Making College, Health Insurance Affordable - YouTube

This was a momentous week for America. It was a week in which together, we took bold

new steps toward restoring economic security for our middle class and rebuilding a stronger

foundation for our future. It was a week in which some of the change that generations

have hoped for and worked for finally became reality in America.

It began with the passage of comprehensive health insurance reform that will begin to

end the worst practices of the insurance industry, rein in our exploding deficits, and, over

time, finally offer millions of families and small businesses quality, affordable care

- and the security and peace of mind that comes with it.

And it ended with Congress casting a final vote on another piece of legislation that

accomplished what we've been talking about for decades - legislation that will reform

our student loan system and help us educate all Americans to compete and win in the 21st

century.

Year after year, we've seen billions of taxpayer dollars handed out as subsidies to the bankers

and middlemen who handle federal student loans, when that money should have gone to advancing

the dreams of our students and working families. And yet attempts to fix this problem and reform

this program were thwarted by special interests that fought tooth and nail to preserve their

exclusive giveaway.

But this time, we said, would be different. We said we'd stand up to the special interests,

and stand up for the interests of students and families. That's what happened this week.

And I commend all the Senators and Representatives who did the right thing.

This reform of the federal student loan programs will save taxpayers $68 billion over the next

decade. And with this legislation, we're putting that money to use achieving a goal I set for

America: by the end of this decade, we will once again have the highest proportion of

college graduates in the world.

To make college more affordable for millions of middle-class Americans for whom the cost

of higher education has become an unbearable burden, we're expanding federal Pell Grants

for students: increasing them to keep pace with inflation in the coming years and putting

the program on a stronger financial footing. In total, we're doubling funding for the federal

Pell Grant program to help the students who depend on it.

To make sure our students don't go broke just because they chose to go to college, we're

making it easier for graduates to afford their student loan payments. Today, about 2 in 3

graduates take out loans to pay for college. The average student ends up with more than

$23,000 in debt. So when this change takes effect in 2014, we'll cap a graduate's annual

student loan repayments at 10 percent of his or her income.

To help an additional 5 million Americans earn degrees and certificates over the next

decade, we're revitalizing programming at our community colleges - the career pathways

for millions of dislocated workers and working families across this country. These schools

are centers of learning; where students young and old can get the skills and technical training

they need for the jobs of today and tomorrow. They're centers of opportunity; where we can

forge partnerships between students and businesses so that every community can gain the workforce

it needs. And they are vital to our economic future.

And to ensure that all our students have every chance to live up to their full potential,

this legislation also increases support for our Minority Serving Institutions, including

our Historically Black Colleges and Universities, to keep them as strong as ever in this new

century.

Education. Health care. Two of the most important pillars of a strong America grew stronger

this week. These achievements don't represent the end of our challenges; nor do they signify

the end of the work that faces our country. But what they do represent is real and major

reform. What they show is that we're a nation still capable of doing big things. What they

prove is what's possible when we can come together to overcome the politics of the moment;

push back on the special interests; and look beyond the next election to do what's right

for the next generation.

That's the spirit in which we continue the work of tackling our greatest common tasks

- an economy rebuilt; job creation revitalized; an American Dream renewed - for all our people.

Thank you.