Yesterday, leaders in the Senate announced that they were close to a deal that would prevent the student loan interest rate from doubling on July 1. It’s imperative that the Senate complete the legislative process and send the President a bill before the deadline.

President Obama has made preventing the student loan rate a top priority, as it would save 7.4 million students an average of $1,000. President Obama knows that a good education can't be a luxury—it's an economic imperative that leads to good jobs and a strong and growing middle class.

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