College students everywhere: President Obama is coming to your rescue.
President Obama issued a call to arms to students everywhere while speaking at the Georgia Institute of Technology in Atlanta on Tuesday, saying he wants to make the process of repaying student loans easier to understand, manage and pay back.
Obama told the elite technical school that he signed a “student aid bill of rights” and detailed policy amendments and projects to try to make it easier for people with student loans to pay back their debt.
Speaking before a packed crowd of approximately 10,000 students at Georgia Tech, Obama said it is beyond the time for the nation must mobilize to bring about deeper changes to student loans.
“We’re trying to tackle this problem from every angle,” Obama said. “We want to make this experience more affordable, because you’re not just investing in yourselves, you’re investing in your nation.”
“We’re going to require that the businesses that service your loans provide clear information about how much you owe, what your options are for repaying it, and if you’re falling behind, help you get back in good standing with reasonable fees on a reasonable timeline.
Changes were unavoidable and inevitable, as the current trend of student debt increasing to an all-time high was not sustainable in the slightest.
“We’re going to take a hard look at whether we need new laws to strengthen protections for all borrowers, wherever you get your loans from,” Obama said.