Obama student loan initiative – what really needs to be done #OWS

The more I go looking for information on what the President is going to propose tomorrow, the more disheartened I become.

[Update: Here is the White House release in advance of the Denver, Colorado event. It looks like it is 10% and 20-years. But is it for everybody?]

As I wrote several days back, the Secretary of Education has the power to modify the terms and cancellation date of loans in the Income Based Repayment program.

If President Obama wanted to tackle the issue once and for all, he would set a rate and cancellation period that makes sure these loans never again become the issue that they have quickly become (and, let’s be honest, have been silently for 30 years) in the nation.

If it turns out that tomorrow’s announcement in Denver is simply to say that, sometime in the future, the worry many graduates (and people who didn’t graduate) have about these loans will be remedied–then that is not much of an initiative, is it? That’s just feel-good words, in the style of the second Clinton Adminstration.

“Change we can believe in” means breaking from past patterns and practices.

The Wall Street Journal article that I linked to–and that has its share of anti-student mouthpieces already posting their well-worn arguments and snide remarks–doesn’t contain enough information, for any of those concerned about the issue, to know today what Obama will do tomorrow.

Let’s hope the Denver initiative is bigger and not smaller. Yes we can! No, we can’t wait any longer!


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