​Obama Fights For Student Loans In Election

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April 22, 2012

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President Barack Obama says that Republicans are nothing but obstacles when it comes to affordable student loans for college education.

He plans to make his argue at several university campuses next week.

“This is a question of values,” Obama said in his weekly radio and Internet address Saturday. “We cannot let America become a country where a shrinking number of people do really well while a growing number of people struggle to get by.”

Obama wants the U.S. Congress to extend a law that cut interest rates on a popular federal loan program for low- and middle-income undergraduates. If the law expires, the rates will double on July 1, from 3.4 per cent to 6.8 per cent.

Obama blames Republicans for voting against new ways to make college more affordable for middle-class families. But it was House Democrats who cut interest rates on the school loans in 2007 and included an expiration provision that placed the looming increase in the middle of an election year.