The president calls for a change in the government system for providing financial aid to college students.
Wired PR News – President Barack Obama is calling for a change in the government administration of financial aid to college students. As reported by the Associated Press (AP), Obama is pushing for financial aid to be administered directly to students as opposed to going through banks for lending.
Obama is quoted in the report as stating, “In a paradox of American life, at the very moment it’s never been more important to have a quality higher education, the cost of that kind of education has never been higher. … Yet, we have a student loan system where we’re giving lenders billions of dollars in wasteful subsidies that could be used to make college more affordable for all Americans.”
The president’s proposal would eliminate the Federal Family Education Loan Program.
Photo Credit: Pete Souza, The Obama-Biden Transition Project