Section Branding
Header Content
Obama Aims To Make Paying Back Student Loans Easier
Primary Content
President Barack Obama says college affordability isn't just important for students, but for the nation as well.
Obama told a crowd estimated at 9,529 people at Georgia Tech Tuesday that he is trying to make it easier for them to pay back student loans. He is aiming to clamp down on the private companies that service federal student debt.
Scroll down to see photos of the visit
"We're gonna make sure universities are using technology to help make sure students learn at lower costs,” he said. “We're gonna make sure that loan servicers can find better ways to help borrowers keep up with monthly payments that they can afford."
The President acknowledged the modest move isn't a "silver bullet." But he says America needs the world's most skilled and best-educated workforce to compete in the global economy.
Obama's action requires loan companies to better inform borrowers about their repayment options and delinquent payments. Obama is also telling loan servicers to apply extra payments first to the highest-interest loans, helping students pay off debt quicker.
President Obama addresses students at Georgia Tech about making student loans more affordable. Photo courtesy Frank Arsics.
Shortly before departing for Atlanta, President Obama signed a presidential memorandum clamping down on companies that service student loans issued by the federal government.
Obama's memo requires those companies to better inform borrowers about their repayment options and delinquent payments. Obama is also telling loan servicers to apply extra payments first to the highest–interest loans, helping students pay off debt quicker.
Students await the president's arrival at Georgia Tech. (Photo courtesy Frank Arsics.)
The president commended Georgia Tech for offering affordable education for high tech careers. (Photo courtesy Frank Arsics.)
Students swarm the President for photos after his speech ended. (Photo courtesy Frank Arsics.)
See entire photo gallery below:
Tags: President Barack Obama, President Obama, Georgia Tech, visit to georgia tech, making loans more affordable, executive order on student aid bill of rights