The president proposed changing the way colleges get federal aid, encouraging institutions to use technology and online learning to make courses more accessible, and capping loan repayment plans depending on how much graduates earn.
Rising tuition costs have far outpaced income gains in the past several decades and forced more students than ever to take out loans to pay for college. That’s delayed things like saving for retirement, and even buying a home and getting married for many young people.
“Higher education is the single best investment you can make in your future,” he told students at the University at Buffalo, during the start of a two-day bus tour on college affordability.
But students today are saddled with a choice previous generations didn’t have to make, he continued, the choice between saying no to college or saying yes and accepting the burden of debt.