Weekly
Address: Everyone Should Be Able To Afford Higher Education
The White House
Saturday, August 16, 2014
Hi, everybody. Over the next
couple weeks, schools all across the country will be opening their doors.
Students will suit up for fall sports, marching band, and the school play; moms
and dads will snap those first-day-of-school pictures – and that includes me
and Michelle.
And so today, I want to talk
directly with students and parents about one of the most important things any
of you can do this year – and that’s to begin preparing yourself for an
education beyond high school.
We know that in today’s economy,
whether you go to a four-year college, a community college, or a professional
training program, some higher education is the surest ticket to the middle
class. The typical American with a bachelor’s degree or higher earns over
$28,000 more per year than someone with just a high school diploma. And they’re
also much more likely to have a job in the first place – the unemployment rate
for those with a bachelor’s degree is less than one-third of the rate for those
without a high school diploma.
But for too many families across
the country, paying for higher education is a constant struggle. Earlier this
year, a young woman named Elizabeth Cooper wrote to tell me how hard it is for
middle-class families like hers to afford college. As she said, she feels “not
significant enough to be addressed, not poor enough for people to worry
[about], and not rich enough to be cared about.”
Michelle and I know the feeling –
we only finished paying off our student loans ten years ago. And so as
President, I’m working to make sure young people like Elizabeth can go to
college without racking up mountains of debt. We reformed a student loan system
so that more money goes to students instead of big banks. We expanded grants
and college tax credits for students and families. We took action to offer
millions of students a chance to cap their student loan payments at 10% of
their income. And Congress should pass a bill to let students refinance their
loans at today’s lower interest rates, just like their parents can refinance
their mortgage.
But as long as college costs keep
rising, we can’t just keep throwing money at the problem – colleges have to do
their part to bring down costs as well. That’s why we proposed a plan to tie
federal financial aid to a college’s performance, and create a new college
scorecard so that students and parents can see which schools provide the
biggest bang for your buck. We launched a new $75 million challenge to inspire
colleges to reduce costs and raise graduation rates. And in January, more than
100 college presidents and nonprofit leaders came to the White House and made
commitments to increase opportunities for underserved students.
Since then, we’ve met with even
more leaders who want to create new community-based partnerships and support
school counselors. And this week, my Secretary of Education, Arne Duncan,
announced a series of commitments to support students who need a little extra
academic help getting through college.
This is a challenge I take
personally. And to all you young people, now that you’re heading back to
school, your education is something you have to take personally, also. It’s up
to you to push yourself; to take hard classes and read challenging books.
Science shows that when you struggle to solve a problem or make a new argument,
you’re actually forming new connections in your brain. So when you’re thinking
hard, you’re getting smarter. Which means this year, challenge yourself to
reach higher. And set your sights on college in the years ahead. Your country
is counting on you.
And don’t forget to have some fun
along the way, too.
Thanks everybody. Good luck on
the year ahead. |
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