Obama calls out "millionaires" to pay for student loans

Illinois Review reports:

Using his pen again in “this year of action,” President Obama today signed an executive order to ease the burden of student debt at the expense of “millionaires.”

The program, “Pay as You Earn,” expands an existing federal loan option available to undergrad and graduate students. It issues caps on monthly loan payments at 10 percent of the borrower’s discretionary income and forgives their remaining balance after 20 years.

For those working in public service or the government, any remaining debt is forgiven after 10 years. An estimated 5 million more borrowers will become eligible under the new plan. Before today, only those who took out loans after 2007 were entitled to “Pay as You Earn” benefits.

To finance the program, Obama proposed closing “tax loopholes” for the wealthy, or what he called “millionaires.”

How about taxing universities since they don't deserve a special treatment?