Courtesy of Pam Martens.
President Barack Obama Speaking at Henninger High School in Syracuse, New York, August 22, 2013
President Obama spoke to students yesterday at the State University of New York in Buffalo and at Henninger High School in Syracuse on his plans to make college more affordable for middle class families. Total student debt in the U.S. now exceeds $1 trillion and, according to the President, is crushing the ability of graduates to buy homes or start a business and thus holding back economic growth.
On learning of the President’s new college affordability initiative, Senator Chuck Grassley of Iowa, who has been in a tug of war for the last six months with New York University (NYU), one of the most expensive universities in the country with a four-year tab estimated at $280,000 including dorm, released the following statement:
Senator Chuck Grassley
“I agree with President Obama on reducing college costs and student debt. One area for consideration is college spending on high executive salaries and perks that drive up tuition without providing additional value for students. For example, just before his promised resignation in 2016, New York University’s president will receive a gold-plated severance package including a $2.5 million parting bonus and $800,000 a year. This is on top of the beach house he bought with university help. President Obama should use his bully pulpit to encourage more independent leadership from the boards that oversee tax-exempt universities. NYU’s president wouldn’t have had help with his beach house if the board refused. And I encourage President Obama to look at a bipartisan Senate bill that would help students and families understand the true cost of college and the different types of student aid. The more students and parents become savvy shoppers, the more colleges would be forced to rein in rising costs to compete for students.”
The bipartisan bill Senator Grassley is referring to is the Understanding the True Cost of College Act.
…
