Tag: student loans
His slow jam on “Late Night with Jimmy Fallon” brought in two million viewers and was just one stop on President Barack Obama’s ongoing campaign to pressure Congress to pass legislation to freeze the interest rate on subsidized student loans.
Over the last few weeks, I’ve had the opportunity to get out of Washington and talk with folks across the country about how we can create jobs and get our economy growing faster. This is a tough time for a lot of Americans—especially young people. You’ve come of age at a time of profound change.
President Barack Obama announced a government program intended to help college students manage their student loans and debt, as well as reduce their monthly payments last week. The new “Pay As You Earn” program, which will take effect next year, will reduce the interest rates many students pay on loans, and waive their loans after 20 years of maintaining payments.
President Obama argued for the need to reform the currently education system on Monday, citing a statistic that the United States in one generation has fallen from first in college graduation rates to twelfth.
Amid the tumultuous debate of the health care reform bill, an important issue fell by the wayside. Since 1965, private banks have received subsidies from the federal government in order to support lending to students for higher education.