Tomorrow, President Obama is set to announce an executive order claiming to bring relief to America’s cash-strapped and debt-ridden college students. The plan would allow students to consolidate their government and private loans into one government loan, thereby lowering the interest rate and monthly payment. It’s also expected to add options for loan forgiveness and loan repayment.
Matthew Siegel, president and co-founder of Our Time, says the plan is not enough, and that the student debt is actually keeping America’s best and brightest shackled to Wall Street.
He believes this is causing what he calls a “brain drain” in our country. In fact, he recently launched StopTheBrainDrain.org to say that college campuses are being bought off by big Wall Street firms who are getting preferred access to the best and brightest students, thereby taking away the people who are most likely to be innovators, entrepreneurs and start the kind of companies and jobs our country so desperately needs.
