Although it has been 4 days since President Obama delivered the annual State of the Union address, my feelings toward this matter are still as they were when he first presented the 71 minute speech; Ecstatic. Especially when you take the time to consider how much flack President Obama was receiving by not only the nation, but his fellow Democrats as well; on issues such as health care reform and various methods for improving the economy. Rest assured, he would silence all doubters as he touched on solutions such as the Recovery Act (stimulus bill for businesses), Exporting goods and my personal favorite, The "Debt Forgiveness" for student loans.
To make college more affordable, this bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans. Instead, Presdient Obama plans to take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants. But thats not even the best part, when students graduate from college will be required to pay only 10 percent of their income on student loans, and all their debt will be forgiven in 20 years. And forgiven after 10 years if they choose a career in public service.
If this comes to past then President Obama will keep millions of people out of debt, lets keep our fingers cross shall we.
Sunday, January 31, 2010
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