Continuing the administration’s effort to make college more affordable and encourage Americans to invest in their educations, President Obama announced a Student Aid Bill of Rights Tuesday afternoon.
The Student Aid Bill of Rights reads:
III. Every borrower has the right to an affordable repayment plan.
IV. And every borrower has the right to quality customer service, reliable information, and fair treatment, even if they struggle to repay their loans.
According to a release from the White House Press Secretary, President Obama will also sign a Presidential Memorandum that will result in a more effective complaint system through the Department of Education and step-by-step monthly plans for students to more responsibly pay their loans. Additionally, the Administration will be analyzing student debt trends by state and releasing that data.
As of Jan. 2015, Tennessee has an estimated 831,000 student loan borrowers and $22,196,264,000 in outstanding federal student loan debt.
To access the data state by state, visit here.
For more updates on the Student Aid Bill of Rights, follow us at www.mtsusidelines.com, on Facebook at MTSU Sidelines and on Twitter at @Sidelines_News
To contact news editor Max Smith, email newseditor@mtsusidelines.com
The average college student in the United States graduates with over $30,000 in student loan debts. I know that without my financial aid opportunities that I would have had to apply for student loans myself. I think it an awesome that President Obama is working to improve the affordability of a college education for students across the country. Announcing a Student Bill of Rights, I think will encourage more people to want to go to school. With the competitive job market today I think it is important that students be encouraged to finish their education at universities to work towards a degree. I am all for improving the repayment plans becoming more affordable monthly. It is a lot easier for students to pay back loans with a step-by-step process. More responsibility will be dependent on the students, better preparing them for the future as well. Every student being ensured that they will receive quality service will also encourage more people to work towards a degree. That way they know that someone is there to help guide them through it. With the memorandum set in place to help improve the complaint system it will make it easier to communicate with more college students to hear their feedback to help improve the education opportunities further.