Obama offers convoluted plan to help students loan debtors.
Given that Obama shows no success in creating jobs for recent graduates, this plan will succeed in helping a small group of people a very small amount and more importantly, make it appear as though Obama is doing something for the younger voters who helped him into office. The income plan superficially makes sense, but I can't help but think it costs a lot more to live in New York than in Arkansas and so don't know how seizing 15% of income over the 16,000 amount is fair to anyone living in a more expensive location.
Also, this is tucked in at the end:
Another benefit for student loan borrowers who convert into direct loans is that they'd qualify for other debt forgiveness programs if they work in public service or at nonprofits for ten years.
Why? It's not like students who pursue careers in those fields provide a more valuable service to society than the budding entrepreneur who might create a business and hundreds of jobs. This is just one of the many problems with the big bloated federal government trying to nudge people towards what a giant bureaucracy values - not rocking the boat.
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