During President Obama’s first State of the Union, Wednesday night, the president discussed many issues from healthcare and finance reform, a definitive timetable for troop withdrawal in Iraq, reducing and securing nuclear arms, and reforming college education.
On the subject of college education the President urged the Senate to pass a bill like the House to “Revitalize community colleges” by making them more affordable.
The President said the House bill, “Will finally end the unwarranted taxpayer-subsidies that go to banks for student loans. Instead, let's take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants. And let's tell another one million students that when they graduate, they will be required to pay only ten percent of their income on student loans, and all of their debt will be forgiven after twenty years - and forgiven after ten years if they choose a career in public service.”
The President went on to ad that, “In the United States of America, no one should go broke because they chose to go to college. And it's time for colleges and universities to get serious about cutting their own costs - because they too have a responsibility to help solve this problem.”