Remarks by the President and Secretary Duncan in Student/Parent Discussion on College Loans
The White House
Office of the Press Secretary
Washington Lee High School, Arlington, Virginia
11:35 A.M. EDT
THE PRESIDENT: What I’m going to be talking about today is obviously financing college educations. And I tell a story about how both Michelle and I, we had to rely on student loans and grants and scholarships to get through college and law school, and we still had a huge amount of debt after we graduated. It paid off, it’s a great investment, but obviously we’re pretty sympathetic to the challenges that families go through in terms of financing.
And so I just wanted to get a sense — all of you are going to be taking out Stafford loans. And two things I wanted to get a sense of — number one, I’m assuming that a doubling of the interest rates is not helpful to you, but feel free to talk about that. I also wanted to get a sense of how it was to apply for one, because one of the things Arne and I and others in the administration have talked about is how do you simplify the process just to make it a little bit easier for people. Because I know that — and based on your chuckle, it sounds like that’s something that we need to do.
Anybody want to start?
SECRETARY DUNCAN: How was the financial aid form itself? Was that scary? Was it easy? Was it hard?
STUDENT: Pretty easy. It was kind of like filling out a college application, so that made it really easy — did it all for you.
THE PRESIDENT: Oh, good.
SECRETARY DUNCAN: That’s what I like to hear. What about other folks?
STUDENT: It was pretty easy.
SECRETARY DUNCAN: It used to be really, really tough, and we worked with the IRS to simplify that. I was scared to partner with the IRS — (laughter) — but they did a great, great job. The form itself used to be a barrier to going on. So what was your sense on it?
STUDENT: I did it in my college summit class
You can read the rest of this article at:: http://www.whitehouse.gov/the-press-office/2012/05/04/remarks-president-and-secretary-duncan-studentparent-discussion-college-
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