President Obama talked to a group of college students in Washington, D.C. today about why we need to pressure Congress to stop student loan rates from doubling—before the clock runs out on students and families:
There’s still 10 days for Congress to do the right thing. I understand that members of both parties say they want to get this done, and there are conversations taking place, but they haven’t done it yet. And we’ve got to keep the pressure on.
That’s where all of you come in. Over the past few months, there are so many students and parents who have been working hard to shine a light on this issue. You’ve rallied on campuses, in your communities. You’ve called, you’ve emailed, you’ve tweeted your representatives in Washington. So you’ve played your part in making sure your voice is heard and your democracy is responsive.
My main message is, as you guys embark on this day of action, I want to make sure you keep this going. Don’t stop until it’s actually done. There is nothing more powerful than millions of voices that are calling for change, and all of your voices can make a difference. So keep telling Congress to do what’s right, to get this done. Tell them now is not the time to double interest rates on your student loans. Tell them to double down on an investment in a strong and secure middle class—and that means your education. Tell them now is the time to double down on an America where everybody who works hard has a fair shot at success.
Make your voice heard: Use the hashtag #DontDoubleMyRate on Twitter to tell Congress to keep student loan rates from rising.
Yesterday, not one single Republican Senator voted to prevent student loan interest rates from doubling.
Use the share buttons to let your friends on Facebook and Twitter know: President Obama continues to fight to make college more affordable so that all Americans have a shot at a higher education.
The White House released a statement this afternoon in response to the Senate Republicans’ move to block legislation that would have prevented student loan interest rates from doubling:
It is extremely disappointing that Republicans in the Senate today voted to ask millions of students to pay an average of $1,000 each in order to protect a loophole that allows millionaires to dodge payroll taxes. On July 1, more than 7.4 million students across the country will see their interest rates double unless Congress acts. We’re pleased that, despite failing to address it in their budget, Republicans in Congress now profess to be concerned about this coming rate hike. But now it’s time for them to stop re-fighting old political battles and prove they’re serious by proposing a real solution to keep rates low for students without burdening middle-class families or undercutting preventive health care for women. We look forward to continuing to work with Congress to prevent rates from doubling and ensure that students continue to get a fair shot at an affordable education.
Add your name in support of President Obama’s efforts to keep college affordable.
The amount of debt on student loans in the United States hit $1 trillion this morning. With this debt at an all-time high, the Senate is set to vote today on a measure to prevent student loan interest rates from doubling this July.
President Obama is asking you to tell Congress to pass this common-sense measure to make college more affordable. Tweet Republicans in the Senate, and let them know you stand with the President and students across the country.
For the first time ever, Americans owe more on student loans than on credit cards: The total amount of student loan debt in the United States is closing in on $1 trillion. And, if Congress doesn’t act, student loan interest rates will double this summer.
President Obama has made it clear to Congress that we can’t afford to let that happen. As a reminder of what’s at stake, we put together this student loan counter, so you can see the debt add up in real time.
After you take a look, stand with President Obama in making college more affordable.
I am in the final weeks of earning my MBA from the University of Montana. When I went back to school two years ago, I had $30,000 in student loans. At the time, my employer was reimbursing me for my tuition in graduate school—however, another job opportunity came up and I could not pass it up. My new position is with a nonprofit organization and therefore the option of tuition reimbursement is not available (understandably). In order to fund my graduate school tuition, I had to take out an additional $20,000 in student loans.
I am a single mom to a 6-year-old son, and as you probably gathered from the paragraph above, I love my new job. Over the past few months, I was beginning to dread finishing school because I had absolutely no idea how I was going to repay my loans at over $500 a month. These payments would have made things so absolutely tight for us that I didn't know how we were going to live from month to month. I checked into a few things and found out that President Obama had signed an executive order addressing the repayment of student loans. Because of this action, it looks as if my payments are only going to be $175 a month. The substantial savings will make it possible for me to buy a house and for us to live like a normal, middle-class American family!
I cannot stress how much this means to me—and, I know, to the many other young Americans who have been impacted as well. This is such a huge weight lifted off my shoulders, and I owe it all to President Obama. The fact that he understands and cares enough to take action is so absolutely commendable that I cannot express it in words.
I just wanted this story to be told, and I hope the difference the President has made in my life and the lives of so many others has a positive impact on his re-election campaign. I can tell you right now that there has never been any doubt as to who I will be voting for in November: Obama-Biden 2012 all the way!
Thank you for your time.
Right now, the unemployment rate for Americans with a college degree or more is about half the national average. The incomes of folks with a college degree are twice as high as those who don’t have a high school diploma. A higher education is the clearest path into the middle class.
President Obama is committed to making sure more Americans have a shot at higher education—that’s why he’s urging Congress act to keep interest rates on federal student loans from doubling this summer. See how the President is helping students better afford the education they need to succeed—and what’s at stake if Republicans in Congress stand in the way.
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Last night on Late Night with Jimmy Fallon, President Obama slow-jammed the news on student loans. Watch:Stand with President Obama on keeping student loan rates affordable for over 7 million college students.