Student loan

“ By eliminating the middlemen in the college loan system, lowering the cost, and offering better repayment terms, our direct student loan program is giving more young people a chance to go to college while saving tax dollars at the same time. ”

“ Because no hardworking student should be stuck in the red. We’ve already reduced student loan payments to ten percent of a borrower’s income. Now, we’ve actually got to cut the cost of college. Providing two years of community college at no cost for every responsible student is one of the best ways to do that, and I’m going to keep fighting to get that started this year. ”

“ The typical graduate of a four-year college earns $15,000 more per year than someone with just a high school degree. But at a time when college has never been more important, it’s also never been more expensive.
That’s why, since I took office, I’ve worked to make college more affordable. We reformed a student loan system that gave away billions of taxpayer dollars to big banks and invested that money where it makes a bigger bang – in helping more young people afford a higher education. ”

“ My fellow Americans, higher education is more important today than ever before. We've created a new student loan program that's made it easier to borrow and repay those loans, and we have dramatically cut the student loan default rate. That's something we should all be proud of, because it was unconscionably high just a few years ago. Through AmeriCorps, our national service program, this year 25,000 young people will earn college money by serving their local communities to improve the lives of their friends and neighbors. These initiatives are right for America and we should keep them going. ”

“ And perhaps most important to many middle class families, this plan opens the doors of college for millions of families by reforming the student loan program and making college affordable again to all Americans. ”

“ To make sure our students don’t go broke just because they chose to go to college, we’re making it easier for graduates to afford their student loan payments. Today, about 2 in 3 graduates take out loans to pay for college. ”

“ The final piece of this puzzle is to invest in the education and skills of our people so they are prepared to fill those jobs. That's why we've already invested more in getting our children off to a good start in Head Start, in the Women's, Infant, and Children nutrition programs. That's why we've already reformed the student loan program so that all children, including children of the middle class, can afford to go to college by borrowing money at lower interest rates and paying it off as a percentage of their incomes after they get jobs. ”

“ We shouldn't dramatically increase the cost of college tuition for millions of students either. But Republicans have proposed to eliminate the student loan subsidy and start charging interest on loans to low-income students while they're still in college. That could increase the cost of their college education by more than 20 percent. We need more people going to college at lower cost, not fewer people going to college at higher cost. ”

“ A parent, regardless of wealth or income, will still be able to borrow up to an additional $3,000 a year. Graduate students will still be able to borrow up to $8,000 a year.
We've taken steps to provide greater aid for students from lower income families. The percentage of students from families earning $12,000 or less, receiving grants, will increase from 64 percent this year to about 75 percent. And the loans outstanding in the Guaranteed Student Loan program, available to future students, will increase by more than $10 billion next year-actually 10.1 billion. ”

“ A Domestic GI Bill Over the past twelve years skyrocketing costs and declining middle class incomes have placed higher education out of reach for millions of Americans. It is time to revolutionize the way student loan programs are run. We will make college affordable to all students who are qualified to attend, regardless of family income. A Domestic G.I. Bill will enable all Americans to borrow money for college, so long as they are willing to pay it back as a percentage of their income over time or through national service addressing unmet community needs. ”

“ But for many graduates, it also means feeling trapped by a whole lot of student loan debt. And we’ve got to do more to lift that burden.
See, in a 21st century economy, the surest pathway into the middle class is some form of higher education. The unemployment rate for workers with a bachelor’s degree is just 3.3 percent – about half what it is for high school graduates. ”

“ This is just on the government subsidized loan program. This sets aside the whole private financing of student loans that has become a big racket. And so what I've said is let's eliminate those subsidies. Let's stop giving $8 billion to companies that don't need it. Let's take that money and expand grants which were much more prevalent when I was going to college and don't require young people to take on these enormous debts. ”

“ At least eight top officials in our own Education Department have taken or had jobs in the student loan industry, including one who was fired for still owning $100,000 worth of stock in that industry. ”

“ And let's tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years –- and forgiven after 10 years if they choose a career in public service, because in the United States of America, no one should go broke because they chose to go to college. ”

“ So when this change takes effect in 2014, we’ll cap a graduate’s annual student loan repayments at 10 percent of his or her income.
To help an additional 5 million Americans earn degrees and certificates over the next decade, we’re revitalizing programming at our community colleges – the career pathways for millions of dislocated workers and working families across this country. These schools are centers of learning; where students young and old can get the skills and technical training they need for the jobs of today and tomorrow. They’re centers of opportunity ”

“ And that anxiety is being heightened by the recent credit crunch, which has raised concerns about the potential availability of student loans.
Recently, some lenders have dropped out of the Federal program that provides college loans to students who have often little or no credit. Without an adequate response, this means that many students may approach the upcoming school year uncertain of when they will be able to get their loans or where they will come from.
A slowdown in the economy shouldn't mean a downturn in educational opportunities. ”

“ The federal government has to make sure that it's fulfilling its financial obligations to states, because part of the reason tuition is going up so quickly is because states aren't providing as much support to colleges and universities as they used to because they're strapped trying to pay their Medicaid bills. Number two: Right now, our student loan programs are often funneled through banks and financial intermediaries like Sallie Mae, and those financial institutions are making $8 billion or more every year in profits off the backs of students who are trying to go to school. ”

“ It kills the AmeriCorps national service program. It denies scholarships to more than 350,000 deserving college students and takes away the best student loan program available to young people—it lowers the cost and eases the terms of repayment. ”

“ Our administration has made education a high priority, focusing on standards, accountability, and choice in public schools and on making a college education available to every American, with increased Pell grant scholarships, better student loan and work-study programs, and the HOPE scholarship and other tax credits to help families pay for college tuition. Because of these efforts, more young people have the chance to make the most of their God-given abilities, and take their place in the high-tech world of the 21st century. ”

“ Ensuring the stability of student loans is essential to keeping educational opportunities open to all Americans. Last year alone, Federal loans provided more than $60 billion of aid to American students. ”

“ To make the American Dream achievable for all, we must make college affordable for all. For seven years, on a bipartisan basis, we have taken action toward that goal: larger Pell grants, more-affordable student loans, education IRAs, and our HOPE scholarships, which have already benefited 5 million young people. 67 percent of high school graduates now go on to college, up almost 10 percent since 1993. Yet millions of families still strain to pay college tuition. ”

“ In 1983 more than 4 1/2 million students will receive aid from guaranteed student loans, and that's just one of the programs—a 22-percent increase over this year. All told, there will be 7 million grants and loans for a student population of between 11 and 14 million if you include even the part-time students. ”

“ Over at the Department of Education, for example, we found that many individuals-some in high-paying jobs-simply ignored pleas that they repay their long-overdue student loans. Our efforts to crack down have paid off. ”

“ One columnist has written, evidently without checking, that millions of American youngsters won't go to college next fall because their government is snatching away grants and subsidized loans. Well, a lot of people have simply been misled.
It is true that the amount for guaranteed student loans will decrease from $2.7 billion this year to $2.4 billion in 1983, but not one dime of the money being cut has ever gone directly for loans to students. The actual loans that students receive under this program come from private banks and don't show up in the budget at all. ”

“ At the same time, the cost of college is rising, putting it out of reach for many and burdening others with increasing amounts of student debt. Those in the class of 2015 who borrowed to finance their education graduated with nearly $30,000 in student debt, on average. ”

“ University administrators all over the country have told me that they are saving weeks and weeks of bureaucratic time now because of our direct college loan program, which makes college loans cheaper and more affordable with better repayment terms for students, costs the Government less, and cuts out paperwork and bureaucracy for the Government and for the universities. ”

“ I should not advise students to borrow unless it is quite necessary. I do not like the idea of incurring upon myself the responsibility of a debt. But most colleges have a loan fund, and I should surely prefer to avail myself of that rather than to stop my school work. ”

“ Another cause which often compels the students to quit the university, and indeed in all stillness, is debt. That the young men at the High-School may readily fall into debt, is easy to conceive. Most of them were till this time at schools where they were quite dependent on their parents, and have now, for the first time, considerable sums in their hands; and beyond this, the way into debt is made so particularly easy to the student. The landlords, the shopkeepers, and all others, who derive an advantage from the students, freely give credit, or pump, as the students term it. ”

“ And we've opened the doors of college education to millions more Americans with lower interest loans and easier repayment terms and the opportunity for tens of thousands of our young people to pay off their college loans or earn credit against college through the national service program and building their communities at the grassroots level. ”

“ About 44 percent of all enrolled college students will receive aid, and undergraduate students who demonstrate need will be eligible for a veritable laundry list of help-up to a $1,600 grant and up to a $2,500 guaranteed loan ”