Typically when Obama has an afternoon live stream, the demographic tuning in consists of politically aware adults. Today however, he may be attracting a younger audience. Tune in at 12:45 PM EST to hear Obama speak on college affordability.
Many people are eager to hear what the President has to say today as he addresses the need to lower loan payments for future graduates. Speaking at the University of Colorado at their downtown campus located in Denver Colorado, Obama will outline a plan that should go into effect next year.
Obama’s College Affordability Live Stream (12:45 PM EST)
College Burden Currently Getting Worse
Obama knows what he’s doing when it comes to getting the nations attention. Just a few days ago he was in Las Vegas discussing a plan to help underwater homeowners with their home loans — the number one cause of debt in the nation. Now, he is attacking the number two cause of debt; college loans.
This speech cannot come at a better time, as tensions mount at the Occupy Wall Street protests. Among the various complaints protesters have, their surmounting debt due to a lacking job market and massive college loans adds fuel to the fire.
Just last month, we reported that more students were defaulting on federal loans, a sign that they were struggling in this economic atmosphere.
Quick Overview Of The Plan
Although he has not started speaking yet, a press briefing held yesterday mentioned some highlights. Basically, the plan housed under the Federal Family Education Loan Program, would allow graduates consolidate their loans with a lowered interest rate.
Obama also wants to provide relief in another way, by only asking for students to pay back 10% of their discretionary income as opposed to the 15% currently required from the “Pay as you Earn” plan. This change would also bring the debt forgiveness deadline from 25 years to 20.
What do you think of the Presidents plan?