Obama tries to buy votes from young people

As if the Obama administration hasn't given out enough money to supporters in his various stimulus packages. An article on Obama buying support is available here. Obama couldn't have been much blunter today: Obama tells students: 'I need your voices'. From Fox News:

In keeping with his new campaign theme of “we can’t wait,” President Obama today will roll out a plan to put more money in the pockets of some of the nation’s 36 million student loan recipients.
Obama has broad latitude in this area – certainly broader than the first two parts of his western campaign trip, underwater mortgages and subsidies for hiring veterans – because one of his early legislative initiatives was to have the federal government take over the student lending business in America.
Obama argued for the measure in 2009 as a cost-savings initiative, saying that the old system of privately issued, government secured loans reduced the amount of available money for needy students and also prevented the feds from making the system more efficient.
But Obama is now seeking to use that new power to obtain a taxpayer-financed stimulus that Congress won’t approve. The idea is to cap student loan repayment rates at 10 percent of a debtor’s income that goes above the poverty line, and then limiting the life of a loan to 20 years. . . .

The Atlantic notes: "Obama's Student-Loan Order Saves the Average Grad Less Than $10 a Month"
Why should the government just be writing off student loans?

-- He will allow debt still outstanding after 20 years to be forgiven. (Currently, forgiveness occurs after 25 years.)
-- He will clear the way for borrowers with direct government loans and government-backed private loans to consolidate their balances. The White House estimates that this will cut the effective interest rate on student loans by up to 0.5%.
-- He will limit the amount of student loan payments to 10% of a graduate's income. (Currently, the limit is 15%.)