A New Bill for College Students in Michigan
The Northwind, the NMU student paper, had a story this week called “Student loans may be forgiven.” Apparently the Michigan democratic Congressmen, Hansen Clarke, wants to make it a law that students can pay 10 percent of their pay checks for 10 years towards loans. After 120 payments the loans would be “forgiven.” There’s a cap around $45,000 for people who start after it is enacted,but no cap for those before. I’m sure there are other details about how it will work and figures about how most of the money will be paid back, but right now it doesn’t really make sense to me. Who’s going to pay for it? Or do the banks and schools not get their money? Does the government pay for it? Which government? The ones that’s $15 trillion dollars in dept? I don’t know. I need clarification.
Go check out the Northwind article.
Also check out the U.S. National Debt Clock, it’s pretty crazy!