More students than ever before are relying on student loans to pay for their college education. 71 percent of students earning a bachelor's degree graduate with debt, averaging
That's why, as part of his year of action to expand opportunity for all Americans,
Earlier this afternoon, the President signed a memorandum directing the Secretary of Education to propose regulations that would allow nearly 5 million federal direct student loan borrowers the opportunity to cap their student loan payments at 10 percent of their income. The memorandum also outlines new executive actions to support federal student loan borrowers, especially vulnerable borrowers who may be at greater risk of defaulting on their loans.
But in his remarks at the signing, the President made clear that
The President then detoured briefly from his prepared remarks, explaining why it's a "no-brainer" for
You would think that if somebody like me has done really well in part because the country has invested in them, that they wouldn't mind at least paying the same rate as a teacher or a nurse. There's not a good economic argument for it, that they should pay a lower rate. It's just clout, that's all. So it's bad enough that that's already happening. It would be scandalous if we allowed those kinds of tax loopholes for the very, very fortunate to survive while students are having trouble just getting started in their lives.
So you've got a pretty straightforward bill here. And this week,
"This week, [
Read the President's full remarks from today's signing, and learn more about how the President is working to make college more affordable.
And in case you missed it, the President will take to Tumblr tomorrow to answer your questions about education, college affordability, and reducing student loan debt. Tune in tomorrow at
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