Barack Obama

“ That’s why, over the past four years, we’ve helped make college more affordable for millions of students and families with grants and loans that go farther from before.
But students and families and taxpayers cannot just keep subsidizing college costs that keep going up and up. Not when the average student now graduates more than $26,000 in debt.
We cannot price the middle class out of a college education. That’s why I proposed major new reforms to make college more affordable and make it easier for folks to pay for their education. ”

“ And third, we’re going to help more students responsibly manage their debt, by making more of them eligible for a loan repayment program called Pay-As-You-Earn, which caps your loan payments at 10% of what you make. And we’ll reach out directly to students to make sure they know that this program exists.
These reforms won’t be popular with everybody. But the path we’re on now is unsustainable for our students and our economy. Higher education shouldn’t be a luxury, or a roll of the dice; it’s an economic imperative that every family in America should be able to afford. ”