Washington, D.C. — Today, President Barack Obama issued an executive action to ease student-loan debt. In response, Carmel Martin, Executive Vice President for Policy at the Center for American Progress, released the following statement:
Millions of federal student-loan borrowers—from young adults to senior citizens—are struggling to repay their student loans. The steps that President Obama announced today will make it easier for borrowers to meet their obligations without the strain and worry of excessive monthly payments. We applaud the action President Obama is taking to expand the Pay As You Earn repayment plan to 5 million direct loan borrowers and to redouble the administration’s direct outreach to all borrowers to ensure that their payments remain manageable. President Obama also announced his support for student-loan refinancing, an essential element that would help struggling borrowers lower their payments by taking advantage of lower interest rates.
Anne Johnson, Executive Director of Generation Progress, released the following statement:
President Obama’s actions today are critical to help millions of borrowers. Student-loan debt is an issue that affects not just Millennials, but all Americans. Pay As You Earn expansion will provide relief to an additional 5 million student-loan borrowers, and it will put more money back in the hands of borrowers. Allowing student-loan borrowers the ability to refinance their high-interest loans is also crucial, and we thank President Obama for speaking up in support of this important legislation.
- Refinancing Student Loans 101 by Sarah Audelo and Gurwin Singh Ahuja
- It’s Our Interest: The Need to Reduce Student Loan Interest Rates by Anne Johnson and Tobin Van Ostern
- Harnessing the Tax Code to Promote College Affordability by Joe Valenti, David A. Bergeron, and Elizabeth Baylor
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