Letter to the Editor
As you may have heard, Congress finally made a decision on the fate of the 3.4 percent interest rate on federal student loans for college students. The House extended the rate of 3.4 percent on federal student loans for one more year, avoiding the re-establishment of 6.8 percent rate on Stafford Loans.
As a college student in my fourth year at the University of Iowa, I was beyond relieved to hear the news that my loan rate would remain at 3.4 percent, saving me from $1,000 or more a year in debt. I applaud President Obama and Congress for making students such as me, who pay for rising tuition costs, a priority.
I also have been fortunate to be awarded Pell Grants while attending college, thanks to the president. He has doubled funding for Pell grants, cutting federal subsidies to banks, which were primary actors in the swelling amount of debt among young people in our country. Unlike his competitor, Obama has made real strides to ensure that young people in America are able to attend college.
Mitt Romney has claimed that higher education is important to his party, but little effort or policy has been put forth as a sustainable solution to the rising cost of tuition and student loan debt (which has surpassed credit-card debt among young adults in the U.S.). I strongly believe that the re-election of Obama will ensure that reforming college affordability for aspiring students will remain a priority.
Obama for America volunteer
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