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You'll Be Paying For Someone's Useless Philosophy Degree
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Having given up trying to get a deal done with Congress, President Obama used an executive order to institute his student loan plan that puts limits and caps on the debt owed by college students.Something had to be done, but I'm not sure that it really matters, because either way, there were serious doubts that the people who owe tens of thousands of dollars for their schooling are ever going to be able to pay it back, no matter what the government does. This affects a number of private lenders who are now forced to take less from their debtors, but would they have been better off had the students defaulted? (Washington Post)
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