Is President Obamas Plan to Forgive Student Loans After 10-20 Years College Welfare?
(BEGIN AUDIO CLIP) PRESIDENT BARACK OBAMA: Let’s tell another 1 million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years, and forgiven after 10 years if they choose a career in public service. (END AUDIO CLIP) DAVID ASMAN: And who is going to pay for all that? Well of course, you! And Neil says this is nothing but a new college welfare program. NEIL WEINBERG: This is wrong on so many levels. I don’t even know where to start, but let’s start with the labeling. Why doesn’t he call it what it is: the deadbeat student and socialization of higher education program. That’s exactly what it is. It says you take out a loan and then guess what? You don’t have to pay it back. So what is it going to do? It’s going to encourage people to go to college when they can’t afford it and they have no intention of paying for it. It’s going to increase cost because there will be more student
