Bachmann criticizes Obama's student loan plan

ST. PAUL, Minn. (AP) — Republican presidential candidates Michele Bachmann criticized a directive by President Barack Obama to ease student loan debt as an "abuse of power" that will give people incentive to dodge debt.

The candidates reacted Thursday to a decision Obama announced a day earlier to cap required payments for some college loan borrowers at a lower percentage of their income and forgive payments for others after 20 years. He used executive authority to accelerate a law that wasn't supposed to go into effect until 2014.

"I believe it is abuse of power from the executive to impose via an executive order a wholesale change in the student loan," Bachmann, a Minnesota congresswoman, said during an education forum in New York put on by The College Board and News Corp.

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The Pros and Cons of Instant Payday Loans

Instant payday loansare short term loans for consumers who need immediate cash.  If you are not familiar with this form of financing, this article presents both positive and negative side of payday lending.

The Pros of Payday Loans


If can be difficult to get approved for a regular loan and during times of emergencies, borrowing cash from a payday lender can be the most viable option.

The Cons of Payday Loans


Despite the convenience that payday loan offers, consumers are warned against acquiring this form of help in a hurry.

Read more The Pros and Cons of Instant Payday Loans

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