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“I’m only here because this country gave me a chance through education. We are here today because we believe that in America, no hardworking young person should be priced out of a higher education. This country has always made a commitment to put a good education within the reach of young people willing to work for it.”
More students are graduating college than ever before. Higher education is one of the most important investments someone can make for themselves and for our economic progress: Today, 11 of the 15 fastest-growing occupations require a postsecondary education.
That’s why, since President Obama took office, he's made historic investments to help millions of Americans afford college by doubling investments in grant and scholarship aid through Pell grants and tax credits, keeping interest rates low on federal student loans, and creating better options to help borrowers manage debt after college like the Pay as You Earn (PAYE) plan.
And today, we're announcing new actions to build on that progress to help student borrowers repay their debt successfully: President Obama is aiming to enroll two million more people in Pay as You Earn by this time next year.
You can now find the best student loan repayment option in 60 seconds or less: Get started now at StudentLoans.gov/Repay.
To help borrowers easily navigate the complexity of student loan repayment options, the U.S. Digital Service and the Department of Education’s Office of Federal Student Aid launched the new StudentLoans.gov/Repay to help drive students to their best repayment option in five steps or less. Built mobile-first, and using human-centered design, StudentLoans.gov/Repay was designed to make repayment information as easy to understand as possible.
This builds on the steps that the Department of Education announced last December to expand Pay As You Earn (PAYE) loan repayment plans that help make it easier for millions more Americans who are struggling with student loan debt. Under PAYE plans, if you're a borrower who needs help with your debt, you'll never have to pay more than 10 percent of your income towards student loan payments and you can reduce your monthly payment to as low as $0.
To highlight this message to the those most affected by it, Press Secretary Josh Earnest is hosting student reporters from across the country at the White House today for the first-ever College Reporter Day. Tune into their press briefing :