President Obama's State of the Union Adress

Last night when I watched the State of the Union Address, one thing that caught my attention was President Obama's talk about College. Being a junior in high school, I have started to look at perspective colleges, and one of the first things that I look for is how much it costs annually to go there. Obama talked about bringing the Elementary and Secondary Education act back to life. This plan will give a $10,000 tax credit to families who have a child going to college to increase the Pell grants. This bill will also help out the students who are graduating too, Obama talked about 1 million students only having to pay 10 percent of their student loans, and that all of the debt from their student’s loans will be forgiven in 20 years, and only 10 years if they choose a job in public service. He suggests that the colleges also help in cutting costs, and not just the government who is giving all of these breaks in costs. When he says that "they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years — and forgiven after 10 years if they choose a career in public service, because in the United States of America, no one should go broke because they chose to go to college." is he suggesting that the United States Government pay for the left over money that is not being paid? And if so how are they going to do that if they are in debt themselves? I like the idea that Obama has about paying off student loans but in the long run how is that going to help anyone out? 1 million students won’t have to pay their student loans after 20 years, but what about the 1 million students after them? If the government pays for the student loans doesn't this mean that our everyday taxes will be raised even more than they already are to help pay for the debts that our country has, and now the student loans will be added to that cost. In the end it sounds like this plan is more of a theory then a plan that will work out for everyone in the country.