By the Numbers: $1,000
04:08 PM EDT
If Congress doesn’t act, interest rates will double on July 1 for more than 7.4 million students with subsidized federal Stafford Loans. The average student affected by these changes will rack up an additional $1,000 in debt over the life of their loan.
At a time when young people are taking on more and more debt to finance the college education they need, Congress would rather give tax breaks to millionaires and billionaires than prevent loan rates from doubling for students.
Higher education is not a luxury: it is an economic imperative that every hard working and responsible student should be able to afford. As he did in his State of the Union address, President Obama is calling on Congress to put forward legislation to stop interest rates from doubling so that more Americans get a fair shot at an affordable college education, the skills they need to find a good job, and a clear path to the middle class.
Read more about President Obama's proposals to keep college affordable for students and their families