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Americans who are under the financial strain of repaying student loan debt are now off the hook for their education costs. President Obama signed a new federal bill this week releasing any student who has accrued outstanding debt because of the high interest rates and outrageous balances caused by college loans.

“Any student, past or present, who has taken loans from the federal government within the last 10 years to pay for higher education, will no longer be required to pay back those loans.” Said President Obama. “This forgiveness also is to be extended to any student currently enrolled in college, who may need financial assistance for the next several years as they finish their degrees.”

StroppyChops wrote:I wonder if OD has any student debt? This would be cause for rejoicing...

Bitte_Kein_Lexus wrote:Wow... That's kind of big. I thought student loans would be the next big bubble. Are they erasing the whole debts or just the interest accrued?

PhnomRon wrote:This is fake right?

“We are a private company, and private lenders. We have no interest in not pursuing every possible avenue to squeeze every penny we can out of our borrowers.” Said Carla Edwarton, CEO of Sallie Mae. “Education is important, of course, and so is paying back your debt. We aren’t loan sharks, we aren’t going to break your kneecaps if you don’t pay, as much as we would like to…[But] you can bet we love making all that sweet, sweet high-interest rate cash.”

StroppyChops wrote:

PhnomRon wrote:This is fake right?

Right, but don't tell OD

OrangeDragon wrote:

StroppyChops wrote:

PhnomRon wrote:This is fake right?

Right, but don't tell OD

Wouldn't impact me anyway... I don't have any student debt. What college time I did do was all paid for by the US of A. Part of that "Hey, sorry we killed of 90% of your ancestors and stole all of the good bits of land" thing.