President Barack Obama Friday signed into law a bipartisan student loan bill which the House overwhelmingly approved late week. The Senate OK’d the measure by a vote of 81 to 18 two weeks ago.
Without congressional action, interest rates on loans to college students were increasing from 3.4 percent to 6.8 percent. But under the law signed by Obama the interest rate for undergraduate loans will fall back to 3.86 percent. The interest rate on graduate student loans will be 5.41 percent.
Obama’s signature on the bill ends months of arguments over how much the federal government should subsidize student loans and whether students in the next several years will face crushing repayment burdens if interest rates go up, as most observers expect they will.
College Democrats work hard all over the country to elect Democrats and mobilize young people for the Democratic Party. You can support College Democrats today by making a contribution to the College Democrats of America (CDA), the official student outreach arm of the Democratic Party.
With back to school season just around the corner, do your homework and learn about the College Democrats of America chapter on your campus.