On Monday, U.S. Sen. On Saturday, Obama dedicated his weekly address to the topic, hinting that he would take some sort of action to provide relief in the coming week. (AP Photo/Stephan Savoia)
WASHINGTON – With President Barack Obama set to officially endorse Sen. Elizabeth Warren’s Bank on Students Emergency Loan Refinancing Act on Monday, the commander in chief dedicated his weekly address to highlighting the bill and the problem of college debt dragging down the next generation.
«In a 21st century economy, the surest pathway into the middle class is some form of higher education. The unemployment rate for workers with a bachelor’s degree is just 3.3 percent about half what it is for high school graduates,» Obama said in his weekly address. «The typical graduate of a four-year college earns $15,000 more per year than someone with just a high school degree. But at a time when college has never been more important, it’s also never been more expensive.»
College debt in the United States has topped $1.2 trillion, making it the number one source of debt, surpassing credit cards.
Elizabeth Warren is scheduled to join President Barack Obama in the East Room of the White House when he discusses her Bank on Students Emergency Loan Refinancing Act and the issue of crushing college debt
«This is $66 billion on just the loans issued during that period. That is insane,» Warren previously told MassLive. «This (bill) brings that down. Instead of taxing students who can’t afford to pay for college up front, it says we are investing in those students.»
The bill would be paid for by increasing the tax rate paid by the wealthiest Americans by enacting the so-called Buffett Rule.
On Saturday, Obama indicated he was indeed supporting the measure, and alluded that he will be taking action on his own to provide relief sometime this week. (más…)