DENVER President Barack Obama returned to Colorado for the second time in a month Wednesday to unveil a student loan relief program.
It was Obamas second visit to a Denver school since late September, when he pitched his jobs bill at Abraham Lincoln High School.
Wednesday, about 4,000 people packed into the fieldhouse at downtown Denvers Auraria campus, home to three different colleges, to hear Obamas latest pitch.
While last month he was promoting his jobs bill to Congress with the refrain pass the bill, this week he began taking a series of executive actions that dont need Congressional approval, highlighted by the new slogan, We cant wait.
We cant wait for Congress to do its job. So where they wont act, I will, Obama said, citing his administrations waivers to the No Child Left Behind law and actions to help people stay in their devalued homes.
Colorado Republican Party Chairman Ryan Call riffed on the new slogan in a news release.
Coloradans are worse off now than they were when President Obama took office and no amount of campaign cash or empty rhetoric will put our state back to work, Call said. The reality is Colorado cant wait any longer for President Obama to get serious about turning our economy around.
Obamas latest proposal, announced Wednesday, seeks reductions in student loan debt.
Most new jobs will require more than a high school diploma, making college crucial, the president said.
Its never been more important, but lets face it, its never been more expensive, Obama said.
Obama said he and his wife had $120,000 in student debt by the time they graduated law school, and the payments were higher than their mortgage.
This is something Michelle and I know about firsthand. Ive been in your shoes, Obama said.
The website FinAid.org reported that in June, Americans student loan debt exceeded credit card debt for the first time, with $950 million owed today in federal and private loans.
Obamas plan would limit student loan payments starting next year to 10 percent of a borrowers discretionary income, instead of 15 percent.
All debt would be forgiven after 20 years, instead of the current 25.
Also, some 5.8 million borrowers who have both private loans and loans direct from the government could consolidate them into one government loan, with an interest rate cut of up to 0.5 percent.
Were going to make it easier for you to have one payment a month at a better interest rate, Obama said.
His overnight stop in Denver also included private fundraisers at the Pepsi Center Tuesday.
Reach Joe Hanel at [email protected]
