The single most important investment anyone can make in their future is to pursue higher education. But the one thing I often hear from families is that they are worried about the cost. Too many students are graduating from college feeling burdened by their student loan debt. The Obama Administration has – and will continue to – make college more affordable through increased Pell Grants and education tax credits, while improving transparency so that students and families have the information they need to select schools that provide the best value. Today, we are building on the Administration’s success helping students manage their debt and stay on track.
My team at the U.S. Department of Education been working with our federal partners to make sure that student loan borrowers are getting accurate information about how to avoid – or get out of – delinquency and default. And we’ve been doing more to improve student loan servicing and protect borrowers so they receive the treatment and respect they deserve, regardless of the type of loan they have.
But across the Administration, we want to do more. That’s why today, President Obama has proposed a new Student Aid Bill of Rights that outlines a series of new actions that direct the Department of Education, Department of Treasury, Office of Management and Budget, Office of Science and Technology Policy and Domestic Policy Council, working with the Consumer Financial Protection Bureau and the Social Security Administration, to make paying for higher education an easier and fairer experience for millions of Americans.