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Student loan forgiveness: 5 ways Obama wants to ease student debt
Student loan forgiveness is on the minds of many. The class of 2011 has received the unwelcome distinction of becoming the most indebted graduating class ever and student loan debt overall is expected to hit $1 trillion. Here are five ways the White House and the Department of Education plan to ease the burden:
President Barack Obama looks at his watch during his speech about managing student debt during an event at the University of Colorado Denver Downtown Campus in Denver, Oct. 26, 2011. "We can't wait," he has recently said as he pushes his jobs bill on a three-day West coast trip. (Susan Walsh/AP)
5. Loan paydowns for start-up entrepreneurs
In response to Obama’s call to promote entrepreneurship, the Young Entrepreneur Council and Gen Y Capital Partners are planning to take student loans off of people’s minds as they start their new businesses.
For some young entrepreneurs who enroll in the government’s income-based repayment plan, Gen Y will make those monthly payments for up to three years. Their goal is to make this and other investments in up to 100 startups over the next five years.
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