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Hey guys, just wondering what everyone thought about Obama's "we are going to try to help with education expense" line.
He said that if you go into public interest for 5 years 90 percent of your student loans will be forgiven. 100 percent at 10 years. Obviously this hasn't passed yet and it would have to come soon as some of us have started-- or are starting law school here pretty quickly. Just wondering about everyone's opinion and whether you think this will actually go through.

I believe Obama stated one would be forgiven of all student debt after a period of 20 years provided they made normal monthly loan payments equal to ten percent of their salary. If that individual committed themselves to a career in the public interest, that debt would be eliminated after 10 years. Furthermore, this program is already in place and available. Simply, google IBR.

It is the reason I have decided to go to law school as it offers a fiscal safety net in the event I choose to go to school at sticker or pursue a career in the public interest.

Not sure where you got your figures...perhaps a Reading Comprehension fail?

Obama proposed a new plan, google his state of the union "education".

It probably won't get passed, and if it does, the banks and colleges will find a way to make sure they get their money. Whether it's higher interest rates or flat out denials if they think you won't pay them back, they will find a way.