Obama to detail student-debt relief plan
Obama to detail student-debt relief plan
President Barack Obama took his economic relief plan to another state today, highlighting new measures designed to help college graduates manage student loan debt, CNN reported.
One of the president’s proposals would push up the start date for more favorable terms on a special loan repayment program based on income, according to White House domestic policy adviser Melody Barnes. Another measure would encourage graduates with two or more kinds of federal loans to consolidate them and get a small break on interest rates.
Obama is expected to discuss the two measures — neither of which required approval from Congress — during an appearance in Denver today. The stop comes at the end of a three-day presidential trip to Nevada, California and Colorado.
“We’re just going to do this by ourselves. We can’t wait for Congress,” Education Secretary Arne Duncan told CNN this morning. This “is about putting more disposable income in people’s pockets and helping them pay the rent or buy groceries or pay the electric bill.”
College education costs have continued to spike in recent years. The annual price of attending the average public university rose 5.4 percent for in-state students to $21,447 this fall, according to a report released today by the College Board. The cost for one year at a typical private college rose 4.3 percent to $42,224.
The average student loan debt for the graduating class of 2009 at four-year nonprofit colleges was $24,000, according to the Institute for College Access & Success.
President Barack Obama took his economic relief plan to another state today, highlighting new measures designed to help college graduates manage student loan debt, CNN reported.
One of the president’s proposals would push up the start date for more favorable terms on a special loan repayment program based on income, according to White House domestic policy adviser Melody Barnes. Another measure would encourage graduates with two or more kinds of federal loans to consolidate them and get a small break on interest rates.
Obama is expected to discuss the two measures — neither of which required approval from Congress — during an appearance in Denver today. The stop comes at the end of a three-day presidential trip to Nevada, California and Colorado.
“We’re just going to do this by ourselves. We can’t wait for Congress,” Education Secretary Arne Duncan told CNN this morning. This “is about putting more disposable income in people’s pockets and helping them pay the rent or buy groceries or pay the electric bill.”
College education costs have continued to spike in recent years. The annual price of attending the average public university rose 5.4 percent for in-state students to $21,447 this fall, according to a report released today by the College Board. The cost for one year at a typical private college rose 4.3 percent to $42,224.
The average student loan debt for the graduating class of 2009 at four-year nonprofit colleges was $24,000, according to the Institute for College Access & Success.
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