The vast majority of college kids voted for Obama, I say sock it to them, turnabout is fair play.
I predict a few things will happen:
1. Bankruptcy laws currently make it very difficult to discharge student loan debt. I predict that these laws will be changed, so that students can get these loans discharged in bankruptcy.
2. There will be additional programs to have debts forgiven if students do certain work, such as teaching in inner city schools, rural schools, or working in fields such as public health or social work.
3. There will be new laws so that loan repayments will be tied to income. Instead of having to pay $XX amount per month, a sliding scale will be in place, so that students who go into fields which don’t pay well will see their monthly payments adjusted downwards.
4. Interest rates on these loans will be permanently reduced at some point to a low level, say 3%, rather than being allowed to change based on interest rates in the financial markets.
5. Obama and Democrats will try to force through changes such as these in some comprehensive bill, thousands of pages long, which nobody will have time to read. And it will be said to be some emergency which has to be done right now. Nancy Pelosi will helpfully say we have to pass the bill to find out what’s in it.
In college, I worked to get through from one year to the next.
I knew I was not entitled to have a 4 year campus party at the expense of my parents or others.
I knew I had to work if I was going to get an education at all. It was NOT a party at any time in the process.
My parents helped a lot and with the condition that if my grades fell below B- I was entirely on my own.
Still I worked to get through. I didn't live on campus, but stayed at my parents house (NOT cool enough for THESE kids, I guess). And when I WAS enrolled, I still worked simultaneously. Some of the time, I had to skip semesters, until I could get enough money to return./p>
As I said, it took longer than 4 years and it was uphill all the way.
But when I graduated, I owed NO ONE!
Politico must have laid off a good portion of the I.Q’s as it now takes a minimum of two writers to complete an article.
All that “College Money” is sure keeping a lot of Obama’s professors on the payroll, indoctrinating future useful idiots and swelling the rolls of the terminally ignorant. What a country!
Eliminate the H-1B program and have employers hire American graduates would help.
Don’t offer the reduced rate in-state tuitions to illegal aliens, and use their full freight tuition to offset the increased education costs.
Or, if you insist on having an H1-B program, replace all the expensive American perffessers with cheap Chinese and Indian ones.
(I note that “American” companies are eager to hire fresh unexpereinced IIT graduates while turning up their noses at American MIT graduates. Maybe MIT, Berkeley, Cornell, etc. should replace their under-performing professors with the clearly more skilled educators from IIT, etc.)
The college interest rate was once 3% - it is now 6 to 9%.