Passage of New Student Loan Reform Bill is Imminent by Jason Spencer Dallas

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11 Jun Passage of New Student Loan Reform Bill is Imminent by Jason Spencer Dallas

Student loan reform bill has for so long been awaiting approval by the Congress and President Obama seems to be pushing for the approval. During his weekly address, President Obama challenged students to excel in academics so as to prove the benefits of the student loan.  A call that Jason Spencer Dallas heard and wanted to help with.

Student loan relief bill was introduced by Senator Elizabeth Warren, Massachusetts Democrat. The bill was failed by the Senate, which is controlled by the Democrats, in June this year but President Obama has on several occasions showed his full support for the bill. His recent remarks about the student loan forgiveness once again brought reprieve to college graduates who are still refinancing their loans.

If Ms. Warren’s student loan reform bill is approved to become law, approximately 25 million American college graduates with college loans will be allowed to refinance their loans at the current lower interest rates. One of the strongest supporters of this bill has been the White House with President Obama himself being on the forefront. Obama has personally been pushing for the approval of the bill and his support has greatly intensified within the most recent months.

President Obama is urging the Congress to pass the student loan relief bill so as to allow college graduates repay their loans at today’s lower interest rates just like it is for the case of several other loans such as mortgages. The president said that there are many Americans who are beneficiaries of the student loans and have been refinancing them for several years due to the higher interest rates being imposed on these loans. If this bill is passed, students will be able to repay their loans within a relatively shorter period of time.

In addition to his support for the student loan forgiveness bill, the president also has a message to the universities. He said that universities should lower their tuition fees so as to reduce the overall cost of university education. Besides that, he also urged high school and college students to take their studies seriously this year and record better results.

The message of President Obama came at a time when students are also reporting back to school. Mr. Obama urged students to take responsibility for their education at a personal level and put in more efforts in order to excel. He said that students should take the initiative of working hard and study challenging books that will equip them with the necessary knowledge and skills to solve problems. “Finding ways to solve more complicated problems gives you a chance to explore more about the problem and in the process learn many new things, Mr. Obama said. “This allows your brain to think hard and out of the box, which also makes you become smarter. Do not fear challenges or hard classes but face them with inspiration and vigor. Challenge yourself to achieve better grades this year and do the same the in the years to come. Remember that the future of our country depends on you.”

Experts have said that with the strong support that the student loan reform bill is receiving, it is likely to be approved by Congress. This will benefit many college graduates who are still servicing their debts.

Jason Spencer Dallas

Jason Spencer
js2733@cornell.edu

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