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Recently, our President spoke elaborately on college affordability and its implications. He pointed out that tuition fees at the public universities have doubled since the time today’s college students were born. Students now have to take a loan of at least $26,000 from us in order to pay for college.

This is a disturbing trend that not only affects our students but has a huge impact on the entire middle class. As compared to what Americans have to pay for four years of credit card usage, the student loans they have to pay back is much more.

Aspects that are very important for our country’s economy and that help create new jobs such as buying their first home or car are put off as people are saddled with the student loan repayment for decades.

He went on to say that his wife and he continued to pay off their student loans till nine years ago. He also said that as compared to their mortgage payment, student loan was higher. Obama said that he and Michelle were paying off their student loan at a time when they had to start saving for their children Sasha and Malia’s college education.

He also said that there were many people out there who are not as lucky as them with more resources. Our President said that it is not fair to saddle the middle class with so much debt at a time when students just start out in their lives.

He pointed out to the encouraging fact that over the past few years, the administration has taken concrete steps towards solving this issue. Student aid has been expanded in cooperation with the Congress. Student loan system has been reformed and billions of dollars paid as taxes by common people has been saved and made use of to help needy students.

The law that states that students need to pay only ten per cent of their salary towards loan repayment has been passed to help graduating students effectively manage their loans.  Parents and students are helped by the new college scorecard and obtain valuable inputs on the school that offers best value. He also said that he has made it clear o dollars will not be offered as aid to colleges that fail to keep costs under control.

An aspect that is for most in the minds of students is the Stafford loan interest set to double on 1stJuly. For an average student, this means paying at least$1000 more. He pointed out that a similar scenario was played out same time last year. Eventually, the appeal by parents and students had an effect and congress decided to postpone the rate hike.

President Obama said that it is again in our hands to ensure that federal student loan rates do not double from July. Towards this, a student bill has been passed by the House of Representatives. Sadly, this move does nothing to lock in the rates next year. For low-income families, there is no safeguard whatsoever. He appealed to the young people of America to stand up once again and appeal to the Congress.