Student Loan Relief
Last week I wrote to you about our nation’s education crisis. The costs of higher education have risen dramatically, making it unaffordable for many families. In fact, the Los Angeles Times reported on Wednesday that California actually leads the nation in escalation of college costs. California's public universities enacted the highest average tuition increase (more than twenty percent) of any state.
However, a college degree is critical for young people entering the competitive job market, and its value is worth more today than it has ever been. This week, President Obama took concrete steps to make life easier for students who have borrowed money to pay for their college education but are now burdened with substantial debt that seems insurmountable.
President Obama announced he will issue an executive order to reduce the maximum percentage of income that students will pay toward their student loans to 10 percent. These 1.6 million current students will also be eligible for loan forgiveness in twenty years instead of twenty-five.
President Obama’s new student loan debt payments program is a lifeline for students who dream of a college education but cannot afford one. It is great news for millions of Americans getting by month to month and it will help bolster our economy by helping get people back on their feet.
In Congress, my Democratic colleagues and I are doing all we can to advocate on behalf of students and to make college more affordable for families. In Orange County, I am hosting annual “College Nights” where my staff and high school counselors individually assist students and their families with the financial aid application process. I am proud of the work that is taking place to help every student fulfill their dream of receiving a college education because everyone deserves the chance to succeed.
Please don’t hesitate to contact me at my Washington, DC office at 202-225-2965, or send me an email through my website, www.lorettasanchez.house.gov with your thoughts on higher education.
