President Obama Proposes Student Aid Bill of Rights

MADISON, Wis. — President Barack Obama today unveiled a “Student Aid Bill of Rights” to help the forty million student loan borrowers across the nation, including nearly one million in Wisconsin, with an estimated $1.2 trillion in debt.

The President’s initiative is designed to continue to implement reforms to restore fairness for student loan borrowers and ensure their hard work in getting their education and the personal responsibility they took to pay for it are rewarded with a fair shot at the middle class.

Original research by One Wisconsin Institute has shown the dramatic, negative impact of student loan debt on both the Wisconsin and national economy.

The following are the statements of One Wisconsin Now Executive Director Scot Ross:

“Student loan borrowers have done the right thing, working hard to get an education and taking on the personal responsibility to pay for it.

“President Obama understands that over the years the system has been titled against them. Today he announced he’s taking more action on reforms to ensure education remains the path to success, instead of a financial albatross on borrowers and our economy.

“Common sense changes like making sure student loan borrowers have the same consumer protections as they would have with other loans and the federal government is making it as clear, convenient and easy as possible for borrowers to repay their loans.

“The actions of the President on the student debt crisis stand in marked contrast to what we’ve gotten from Gov. Walker and the GOP legislature here in Wisconsin.

“Gov. Walker and his cronies have failed to lead and enact common sense reforms like allowing borrowers to refinance their loans just like you can a mortgage. And their toxic brew of drastic cuts to the University of Wisconsin System, flat lined financial aid for eligible students and unlimited tuition increases after 2016 in the state budget is a recipe for even more crushing student loan debt.”