Wow! President Obama just dropped a bomb shell yesterday as he revealed his plan to wipe out 100% of the nations federal student loans by November 1st. He states that this is America and not the 19th Century in England.
He feels that the banks should be held accountible for the terrible loans that they've given out over the years. His plan is to wipe out a total of $900 million in federal student loans on November 1st and no further paymens need to be made after that date. Check out the article below.
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.
"Just because someone borrowed a bunch of money doesn't mean they have to pay it back," he explained to a friendly crowd at Scranton University, "This isn't 19th century England. This is America. And in America we've always believed in second chances.
"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.
"We need colleges to teach our young people useful skills like sociology, gender studies and postmodern Moldovian literary analysis. But the most important thing we need to teach them is responsibility. And what better way to teach responsibility than to hold these banks accountable for the terrible loans they've made."
Under Obama's plan all $900 billion in federal student loans will be wiped out on November 1st, and no further payments need be made after that date. The loss of revenue will add significantly to the U.S. government's deficit, although the cost would be spread out over several years.
Source: Daily Currant
YEEEEEEEEEEEEEEEEEEEEEEES!!!! I'm not making another payment!! I'm keeping my fingers crossed!