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The President: This was a momentous week for America.
It was a week in which together, we took bold new steps towards
restoring economic security for our middle class and rebuilding
a stronger foundation for our future.
It was a week in which some of the change that generations have
hoped for and worked for finally became reality in America.
It began with the passage of comprehensive health insurance
reform that will begin to end the worst practices of the
insurance industry, rein in our exploding deficits, and,
over time, finally offer millions of families and small
businesses quality, affordable care --
and the security and peace of mind that comes with it.
And it ended with Congress casting a final vote on another
piece of legislation that accomplished what we've been
talking about for decades -- legislation that will reform our
student loan system and help us educate all Americans to compete
and win in the 21st century.
Year after year, we've seen billions of taxpayer dollars
handed out as subsidies to bankers and middlemen who handle
federal student loans, when that money should have gone to
advancing the dreams of our students and working families.
And yet attempts to fix this problem and reform this program
were thwarted by special interests that fought tooth and
nail to preserve their exclusive giveaway.
But this time, we said, we would be different.
We said we'd stand up to the special interests,
and stand up for the interests of students and families.
That's what happened this week.
I commend all the Senators and Representatives who did the right thing.
This reform of federal student loan programs will save
taxpayers $68 billion over the next decade.
And with this legislation, we're putting that money to use
achieving a goal I set for America: by the end of this
decade, we will once again have the highest proportion of
college graduates in the world.
To make college more affordable for millions of middle-class
Americans for whom the cost of higher education has become an
unbearable burden, we're expanding federal Pell Grants
for students: increasing them to keep pace with inflation in the
coming years and putting the program on a stronger financial footing.
In total, we are doubling funding for the federal Pell
Grant program to help the students who depend on it.
To make sure our students don't go broke just because they chose
to go to college, we're making it easier for graduates to
afford their student loan payments.
Today, about 2 in 3 graduates take out loans to pay for college.
The average student ends up with more than $23,000 in debt.
So when this change takes effect in 2014,
we'll cap a graduate's annual student loan repayments at 10%
of his or her income.
To help an additional 5 million Americans earn degrees and
certificates over the next decade,
we're revitalizing programming at our community colleges --
the career pathways for millions of dislocated workers and
working families across this country.
These schools are centers of learning;
where students young and old can get the skills and technical
training they need for the jobs of today and tomorrow.
They're centers of opportunity as well;
where we can forge partnerships between students and businesses
so that every community can gain the workforce it needs.
And they are vital to our economic future.
And to ensure that all our students have every chance to
live up to their full potential, this legislation also increases
support for our Minority Serving Institutions,
including our Historically Black Colleges and Universities,
to keep them as strong as ever in this new century.
Education and health care.
Two of the most important pillars of a strong America grew
stronger this week.
These achievements don't represent the end of our
challenges; nor do they signify the end of the work that faces
our country.
But what they do represent is real and major reform.
What they show is that we're a nation still capable of doing big things.
What they prove is what's possible when we can come
together to overcome the politics of the moment;
push back on the special interests;
and look beyond the next election to do what's right for
the next generation.
That's the spirit in which we continue the work of tackling
our greatest common tasks -- an economy rebuilt;
job creation revitalized; an American Dream renewed --
for all people.
Thank you.