Will the federal government cut some of its wasteful spending or will the cost of this plan ultimately fall on the backs of taxpayers?
Today President Obama announced that he'll propose a new program that will waive tuition for many community college students.
According to the New York Times, "The plan would be funded by the federal government and participating states, but White House officials declined to discuss how much it would cost."
However, administration officials did say this plan could benefit 9 million students, adding that eligible community college students would save an average of $3,800 in tuition per year. This amounts to $34 billion.
Presidnt Obama's plan is based on TENNESSEE PROMISE, a state program that offers two years of tuition-free community or technical college to Tennessee high school graduates.
So, how is this paid for? Will the federal government cut some wasteful spending or will the cost of this plan ultimately fall on the backs of taxpayers?
Whatever this proposal ends up looking like, it requires legislation that has to be supported by a Republican-controlled Congress.
One thing's for sure. Recent college graduates are in whole mess of debt. What's the solution? Watch Jesse's take:
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