English subtitles for clip: File:2010-03-27 President Obama's Weekly Address.ogv

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The President:
This was a momentous
week for America.

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It was a week in which together,
we took bold new steps towards

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restoring economic security for
our middle class and rebuilding

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a stronger foundation
for our future.

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It was a week in which some of
the change that generations have

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hoped for and worked for finally
became reality in America.

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It began with the passage of
comprehensive health insurance

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reform that will begin to end
the worst practices of the

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insurance industry, rein in
our exploding deficits, and,

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over time, finally offer
millions of families and small

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businesses quality,
affordable care --

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and the security and peace
of mind that comes with it.

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And it ended with Congress
casting a final vote on another

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piece of legislation that
accomplished what we've been

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talking about for decades --
legislation that will reform our

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student loan system and help us
educate all Americans to compete

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and win in the 21st century.

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Year after year, we've seen
billions of taxpayer dollars

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handed out as subsidies
to bankers and middlemen who handle

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federal student loans, when
that money should have gone to

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advancing the dreams of our
students and working families.

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And yet attempts to fix this
problem and reform this program

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were thwarted by special
interests that fought tooth and

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nail to preserve their
exclusive giveaway.

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But this time, we said,
we would be different.

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We said we'd stand up to
the special interests,

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and stand up for the interests
of students and families.

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That's what happened this week.

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I commend all the Senators and
Representatives who did the right thing.

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This reform of federal
student loan programs will save

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taxpayers $68 billion
over the next decade.

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And with this legislation,
we're putting that money to use

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achieving a goal I set for
America: by the end of this

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decade, we will once again
have the highest proportion of

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college graduates in the world.

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To make college more affordable
for millions of middle-class

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Americans for whom the cost of
higher education has become an

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unbearable burden, we're
expanding federal Pell Grants

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for students: increasing them to
keep pace with inflation in the

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coming years and putting the
program on a stronger financial footing.

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In total, we are doubling
funding for the federal Pell

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Grant program to help the
students who depend on it.

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To make sure our students don't
go broke just because they chose

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to go to college, we're making
it easier for graduates to

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afford their student
loan payments.

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Today, about 2 in 3 graduates
take out loans to pay for college.

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The average student ends up
with more than $23,000 in debt.

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So when this change
takes effect in 2014,

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we'll cap a graduate's annual
student loan repayments at 10%

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of his or her income.

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To help an additional 5 million
Americans earn degrees and

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certificates over
the next decade,

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we're revitalizing programming
at our community colleges --

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the career pathways for millions
of dislocated workers and

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working families
across this country.

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These schools are
centers of learning;

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where students young and old can
get the skills and technical

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training they need for the
jobs of today and tomorrow.

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They're centers of
opportunity as well;

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where we can forge partnerships
between students and businesses

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so that every community can
gain the workforce it needs.

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And they are vital to
our economic future.

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And to ensure that all our
students have every chance to

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live up to their full potential,
this legislation also increases

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support for our Minority
Serving Institutions,

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including our Historically Black
Colleges and Universities,

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to keep them as strong as
ever in this new century.

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Education and health care.

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Two of the most important
pillars of a strong America grew

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stronger this week.

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These achievements don't
represent the end of our

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challenges; nor do they signify
the end of the work that faces

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our country.

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But what they do represent
is real and major reform.

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What they show is that we're a
nation still capable of doing big things.

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What they prove is what's
possible when we can come

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together to overcome the
politics of the moment;

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push back on the
special interests;

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and look beyond the next
election to do what's right for

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the next generation.

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That's the spirit in which we
continue the work of tackling

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our greatest common tasks
-- an economy rebuilt;

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job creation revitalized;
an American Dream renewed --

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for all people.

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Thank you.