This could have been worse. Think if Obama would have just forgiven all student loans.
Check it out:

President Obama is unveiling a presidential memorandum that will allow students with loans taken out before 2007 to apply for a cut in loan payments by having them limited to ten percent of their annual income, a plan not unlike a ten percent religious tithe.

The President had already put the loan limit in place for current school loans, but with his Monday June 6 signing he grandfathered in all previous loans, as well.

The average student leaves college with a $25,000 loan burden and his ten-year loan costs him roughly $280 a month in payments. But some students leave school with far more debt and monthly payments can be crushing at hundreds of dollars more per month. Obama hopes to lighten this burden.

Naturally, paying less per month will lengthen the loan repayment time. To “solve” that problem, Obama also has decided that if a student still owes money after paying for 20 years, the remaining amount will be wiped off the books–at the cost to the taxpayer, of course.

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