Current Event #4

http://www.nytimes.com/2010/03/31/us/politics/31obama.html?scp=1&sq=obama%20and%20the%20student%20loan%20plan&st=cse

Today in the U.S., student loans have become a cumbersome load to pay off after exiting college.  Students coming directly out of college and newly entering the work force would most likely have pretty low-paying jobs, which become further low-paying due to the 15% they would have to pay the bank to chip away at their debt.  This has become a real issue for some kids, who struggle to pay off debts.  Obama just signed a bill into law that revamped federal student loan programs.  Students now have to pay only 10%, at a time, and their debts can be forgiven earlier if they pay on time.  Obama also put more money into community college education programs.  For students, this bill is an obvious plus.  However, not everyone is happy about this bill passing.  Companies like Sallie Mae who are huge student lenders have started saying that they will be forced to fire thousands of employees due to this new bill, which means more unemployment, definitely not a good thing on Obama's record, as he enters into campaigning season this year.  Personally, I think the bill is an excellent idea.  I think it's ridiculous for kids just out of school to have to pay incredible sums of money, when they're probably just making enough to pay for rent and a little to save up.  Banks have been benefitting way too much, at the disadvantage of the students.  If this bill means a little more unemployment, to help education, then so be it.  Plus, I believe those companies that are complaining are overexaggerating a little on how much they'll have to cut back on, because they just don't want to see all that money go away.