With the price of college rising across the United States, the White House has placed the price of college as an administration priority, which is why President Barack Obama signed a memorandum helping struggling federal student loan borrowers manage their debt.
“For too many families across the country, paying for higher education is a constant struggle,” Obama said.
Expanding the president’s Pay As You Earn Plan to More Federal Direct Loan Borrowers will give the option to cap loan payments at 10 percent of the borrower’s income, an option, according to the memorandum, that should become available to the public.
“We took action to offer millions of students a chance to cap their student loan payments at 10 percent of their income,” said Obama or the memorandum. “Congress should pass a bill to let students refinance their loans at today’s lower interest rates, just like their parents can refinance their mortgage.”
The country has long seen the positive effects of a college education, and the president knows that many will need one to succeed.
Given the importance of a college education, the government’s emphasis on creating an environment where that opportunity is more widely available makes sense.
“Investments in our nation’s students are investments in human capital that build wealth and unleash the potential for growth,” said Deputy Treasury Secretary, Sarah Bloom Raskin in a statement released shortly after the president signed the memorandum.
This holds true not only with recent graduates and current students. The idea of student loan debt is something that many students deal with all the time.
“I think about the debt I’m in everyday. People talk about debt as a dark cloud looming over you and that’s exactly what it feels like for me,” said California State University at Chico student and
Fresno City College graduate, David Semsem. “But despite that, getting an education is what I’m immediately focusing on.”
Although many students have suffered for years with the burden of debt. Obama believes that there is still hope that this problem will be solved soon.
“This country has always made a commitment to put a good education within the reach of all who are willing to work for it. That’s what made us an economic superpower. That’s what makes us special,” Obama said. “As long as I hold this office, I’ll keep fighting to give more young people the chance to earn their own piece of the american dream.”
