President Obama to Visit Three Universities to Discuss Student Loan Rate
Unless Congress takes action soon, more than 7.4 million students will be higher interest rates on their federal student loans come July 1.
In an effort to push Congress to take action and prevent the subsidized Stafford loan rate from doubling this summer, President Obama plans to visit three universities next week to “speak with students about the critical need for Congress to act.” He will visit the University of North Carolina–Chapel Hill, the University of Colorado–Boulder, and the University of Iowa.
“For each year Congress allows the rate to double, the average student with these loans racks up an additional $1,000 in debt,” according to a press release from the White House.
The Obama Administration said it believes in rewarding the hard work and responsibility of students by keeping loan rates low to give them “a fair shot at an affordable college education, the skills they need to find a good job, and a clear path to middle class.”
The White House is also kicking off a social media campaign around the issue using Twitter, Facebook, and Google+ with the hashtag #DontDoubleMyRate.
Leor Reef is a journalism intern with Campus Progress.