (or forego college altogether) due to cost concerns, Moody’s speculates that it could make the U.S. economy less competitive on the world stage. So what’s the prescription for success? “Unless students limit their debt burdens, choose fields of study that are in demand, and successfully complete their degrees on time, they will find themselves in worse financial positions and unable to earn the projected income that justified taking out their loans in the first place,” Moody’s writes
    • reply
      by To Albert on Oct 28, 2011 at 05:47 PM in reply to Albert
      Where do these fact come from? If a student took out a loan in 2008-he will not graduate until 2012. One does not begin repaying until after graduation-so how do you have figures on defaults on loans that are not even due to be paid yet?
  • by US-First Location: Greenville on Oct 25, 2011 at 06:51 AM
    All this talk from the current administration and from the occupiers about forgiving debt makes me angry. No one forced these people to live beyond their means. I have restrained myself and my family to living within our means. I would love to send my kids to 30k/y schools. I would love to send my oldest who graduated with top honors and two years all American in her sport to a top University but her white color prevents her getting any help or from filling quotas. So instead she goes where we can afford, community college. We all drive used cars with over 100k miles on them. Perhaps I should have done like the Obama Cronies who saw this coming and spent myself into oblivion and cry for economic justice hoping to get bailed out. I will go nuclear if one person who was irresponsible with their finances gets to walk away from their debt without going through bankruptcy. Including students with loans.
    • reply
      by uh on Oct 25, 2011 at 11:47 PM in reply to US-First
      "I will go nuclear if one person who was irresponsible with their finances gets to walk away from their debt"... ok. How about the Goldman Sachs forced margin calls?
    • reply
      by To US_First on Oct 28, 2011 at 05:48 PM in reply to US-First
      But you don't mind the bankers getting millions in "bonuses" the year after we bailed them out? Sheeesh!
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