President Barack Obama will be speaking in Carmichael Auditorium at UNC Chapel Hill today to speak on interest rates for student loans, and he will be joined by Congressman G. K. Butterfield.
The appearance is a part of the President’s push to Congress to extend current interest rates on a federal loan program for low- and middle-income undergraduate students. Without the extension more than 7 million borrowers with Stafford student loans will see their interest rates double on July 1 from 3.4 percent to 6.8 percent, which could cost thousands of dollars over time.
According to Butterfield, “Allowing the current interest rates to expire would burden students with additional debt, prolong their ability to kick start their careers, and send the message that it is more important to cut taxes for the wealthy than educational expenses for our young people.”
In 2007, Congress passed the College Cost Reduction and Access Act which included the provision to reduce the fixed rate on subsidized Stafford student loans for undergraduate students over a four year period, lifting the weight on thousands of students and their families.
Goldsboro Daily News. Written by Bill Johnston, Curtis Media 2012.