Obama let concerned students know that the government has and will continue to work towards keeping the cost of education down. “As part of a higher education package that we passed last year, what we were able to do was to take away subsidies that were going to banks for serving as middlemen in the student loan program and funnel that to help young people, through Pell Grants and lower rates on student loans,” said Obama. “And so there are millions of students who are getting more affordable student loans and grants as a consequence of the steps that we’ve already taken.”
He didn’t stop there, offering students relief in the near future. “In addition, what we’ve said is that starting in 2013, young people who are going to college will not have to pay more than 10 percent of their income in repayment.”
