President Obama Meets Families Trying to Pay for College
In April, President Obama met with a family who is struggling to afford college and he underscored his commitment to cut wasteful spending on federal student loans. Obama talked about the strain that is being placed on middle class families who are trying to get their kids through college so that they may earn a college degree.
The President proposes to reform student loans to make college affordable. He says that by 2020, American will have the highest proportion of college students in the world. He also states that the future of America’s economic growth depends on the quality of our students’ education.
The United States once had one of the most educated work forces in the entire world, but it now is in the middle of the pack. Just 38 percent of young workers in the U.S. have a college degree which is lower than nine other countries. Obama said that the U.S. does not offer enough financial aid to its students due to the fact that the student loan program spends $5 billion more than what is needed, subsidizing banks and other lenders.
Obama’s budget includes a $2.5 billion fund to improve college access and to help colleges and universities graduate more students. Now, only 65 percent of students beginning at four year colleges actually earn a degree.
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