Educators Applaud President Obama’s Order Capping Monthly Student Loan Repayments
Career College Central summary:
Nearly five million borrowers of federal student loans will soon have their monthly repayments capped at 10 percent of their income, thanks to an executive order signed by President Obama at the White House this week. The new guidelines are aimed at helping to ease the burdens of paying for a college education.
“I’m only here because this country gave me a chance through education,” Obama said at a ceremony in the White House East Room, surrounded by student loan borrowers. “We are here today because we believe that in America, no hardworking young person should be priced out of a higher education.”
President Obama’s announcement drew immediate praise from veteran educators, including Morgan State University president David Wilson, who was at yesterday’s event. “I applaud President Obama for using the power of the pen to help ease student loan debt,” said Dr. Wilson. Wilson said that the new reforms will likely benefit minority-serving institutions like Morgan State and help to decrease the overall student default rate on federal loans.
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