Campus Progress Statement: President Obama’s Initiatives Will Help Student Loan Borrowers

Washington, DC - Campus Progress, the youth outreach arm of the Center for American Progress, released the following statement from Policy and Advocacy Manager Angela Peoples in response to President Obama’s series of new initiatives designed to help student loan borrowers.

“The new initiatives announced today by President Obama further demonstrate his commitment to helping students across the country afford college. With student debt set to top $1 trillion, any steps that make affording college easier or less expensive for current and past students are steps that need to be taken without delay.

By speeding up implementation of the 10% cap on payments from 2014 to January 2012, the President has ensured that the new benefits will be able offer immediate relief for more students. Additionally, allowing students to consolidate older Stafford loans with newer direct loans will simplify payments and provide students with new financial savings.

Young people are facing a staggering unemployment rate and more must be done to address the youth jobs crisis.  Without swift action from Congress many young people will remain unable to pay for the cost of the education they received. As an organization that works with and on behalf of young people across the country, we will continue to put pressure on our leaders to stand up for what’s right and not to cede ground to the most conservative factions in Congress who have shown that they are willing to prioritize the needs of millionaires and billionaires over everyone else.” 

For more information on Campus Progress’s work and coverage on affordable education, please click here.

To speak to Campus Progress higher education experts, please contact Tobin Van Ostern at (202)481-8144 or tvanostern@americanprogress.org