Remarks of President
Hi, everybody. This is commencement season, a time for graduates and their families to celebrate one of the greatest achievements of a young person's life. But for many graduates, it also means feeling trapped by a whole lot of student loan debt. And we've got to do more to lift that burden.
See, in a 21st century economy, the surest pathway into the middle class is some form of higher education. The unemployment rate for workers with a bachelor's degree is just 3.3 percent -- about half what it is for high school graduates. The typical graduate of a four-year college earns
But at a time when college has never been more important, it's also never been more expensive.
That's why, since I took office, I've worked to make college more affordable. We reformed a student loan system that gave away billions of taxpayer dollars to big banks and invested that money where it makes a bigger bang -- in helping more young people afford a higher education.
But over the past three decades, the average tuition at a public four-year college has more than tripled. The average undergraduate student who borrows for college now graduates owing almost
I've taken action on my own to offer millions of students the opportunity to cap their monthly student loan payments to 10% of their income. But
That's the choice that your representatives in
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. And 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. Thanks, and have a great weekend.
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