Obama Releases A Bill Of Rights For Student Loans
News, Off Campus

Obama Releases A Bill Of Rights For Student Loans

On Tuesday, President of the United States Barack Obama released a Student Aid Bill of Rights to outline his goals for an affordable higher education experience. The actions directed by the Bill of Rights will create a student feedback system for borrowers to file complaints, make a system to help borrowers afford their monthly payments, and prioritize further steps to meet the needs of students. The memorandum is a list of directives rather than official policies. The administration hopes that by publicizing repayment plans, borrowers will be able to choose the plan that best suits them.

Obama spoke yesterday at the Georgia Institute of Technology to unveil the memo. He acknowledged that neither he nor his wife would be where they are today had they not received grants and work study programs that made it possible for them to continue their education.

“We’ve got to make sure that there are those same tools for young people, to not only get a good education, but to make sure they are not loaded down with huge debt,” he said in a conference call.

The Bill of Rights includes the President’s vision for an affordable post-secondary education. It declares simple values that the administration wants everyone to sign up for, including congressmen, college presidents, legislators, students, and parents. Obama will sign a presidential memorandum to direct the Department of Education and other federal agencies to work across the federal government in order to help borrowers repay their loans.

“We’re continuing to chip away at this problem,” he said. “There’s no silver bullet. We’re going to have to do things at the federal level, at the state level, at the university level.”

Featured Image by Jacquelyn Martin / AP Photo

March 12, 2015
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