$tundent loan$

     With an outstanding student debt of nearly $1 trillion, Obama backs bankruptcy option. At first the President promised to cut student loan interest rates, now he is making it easier for students to avoid repaying at all. "Under President Obama, the costs of college have skyrocketed -- making it more difficult for students to attend college -- and his economic policies have made it harder for graduates to get jobs," Amanda Henneberg, Romney campaign spokesperson, said. The goal is to create new ways for borrowers to avoid repayment. The unemployment rate has fallen to 7.8% for the first time since Obama has been president. 60 percent of jobs today require more than a high school diploma. Now more than ever degrees are needed, but those college degrees still may not be strong enough for employers to hire.

     At the Democratic National Convention Bill Clinton introduced Obama's lowering repayment plan, which states that depending on what career you enter, "teacher, police officer or a small town doctor in a rural area, debt obligation is determined by salary." To be able to qualify for "Pay as You Earn" you must never default on a payment for 20 years, and not already be in repayment before 2012. After paying 10% of your monthly income for 20 years, your debt will be forgiven (maybe). As of now the income based repayment plan has a 15% cap and debts vanish after 25 years of payments. Although this does sound intriguing, what is the catch for your debts disappearing?

    The author states that "But wouldn't it be easier merely to encourage job creation rather than try to anticipate and make taxpayers pay for every consequence of joblessness?" Obama should concentrate on containing the costs of school and making scholarships and grants more easily available.