"I'm only here because this country gave me a chance through education," Obama said. "We are here today because we believe that in America, no hard-working young person should be priced out of a higher education."
An existing repayment plan Obama announced in 2010 lets borrowers pay no more than 10 percent of their monthly income in payments, but is only available for those who started borrowing after October 2007. Obama's memo expands that program by making opening it to those who borrowed anytime in the past.
Obama also announced he is directing the government to renegotiate contracts with federal student loan servicers to encourage them to make it easier for borrowers to avoid defaulting on their loans.
Indeed. What has built up as a tidal wave against having an educated electorate and work force, social goods, is reprehensible and SHOULD STOP. Obama is doing the proper thing and deserves recognition and praise, as far as he went, and encouragement to go further. After all, in Libya before Qaddafi was deposed, higher education was free. As a nation, cannot we do as good as Qaddafi's Libya; and more importantly, shouldn't we try while castigating those opposing getting students out of the unconscionable hole the banker-elite have dug them into, go in the hole if you want a college education, or don't and screw you that way too, all that.
The bankers, after all, did that to make the young more pliant. While at the same time exploiting them between a rock and a hard place. After outstanding student awareness and attitude development in the '60s, the banker-corporatist elite wanted to alter the rules in favor of entrenched wealth and power. So they, with their politicians and lobbyists, did exactly that.
As Obama said, without student aid, could he have made it to the White House? Both Bushes, they had the family clout and cash, dating back to Prescott and his 1930's ties to a then-establishing new order in Germany. Earlier the Bush and Walker families were prosperous, no problem there, even with the younger W a shameful scholastic dilettante. Proud of being that. He had his two terms and at least shows the decency to recede into the background rather than continuing to make a spectacle of himself as he did in office.