Student Loan Interest Rates

President Obama has been travelling the country stopping at various college campuses educating students on student loan interest rates. He explains that on July 1, two months from now the current rate cut for student loans will expire and interest rates will double over night unless congress acts now and implement and new tax rate for student loans. Obama stresses that the economy has not “fully healed” and that many families do not have the financial security to pay for increasing interest rates from their student loans. Obama states that the average student debt from student loans is 25,000 and up. Today America’s owe more on student loans then credit cards. He has pushed for Americans to be aware of what entails when you take a student loan. By having financial aid from colleges around the country give fact sheet called “Know before you Owe” to inform every student of his or her options pertaining to the cost of higher education. He calls for us as citizens to push congress and state legislatures to extend tuition tax credit, safe guard aid, and double the number of work-study jobs. These tax credits could help the economy in the long run as students have less to pay off and more of their income to spend. I believe Obama is genuinely concerned with the impact it will have and not just a way to get college voters to support him. Even Mitt Romney can see the importance in student loan rates states "Given the bleak job prospects that young Americans coming out of college face today, I encourage Congress to temporarily extend the low rate,” As a fellow student we need to diligently stress the importance and impact this could have on our education and if we will be able to afford  higher education in the future. Both Obama and Romney are looking to the future of America in hopes of a better tomorrow.

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