Sounds peachy keen. But how are those students going to pay back the loans when the job market has dried up?
And to receive these loans, you must participate in the Obama Youth Corps.
Ve give you zexy armbands and boots, ja!
I’d suggest that 0be cut the wages of all publicly supported schools of higher education (That would be all but Hillsdale College) administrators and professors immediately. Issue no Federal Funds to any of them. Either through direct grants, research contracts or student support.
The list, ping
The real question that has to be asked and addressed here is why the cost of college has soared.
25 years ago, the tuition at the U. of Pittsburgh was $1024, the minimum wage was $2. An industrious undergrad could earn his tuition money during the summer- even if he had a low paying job if he worked 500 hours total.
Today the tuition is $13000, the same kid would have to be earning $26/hour to pay it off with a summer job.
Furthermore, repeal Pell and SEOG grants. Repeal the bankruptcy code protections for private student loans. Repeal the various education credits and deductions, as well as tax breaks for educational expenses, whether paid for by private organizations, the Federal Government, or individuals and households.
The cost of attendance for U.S. colleges and universities is increasing seemingly without bound largely due to the Federal Government's continued propping up of demand for a college degree, via "need-based" grants and scholarships and various federally-guaranteed loan programs. Furthermore, such artificial manipulation of the education market eases the stress upon K-12 educators to properly educate their own students with the knowledge and skills requisite for active participation in the U.S. economy and civic society.
Why does he have to F^(k with everything?
Affirmative action doesn't hurt either.
Control the schools and you control the future (and also rewrite past history).
How bout making education affordable - by getting rid of unions?
Notice how he wants to get rid of loans, replace them with SUBSIDIES (read: Tax increases!).
Thanks, BO! The same kids who get the SUBSIDIES ... will have the increased tax burden, down the road, since govt. will have to borrow to pay for all of this you idiot
renewed his call for the government to stop backing private loans to college students and replace them with direct financial aid to young people. Obama said the surest test for success in the challenging economy is a college degree or other training, yet access to higher education continues to shrink as costs rise.Direct costs more than guaranteed -- which is why direct loans were dumped in the first place.
Obama has never seen human or financial capital he isn’t willing to misallocate!
This guy is a misallocation machine! A machine I tell ya!
This is so true. College costs have skyrocketed because so much loan money is available to students. They raise tuition and students always seem to find a way to borrow the money (or, maybe mom & dad). Tuition soars and Harvard is as over-subscribed as ever. Cut the money and colleges will be begging for students. These stupid government loan programs assure that fewer kids get to go to college as prices are out of reach for most. Plus, who wants to start your productive life with $100,000 in debt? its SOOOO American consumer...
So, now a college degree will become as devalued as our fiat money. Yippee!