Friday, June 29, 2012

Congress Passes Bill That Extends Low Student Interest Rates

For weeks, Obama urged Congress to act so that student loan interest rates wouldn't double on July 1. Well, alas, just in the nick of time, after much wrangling and the usual problems with the republican members of Congress, lawmakers passed a transportation bill that included the extension of student loan rates. From the Dept. of Education:
“In his January State of the Union address, President Obama called on Congress to work together to keep student loan interest rates from doubling. Today, I applaud leaders in Congress for answering the President’s call to action and striking a deal that will help make college more affordable for millions of students.

“But most importantly, I want to thank the nation's young people for making their voices heard on an important economic issue directly affecting them. You spoke, the nation heard you, and Congress acted. Democracy worked because of your tireless efforts.

“Both the President and I believe education is a public good. College should not be reserved only for those who can afford it. All of us share responsibility for making college affordable and keeping the middle-class dream alive.

“Investing in education is the best investment America can make to bolster our competitiveness in a knowledge-based, global economy. If we don’t invest today, we will lose tomorrow.”