Mo’redistribution of wealth.
This is a domino-effect that has got to be stopped. Next, 0 will be looking to set up a governmental loan office for people who can’t get loans due to bad credit...oh wait, Freddie and Fannie already exist.
Maybe a government administered VISA or MasterCard...they’ll call it GRAB, Governmental Redistributive Assets Bureau. Paying interest is optional...in fact paying back anything is optional, if you’re a registered Dim’crit.
Since it doesn’t start until 2014, how many high school graduates are going to put off going to college until then. What would they do for those 4 years. Maybe some gov’t service corp (can you say corpse). Also, teachers, nurses and military can have their loans forgiven after 10 years, not 20.