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Wow the elitism in this thread stinks to high heaven.
Obama is only adjusting what is already in place, we have loan forgiveness already.
And in most countries higher education is either free or students get it free with a living stipend.
I owe $60,000 now...(and I come from 12 yr corporate experience already) and I'm switching to public service, so the loan forgiveness is a god send. (Graduating *** laude in May)