Somewhere around the time that reporters from around the world gathered at the United Nations to stare at an unoccupied lectern for well over an hour, President Obama was wrapping up a speech at Georgia Tech, where he thrilled debt-strapped students with news that he had earlier Tuesday morning signed his “Student Aid Bill of Rights.”

So, just what is this latest executive memorandum from President Pen and Phone?

Hold up, now; if the government can promise two years of community college tuition-free, what’s this nonsense about repaying loans?