Obama Announces Plan to Forgive All Student Loans

This was an interesting post:

President Obama announced a plan today to forgive 100% of all federal student loans in the country.In a speech at in Scranton, PA the president told an assembled crowd that it was unfair to hold college graduates to promises they made as students and outlined his vision for ending all student loan payments by the end of the year…

“In today’s economy a university education is more important than ever. Where would successful people like Bill Gates, Steve Jobs, Tom Hanks, Brad Pitt or Mark Zuckerberg be without their college diplomas? These days skipping college just isn’t an option, but neither is continuing to pay for increasingly expensive tuition.

But, seriously

President Obama announced a set of ambitious proposals on Thursday aimed at making colleges more accountable and affordable by rating them and ultimately linking those ratings to financial aid.

A draft of the proposal, obtained by The New York Times and likely to cause some consternation among colleges, shows a plan to rate colleges before the 2015 school year based on measures like tuition, graduation rates, debt and earnings of graduates, and the percentage of lower-income students who attend. The ratings would compare colleges against their peer institutions. If the plan can win Congressional approval, the idea is to base federal financial aid to students attending the colleges partly on those rankings.

The average borrower now graduates with more than $26,000 of debt. Loan default rates are rising, and only about half of those who start college graduate within six years.

Mr. Obama has focused on these concerns for some time, exhorting colleges and universities, and state legislators, to make higher education more affordable….

With rising tuition and declining state financing, students and families are assuming a growing share of college costs. Tuition revenues now make up about half of public university revenues, up from a quarter 25 years ago. And with colleges facing larger pensions, health care and technology costs, the pressure to keep raising tuition is intense.

The average borrower now graduates with more than $26,000 of debt. Loan default rates are rising, and only about half of those who start college graduate within six years.

I sure would think twice about going to college today. It would scare me to death to take on that kind of debt. I am very grateful I had the opportunity to go while it was affordable.

I hope that this will also address the problem of the phony, for profit institutions.

One thought on “Obama Announces Plan to Forgive All Student Loans

  1. Ha ha ha SUCKERS! He feels your pain, he really really does. I’m sure he’s going to send a very strongly worded letter to everyone involved with concrete proposals that go nowhere and empty promises to smooth our feathers down. If he gets anything accomplished it’ll surely be a warmed-over Heritage Foundation policy fail calculated to grease campaign contributors just like the Affordable Care Act, HAMP, and his oh so precious Grand Fucking Bargain.

    Talk is cheap, motherfucker. At this stage in a presidency, most presidents talk about what they’ve done, not bloviate all sorts of hopey pabulum about “wouldn’t it be nice ifs” that will never, ever happen because he doesn’t believe in it in the first place and has no intention of pursuing it. Don’t fall for the bullshit.

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