The
White House
Getting
student debt under control
From
Andy MacCracken
Hey,
everyone --
I owe
more than $75,000 in federal student loan debt -- and that's before
you count interest.
So,
as you might imagine, the action President Obama took today to make
debt more manageable for millions of Americans is very personal to
me.
When
I was growing up in Colorado, my parents worked multiple jobs and
made plans to refinance our house just so they could afford to put me
through college.
But
when my mom was diagnosed with breast cancer during my freshman year
of high school, it meant the money they'd planned to use for my
education went toward saving her life. Student loans made it possible
for me to go to college and complete my education, but now they
present a serious financial burden.
With
tens of thousands of dollars in student debt, the only reason I'm not
losing my mind is because I know my repayment will be manageable. Pay
As You Earn, for example, means my monthly payments will be about
$200 per month instead of nearly $900 per month.
Today,
President Obama directed the Secretary of Education to propose
regulations that would give nearly 5 million federal direct student
loan borrowers like me the opportunity to cap their payments at 10
percent of their income. That's on top of steps he's already taken to
keep interest rates low and expand income-based repayment programs.
That
could not be more real for me -- and for millions of Americans across
the country who have stories like mine. Maybe you're one of them.
Right
now, I'm surrounded by new graduates who want to improve the world
around us -- as teachers, public servants, and, like me, as
non-profit leaders.
The
action this president is taking is helping to make sure finances
aren't holding us back from achieving our potential.
And
that's truly invaluable for me, my generation, and the nation as a
whole.
Andy
MacCracken
Arlington,
Virginia
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