Romney Agrees with Obama on Lower Student Loan Rates


Student loan rates have entered the presidential political arena this week, but on this issue there seems to be agreement between President Obama and the presumptive GOP nominee Mitt Romney.

Both favor keeping subsidized student loan rates at 3.4 percent, although Congress would have to act to prevent that rate from doubling to 6.8 percent on July 1.

Subsidized Stafford loans are provided to nearly 8 million low and moderate-income students each year.

President Obama has proposed a 1-year freeze on the student loan interest rates in his budget request to Congress. The average student with these loans could rack up an additional $1,000 in debt annually if the rate is allowed to double.

A day before Obama was to launch a series of appearances on the student loan issue, Romney said he also supports extending lowered rates on the popular federal student loan program.

“With the number of college graduates who can’t find work or who can only find work well beneath their skill level, I fully support the effort to extend the low interest rate on student loans,” Romney said before a campaign event in Astor, Pennsylvania.

Obama is scheduled to visit the University of North Carolina, the University of Colorado and the University of Iowa today and tomorrow. The three universities are in states Obama narrowly won in the 2008 election, and are considered battleground states again in 2012.


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