Approximately 7.4 million students will rack up an additional $1,000 in debt if Congress doesn’t stop the interest rate on federal student loans from doubling on July 1.
President Obama is on road this week in North Carolina, Colorado, and Iowa talking to college students about the steps his Administration is taking to keep college affordable, because he knows that college isn’t just the best investment young people can make in their future—it’s the best investment they can make in their country’s future.
More than that, a college degree is essentially a prerequisite in today’s economy. Right now, the unemployment rate for Americans with a college degree or more is about half the national average. Their incomes are twice as high as those who don’t have a high school diploma.
But the cost of college is on the rise, and students are taking on more and more debt to pay for the education they need. President Obama has worked to help make sure that every student who is willing to work hard can earn a college degree. Now he’s calling on Congress to do their part by passing legislation that will prevent interest rates on federal Stafford loans from doubling in July.
Raise your voice and reach out to your networks if you agree that student loan rates should not double on July 1.