Today, President Barack Obama plans to unveil a “Student Aid Bill of Rights” designed to allow everyone to access and pay for quality higher education at Georgia Tech in Atlanta. An accompanying Presidential Memorandum contains several directives to federal agencies that officials say will make loan repayment easier and more equitable. While details are not fully known, it will mandate a complaint system where borrowers can log concerns and track responses “in a user-friendly way.” The Education Department will also be able to use the system to gauge loan servicer quality and the President will also ask the department to study how to address complaints against colleges, including potentially referring them to enforcement agencies when an institution makes misleading claims about job placements.
You can watch the President’s remarks at 1:30 p.m. ET.
The Administration’s Fact Sheet is here.
The Office of Federal Relations will provide additional information as it becomes available.