President Obama on Saturday challenged the nation’s students to excel in class this fall while also pushing Congress to back a bill that would allow college graduates to refinance their student loans.
In his weekly address, the president once again came out in strong support of a measure put forth by Sen. Elizabeth Warren, Massachusetts Democrat and a rising star in her party.
Ms. Warren’s measure, which failed in the Democrat-controlled Senate in June, would allow about 25 million Americas with college loans to refinance their debt at today’s lower interest rates. The White House has been a strong advocate for the bill, with the president personally pushing the legislation on multiple occasions in recent months.
“Congress should pass a bill to let students refinance their loans at today’s lower interest rates, just like their parents can refinance their mortgage,” Mr. Obama said.
The president also urged universities to rein in tuition costs while saying both high school and college students should take their education seriously this year.
“To all you young people, now that you’re heading back to school, your education is something you have to take personally,” Mr. Obama said. “It’s up to you to push yourself; to take hard classes and read challenging books. Science shows that when you struggle to solve a problem or make a new argument, you’re actually forming new connections in your brain. So when you’re thinking hard, you’re getting smarter. Which means this year, challenge yourself to reach higher. And set your sights on college in the years ahead. Your country is counting on you.”