Barack Obama's MTV Interview on College Costs and Student Loans

Just two days before the election, Barack Obama was on MTV answering viewer questions about his plan to help college students and their parents. He spent a good five minutes talking about college costs, student loans, tuition credits, etc.

As mentioned by the interviewer, John McCain was also invited to answer questions but politely declined.

Here are some of the highlights of what Obama is hoping to accomplish for college students and their parents:

• Increase the Pell Grant Program.
• Eliminate banks as middlemen in the student loan process.
• Reduce student loan interest rates.
• $4,000 annual tuition tax credit (a.k.a. The American Opportunity Tax Credit) in exchange for community service.
• Possible improvements to loan consolidation programs for existing loans and a possible lowering of existing loan interest rates.

As always, take these campaign promises with a grain of salt, especially the more general promises to lower rates, etc.

If you have time, be sure to watch the entire Barack Obama MTV Interview for yourself.