President Obama Announces Plan to Forgive All Student Loans

President Obama announced a plan  to forgive 100 percent of all federal student loans in America.It was at Scranton University Thursday where the president gave a crowd a basic outline of how he planed to have all government student loan debts whipped out by the end of the year.

"Just because someone borrowed a bunch of money doesn't mean they have to pay it back," he explained to a friendly crowd at Scranton University. "This isn't 19th century England. This is America. And in America we've always believed in second chances.

"In today's economy a university education is more important than ever. Where would successful people like Bill Gates, Steve Jobs, Tom Hanks, Brad Pitt or Mark Zuckerberg be without their college diplomas? These days skipping college just isn't an option, but neither is continuing to pay for increasingly expensive tuition.

"We need colleges to teach our young people useful skills like sociology, gender studies and postmodern Moldovan literary analysis. But the most important thing we need to teach them is responsibility. And what better way to teach responsibility than to hold these banks accountable for the terrible loans they've made."

The student loan debt in America is at a estimated $1trillion, with most of that owed to the federal government.  There are an estimated 40 million student loan borrowers who hold an average of $24,000 of debt between them. The cost of a college education in the U.S. has risen 600% since 1980.

As a person that is in debt because of student loans I am all for this but, I still wonder who will then have to pay these bills?