“In America, education is still the great equalizer,” Secretary Duncan told a group of graduates at Fayetteville State University’s Winter Commencement on Saturday. Duncan described the importance of education in today’s economy, and that education is, in the long run, one of the best investments one can make for the future.
On average, Americans who have earned a bachelor degree will earn roughly one million dollars more over their lifetime than students with only a high school diploma, Duncan explained.
Secretary Duncan noted that the Obama Administration is taking big steps to keep student debt manageable through the recently introduced Pay As You Earn proposal. For those who qualify, the proposal would cap monthly student loan payments to what people can afford. “In practical terms,” Duncan explained, “1.6 million Americans could literally see their loan payments go down by hundreds of dollars a month.”
“We want people to be able to follow their heart and passion—and not just chase a big paycheck because they have to pay back loans. America can’t afford to lose that talent,” Duncan said.
Click here to read more about the Pay As You Earn proposal.