Targeting the soaring cost of higher education, Obama in August proposed the most sweeping changes to the federal student aid program in decades. His plan would link federal money to new college ratings and reward schools if they help low-income students, keep costs low and have large numbers of students earn degrees.
Lawmakers in Congress also are debating how to address the issue, including proposals to allow graduates with high-interest loans to refinance at lower rates.
The American Medical Student Association supports expanding the National Health Services Corps, which provides loan forgiveness in exchange for service in underserved areas.
Nida Degesys, AMSA's president, graduated in May 2013 from Northeast Ohio Medical University with about $180,000 in loans. The amount has already swelled with interest to about $220,000.
"There were times where this would make me stay up at night," Degesys said. "The principal alone is a problem, but the interest is staggering."
Yet, as costly as medical school was, Degesys sees it as an investment in herself and her career, one she thinks will pay off with a higher earning potential.
College degrees can pay off. College graduates ages 25 to 32 working full time earn $45,500, about $17,500 more than their peers with just a high school diploma, according to a Pew Research Center analysis of census data.
Elliott says the country needs to re-think college financing options to bring debt down and graduation rates up.
"We can't," he said, "let debt hinder a whole generation of people from beginning to accumulate wealth soon after graduating college."
Thompson reported from Buffalo, N.Y.