Introduced on the floor of the House by Michigan Democrat, Rep. Hansen Clarke as HR 4170, the Student Loan Forgiveness Act of 2012 could be good news for Barack Obama in securing the youth vote. The repayment plan for the federal loans guaranteed by the United States would be completely forgiven after 10 years. The program would blow the doors off of any budget caps to discretionary income spending, as with current interest rates, student loans total up to more than $1 Trillion dollars. If passed, then a participant would have to make a minimum of 120 monthly payments, then the rest of the outstanding loan would be absolved after ten years. In ′hardship cases′ guidelines in the bill would allow for students short on cash to make a ′payment′ of $0 merely by sending in the payment ticket by mail or electronically.

student loan forgiveness act

So technically speaking, if you are down and out enough, say because you majored in Women′s Medieval Literature or Civil Rights in Byzantium, and cannot get a job with your PHD, you could make 120 $0 payments and have your whole education written off by the taxpayers after ten years. According to Congressman Clarke, the bill would increase diversity in our nation′s universities. Actually, all it would increase are the number of deadbeats and ridiculous eggheads who roam the campuses of our colleges like zombies from ″The Walking Dead.″

Let us not forget that it also helps Barack Obama get the youth vote this November. He would get it anyway, but this program would help in energizing ′The Base′, of the Democrat Party, since free money is music to the ears of Obama fans. They want their Obama Bucks, just as the bunch does in the video below.

The Student Loan Forgiveness Act of 2012 is sure to be a winner with the Democrat base of youth voters. Barack Obama will thank Rep. Hansen Clarke for writing HR 4170, which would wipe out any federal student loans after ten years of monthly payments, even if some, or all of those ′payments′ were of the amount of $0. How about that? I would what the interest rate on $0 is? The repayment plan will come under discretionary income spending and is estimated to be about $1 Trillion dollars. Just something else to add to the National Debt of the United States of America. Thank you, Barack Obama!