In his speech, President Obama said that opportunity should be available for everybody, and higher education opens the doors to opportunity. But higher education has never been more expensive than it is now, and family income hasn’t increased enough to help with this.
These days, students whose parents make a lot of money have the possibility of going to their parents for help. And students whose parents don’t make much money have more options on scholarships. But what if you’re in the middle class and can’t get help from family or from scholarships? What if your family has money but won’t help you? Students are facing a number of problems, especially in a time when, according to President Obama, states invest more money into prisons than into schools.
So the president is directing the Secretary of Education to give young people an opportunity to cap their loan payments at 10 percent of their income. That would make sure the loans don’t eat up all their income. He wants to renegotiate contracts with organizations like Sallie Mae and make sure that students know what all their options are so they can make the best decisions for their lives.
He also called on people across the country to talk to their members of Congress and encourage their elected politicians to do more to help young people get and afford an education. And if you have Qs about what’s going on, the prez will be answering them tomorrow on Tumblr. Yup, Tumblr — as he pointed out, he has two teen daughters and works with a lot of twentysomethings.