RUSH: Student loans have been nationalized. And, by the way, about that, student loan debt is now to the point it'll never be paid back. Student loan debt, aggregate, the cumulative total now, it'll never be repaid because it's made up of individuals who are never gonna earn enough money, given Obama's policies, to get close to paying it back, which is just fine with Obama. It's another thing he can forgive for political pleasure, or use it to control political loyalty. This whole push, this whole incessant push, telling people everywhere, "You gotta go to college. You can't get anywhere in America without a college degree. You must."
Well, most people have to take out a lot of loans to go to college. Most people have to go into real debt to go to college, and that's just four years undergrad. You stay in college longer, that's more loans. Money you'll never pay back. Money you'll never get out from under. And that's fine with typical progressive Democrats of the day, keeps you attached to them. Your future is in their hands. Your financial future is literally in their hands. So all this stuff is happening. It's not theory anymore. This is not 25 years ago where I was sitting here warning you about what would happen if Democrats keep winning. We've gotten there now.
RUSH: By the way, speaking of the student loan program, folks, a bunch of liberals in Congress have already proposed forgiving all student loans, and they actually have an act, a bill. The Student Loan Forgiveness Act of 2012. And it would only cost a trillion dollars. That's what student loan debt has become. They just want to wipe it out, which they can do. If they get the votes for it, they could clearly do that.
Now, what a great way to reward colleges for indoctrinating more Democrats. And what a great way to guarantee the student vote for years to come. The number of the bill is H.R. 4170. It "would forgive student loan debt for those who have paid 10 percent of their discretionary income toward their loans for 10 years and would cap interest on federal student loans at the current rate of 3.4 percent. Individuals who go into teaching, public service or practice medicine in underserved areas would have their debt forgiven after only five years."
Now, this is not a new piece of legislation. It's been out there for a long time. It would basically promise anybody to make payments for a couple, three years, then we'll forgive the loan, once you reach 10%. It's just a trillion bucks, folks, I mean, what the hell. There's all kinds of value in that for the Democrats.