Education

President Barack Obama said the cost of higher education is at an all time high and students are finding it difficult to shell out money for their education as their families are already facing the wrath of the liquidity crunch. Obama expressed his concern over rising tuition costs and expressed his desire to eliminate the “middlemen” operating between the government and the students. At a press conference, the President said if students could avail the loan directly from the government, it would be difficult for these “middlemen” to siphon out money unethically.  

President Obama promises to eliminate “middlemen”

Obama said these “middlemen” consisting mainly of banks and private lenders were minting money in the process and it is very important to stop such anomalies. It is anticipated that by doing so, approximately USD$48 billion could be saved in the next couple of years. The fund can be used for various student loan programs. He is also determined to put an end to the Federal Family Education Loans Program or FFEL.  

The President accentuated the importance of quality higher education. He promised to make an investment worth USD$2.5 billion for improving graduation rates and enhancing enrollment rates. He stressed the need to reform, modernize and expand certain education programs in the country.