Office of Intergovernmental Affairs Blog
- Posted byon May 8, 2012 at 5:23 PM EDT
If Congress doesn’t act by July 1st, interest rates on federal subsidized loans will double and the average student will accumulate an additional $1,000 in debt. We’re pleased that despite failing to address it in their budget, Republicans in Congress now profess to be concerned about this coming rate hike. But now it’s time for them to stop refighting old political battles and prove they’re serious by proposing a real solution to keep rates low for students without burdening middle class families or undercutting preventive health care for women. Higher education can’t be a luxury for just a few, it’s an economic imperative which leads to better jobs and a strong middle class.
Iowa State Treasurer Michael Fitzgerald, who oversees his state’s important College Savings program, understands that students need help now more than ever. That’s why he spoke out in a recent letter to the editor published in the Oskaloosa News and the Newton Independent. Treasurer Fitzgerald wrote:
I recently had the opportunity to visit with President Obama when he was in Iowa over concerns with the potential interest rate hike for student loans. It became apparent as I was listening to him that the President and I share one very strong belief. We need to help young people and their families make college affordable.
- Posted byon May 8, 2012 at 1:25 PM EDT
This afternoon, President Obama joined elected officials and student leaders from colleges and universities across the country on a phone call to discuss the effort to prevent interest rates on more than 7 million students’ loans from doubling on July 1, unless Congress takes action.
During the call, mayors, governors and other officials were joined in their offices by local students to hear the President’s message and they tweeted out messages to echo his call to keep college affordable for all Americans. You can see photos from those on the call below or at Storify.com.
- Posted byon May 2, 2012 at 12:55 PM EDT
On Tuesday, I joined Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and state and local officials from across the country for a Local Leaders Call to discuss how the CFPB is working to protect consumers and make markets for consumer financial products and services work for Americans.
Director Cordray, who previously served as Franklin County Ohio Treasurer, Ohio State Representative, Ohio State Treasurer and Ohio State Attorney General, spoke about his experiences as a state and local official and the importance of the CFPB partnering with local enforcement organizations to prevent predatory lenders from taking advantage of the American people.
He also discussed the Bureau’s work to protect students and veterans and highlighted the Executive Order that President Obama signed on Friday to crack down on bad actors who prey on veterans and servicemembers considering higher education.
David Agnew is Director of Intergovernmental Affairs and Deputy Assistant to the President
- Posted byon May 1, 2012 at 4:24 PM EDT
Last week, President Barack Obama and First Lady Michelle Obama visited Fort Stewart in Georgia where the President signed an Executive Order to help ensure all of America’s service members, veterans, spouses, and other family members have the information they need to make informed educational decisions and are protected from aggressive and deceptive targeting by educational institutions.
Georgia State Representative Scott Holcomb, who served at Fort Stewart, reflects on the President’s commitment to veterans:
Just before the invasion of Iraq in 2003, I received an email from my father. A combat veteran from Vietnam, my father was a quiet man who did not write much, but what he did write was important. It was, “Look after your fellow soldiers and you’ll be ok.”
Looking out for each other is a core value for those who serve, and the President and First Lady understand this. I had the honor of meeting with the President and First Lady during their visit with the 3rd Infantry Division at Fort Stewart and time and time again they said to the soldiers, veterans, and their families: “we’ve got your backs.”
- Posted byon April 26, 2012 at 2:35 PM EDT
America is facing a make or break moment for the middle class. President Obama strongly believes in building an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same rules. This core belief is why the President proposed the Buffett Rule which advances the basic notion that those making more than $1 million per year, should pay at least the same percentage of their income in taxes as middle class families.
Unfortunately, just last week, Senate Republicans blocked this common sense proposal despite the fact that Americans of all backgrounds support this plan. One proponent with a unique perspective is Nevada State Treasurer Kate Marshall, who had this to say in the Reno Gazette Journal:
This piece of legislation was meant to even the playing field and have everyone pay their fair share. Simply put: "If you make more than $1 million a year, you should pay at least the same percentage of taxes on your income as middle class families do"…
- Posted byon April 26, 2012 at 11:33 AM EDT
More than 7.4 million students with federal student loans will see their interest rates double on July 1, unless Congress steps in to keep them low. President Obama is calling on Congress to take action and asking Americans to raise their voices with the hashtag #DontDoubleMyRate.
State and local elected officials took to Twitter to explain how important it is in their community to keep student interest rates low:
New Orleans, Louisiana Mayor Mitch Landrieu @MayorLandrieu
The 78,000+ students in #nola universities and colleges will see loan interest rates double, unless Congress acts now. #DontDoubleMyRate
Newark, New Jersey Mayor Cory Booker @CoryBooker
Best long-term investment we can make in our economy is in the education of our youth. #DontDoubleMyRate
Maryland Governor Martin O'Malley @GovernorOMalley
We need to keep college affordable if we want our students to be able to compete in the new economy #DontDoubleMyRate
North Carolina State Representative Pricey Harrison @priceyharrison
College is one of the best investments America can make for our future #dontdoublemyrate
Columbus, Ohio Mayor Mike Coleman @MichaelBColeman
Interest rates on student loans could double in July if Congress doesn't act. How will this affect You? #DontDoubleMyRate
North Carolina Governor Bev Perdue @ncgovoffice
Working families need access to an affordable education. Kudos to Pres. Obama for trying to prevent student loan interest rate hikes.
Texas State Representative Garnet Coleman @GFColeman
Americans owe more on student debt than credit cards. Support President Obama's efforts to keep student loan debt low. #DontDoubleMyRates
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