Last week President Obama came bearing gifts in a speech at the University of Colorado in Denver–relief from student loan debt, delivered by way of an executive order without congressional authorization. Under the President’s plan, money lenders cannot require students to pay more than 10 percent of discretionary annual income for student loans. It also completely forgives student loans in 20 years, five years fewer than before. But here’s the fine print, a key fact that the President failed to mention in his speech: For all its pomp and circumstance, the President’s plan would save college students less than $10 per month–barely enough to buy two cups of coffee from Starbucks.
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