President Obama signed a presidential memorandum to make the process of repaying students loan easier to understand and manage. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) President Obama signed a "Student Aid Bill of Rights" on Tuesday to make the process of repaying student loans easier to understand and manage. "It's an executive action that we're able to take in order to streamline and improve the manner in which the federal government interacts with students when it comes to student loans," Obama said before signing the presidential memorandum. Obama is traveling to Georgia Tech on Tuesday where he will speak to students. The White House says Obama will direct his Education Department to create a system by July 1, 2016 to better oversee and address complaints from borrowers about lenders, services and collection agencies. His administration will also study whether it needs to propose changes to laws or regulations to create stronger consumer protections, the White House said. More than 70 percent of U.S. students who graduate with a bachelor's degree leave with debt, which averages $28,400.