ATLANTA — President Barack Obama says college affordability isn’t just important for students, but for the nation as well.
Obama told thousands gathered at Georgia Tech Tuesday that he is trying to make it easier for them to pay back student loans. He is aiming to clamp down on the private companies that service federal student debt.
He acknowledged the modest move isn’t a “silver bullet.” But he says America needs the world’s most skilled and best educated workforce to compete in the global economy.
Obama’s action requires loan companies to better inform borrowers about their repayment options and delinquent payments. Obama is also telling loan servicers to apply extra payments first to the highest-interest loans, helping students pay off debt quicker.
