In a statement issued by Press Secretary Jay Carney and Secretary of Education of Arne Duncan, they cover the issues to stop the interest rates on student loans from doubling in July.
The release stated, “You know, it's worth noting that Secretary Duncan oversees the implementation of the President's education agenda, his vision for investment in education and education reform. And that latter piece, the education reform, is something that, in a way that is often unnoticed or unmentioned by folks in Washington, has enjoyed broad bipartisan support.
This is another issue that should enjoy broad bipartisan support, because you really have to have a brick in your head not to understand that education is the cornerstone of our economic future. Without it we cannot compete and win in the 21st century,” said Press Secretary Jay Carney.
The release said, “For students who borrow heavily to go to college, it would obviously cost them even more. And we estimate that this interest rate increase will affect more than 7 million families expected to take out new loans this fall. At a time when going to college has never been more important, it has also, unfortunately, never been more expensive. Families and students are struggling to meet these costs, and there's no reason why we should add to their burden. And I have to tell you, as I’ve traveled throughout the country -- and I was just in Iowa and Wisconsin over the past two days with Secretary Vilsack -- not just in disadvantaged communities, but more and more middle-class families are starting to think college might not be for them, it’s for rich folks. There’s a real problem with that when we know going to college is the path to the middle class,” said Secretary of Education Arne Duncan.