The question is: What does this mean for your business?
Maybe you should consider following in the president’s footsteps. Check out this information relating to the event, along with takeaways for your business:
Obama held a press conference to announce and discuss an expansion relating to the government’s “Pay As You Earn” student loan repayment program. The program limits the monthly payment amount of recent grads to 10 percent of their discretionary income.
The new guidelines are designed in such a way that now most individuals with student loans will qualify for potentially reduced payments. Because college tuition rates have tripled in the last few decades, and the average student debt following graduation is nearly $30,000, this is important.
It has also raised many questions for future students, current students, parents of students, and individuals still paying off student loans. Instead of hosting another press conference, the president announced that he would make himself available to the masses by hosting a Q&A session on Tumblr, entitled #ObamaIRL.