As college students, we struggle with the idea of student loans. In a perfect world we would all be granted full ride scholarships and graduate with our degree debtless. Since this is not the case many questions arise. Will we obtain the dream job that can pay off these loans? Will we pay these loans off in our lifetime? These questions tend to linger over our heads.

During the 2008 and 2012 presidential campaign President Barack Obama stressed the need to lower college tuition.

College students seemed to be quite intrigued by Obama’s views on cutting tuition costs. In the 2012 election voters between the ages of 18 and 29 made up 19 percent of electoral vote. According to America Blog, 60 percent of youth between ages of 18 and 29 have some level of college experience.

Obama embarked on a two day bus tour Aug. 26 addressing the issue of lowering college costs and debt for current and future students.

During this bus tour, which Republican National Committee labeled “Lame Duck Bus Tour”, Obama expressed his new devised plan toward college costs. He proposed a plan in which each college’s federal aid is based on their proven frugality. This would require a ranking system.

According to USA Today, Obama revealed the need for federal funding to be tied to the new rating system, which would require congressional approval.

The plan also requires colleges to compete for students and offer debt management counseling. Colleges would be required to disburse loans throughout the semester rather than once at the beginning of each semester.

Obama spoke at New York University and expressed his concern of debt and loans hindering students and their families.

“A higher education is the single best investment you can make in your future, but the high costs and debt have become a barrier and a burden for too many American families,” said Obama.

Students embark on the college experience with the hope of obtaining a promising career to create a comfortable life for. This is quite hard to achieve with the weight of debt and on your shoulders, and most importantly credit report.

Perhaps the best part of this plan is the “Pay As You Earn” program, which caps loan repayments to 10 percent of income.

As college students we are affected by this plan directly, we deserve an overall better financial experience from our colleges. This plan has quite a few great incentives for students and their families, and it would be quite wonderful if this plan actually went in to effect one day, we can only remain hopeful.