Forgive all outstanding student loans, and set up a self-sustaining fund to subsidize higher education.

The Obama Administration will forgive all outstanding student loans, then introduce a bill to congress to create a fund for the purpose of subsidizing all higher education. Initially the fund will have to be appropriated by congress, but the bill would also set up a new tax. This tax would only be applied to those people who choose to have their education subsidized. The tax will be paid for 10, 15, or 20 years, depending on the level of education sought. Eventually this tax would be able to cover all costs of the new subsidized education program, and would only require congress to appropriate funds for the initial start up of the program.