When it comes to preparing Americans for the jobs of the future and growing a strong middle class, higher education has never been more important. It's also never been more expensive. College tuition costs have been on the increase for years, and for the first time, Americans owe more debt on student loans than credit cards. And it could get worse in just over two months: If Congress doesn't take action soon, interest on subsidized Stafford student loans will double on July 1. 7.4 million students will be, on average, $1,000 more in debt each year Congress doesn't act.
Students have a staunch advocate in President Obama. After all, this President knows what the burden of student loans is like—both he and the First Lady went to school on loans and didn't pay them off until 2004. President Obama has consistently supported efforts to keep college affordable: He doubled our investment in Pell Grants to help more than 3.7 million more students afford college. He fought for a college tax credit that's worth up to $10,000 over four years of college. And he capped student loan payments at 10 percent of monthly income, which will help 1.6 million students stay afloat as they start their careers.
And now, President Obama is calling on Congress to act to keep interest rates down, calling higher education "an economic imperative every family must be able to afford." The Republicans' presumptive nominee, Mitt Romney, on the other hand, suggests students "shop around" if they're worried about the costs of affording a college degree.
Romney has proclaimed his support for the Ryan budget, which would let student loan interest rates double and the college tax credit that helps 9 million families expire. And it would make massive cuts to Pell Grants and other education funding in favor of tax breaks for the wealthiest Americans, who, no doubt, have little trouble affording college.
http://www.democrats.org/news/blog/president_obamas_fighting_to_prevent_student_loan_interest_rates_from_doubl
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