President Obama Talks Student Debt

In case you missed it, during President Obama’s State of the Union address last week, there were plenty of mentions of student debt. It seems like we’re in for quite the exciting battle to reform the U.S. loan system and make it easier for students to get an education.

Read the juicy bits below:

“When kids do graduate, the most daunting challenge can be the cost of college.  At a time when Americans owe more in tuition debt than credit card debt, this Congress needs to stop the interest rates on student loans from doubling in July.

Extend the tuition tax credit we started that saves millions of middle-class families thousands of dollars, and give more young people the chance to earn their way through college by doubling the number of work-study jobs in the next five years.

Of course, it’s not enough for us to increase student aid.  We can’t just keep subsidizing skyrocketing tuition; we’ll run out of money.  States also need to do their part, by making higher education a higher priority in their budgets.  And colleges and universities have to do their part by working to keep costs down.

Recently, I spoke with a group of college presidents who’ve done just that.  Some schools redesign courses to help students finish more quickly.  Some use better technology.  The point is, it’s possible.  So let me put colleges and universities on notice:  If you can’t stop tuition from going up, the funding you get from taxpayers will go down. Higher education can’t be a luxury -– it is an economic imperative that every family in America should be able to afford.”

For the whole transcript, head over here.

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