That's the MSNBC Headline.
And now for the Brilliant Plan:
"Obama's plan will accelerate a measure passed by Congress that reduces the maximum required payment on student loans from 15 percent of discretionary income annually to 10 percent. He will put it into effect in 2012, instead of 2014. In addition, the White House says the remaining debt would be forgiven after 20 years, instead of 25. About 1.6 million borrowers could be affected."
As it turns out MATH is something I am really really good at. Obama... well not so good.
There is nothing in this brilliant "Plan" to lower interest rates or to forgive debt... oh wait maybe 20 years down the road students can default.
Lowering the principal you pay now just increases the total debt later. That's how interest works dear Mr. Obama. Maybe a refresher class in finance is in order?
And isn't it nice to know that under the Obama vision... make promises about OTHER PEOPLES MONEY... those who make the loans can now get screwed!
Yes dear students just delay for 20 years then default! Other people will pay the bill!
Student loans are usery... more debt enslavement. Nothing being done to curb the actual cost of tuition. University Presidents pulling down 6 figures, sports coaches 7 figures, students so far in to debt they can look forward to nothing but making payments to the Banking Elite.
Obama = FAIL!
Using Executive Order to Pander to masses as part of the Political Campaign is pathetic and only shows Obama can NOT lead.
Obama should bail out the students in the name of forgiveness and tolerance. This is America, we can't be having slaves, so grant the students pardon and a chance to start a new life.
However, to continue running the same scheme that put the students in this mess in the first place comes across as a rather cruel joke. So we’ll apologize to the current generation by granting their freedom from slavery; instead we’ll pass along the slavery to the next generation. Completely unacceptable.
Seriously, stop issuing out student loans and forcing 100% of the population into college.
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