Graham: Prez out to inflate college tab
...“The president has proposed allowing all student borrowers to cap their federal student loan payments at 10 percent of their monthly [discretionary] income ... and forgives any remaining debt after 20 years of payments.”
So if Susy Science majors in a challenging STEM program (Science, Technology, Engineering or Math) and gets a good-paying job, she’d be on the hook for her entire student loan bill. Because she did the right thing.
But if Paulie Pompous parties his way to a degree in liberal arts before starting his job in “currency exchange and comestible retailing” (a.k.a. “Want fries with that?”), he’d end up paying back just a fraction of his loans.
Obviously, giving away more money to encourage more mediocre students to create more demand for space on campus isn’t going to drive costs down. Even someone as unfamiliar with basic economics as Obama (hello, “stimulus?”) should be able to grasp “supply and demand.”
Why such a dumb idea? Because politicians’ parents don’t want to face the real problem: Too many kids are going to college.
“Thirty-percent of the adult population has college degrees. The Department of Labor tells us that only 20 percent or so of jobs require college degrees. We have 115,520 janitors in the United States with bachelor’s degrees or more. Why are we encouraging more kids to go to college?”...