Obama Signs Student Loan Deal to Lower Interest Rates

By: Amanda Anderson-Niles

President Obama has always been very vocal about the importance of a college education to a young person looking to succeed in this nation. However, a troubled economy hasn’t done much to lower the cost of attending college. If anything, college expenses continue to skyrocket while salaries have remained stagnant over the years. One of the things that made President Obama appear as the best candidate for those who are advocates for college education was his vow to make college more affordable. And according to the President, the best way to achieve that objective is to lower those ridiculous interest rates. Now in his second term, the President has now signed the deal he hopes will finally put an end to high interest rates tacked on to student loans. The Grio reports via the Associated Press:

President Barack Obama signed into law Friday a measure restoring lower interest rates for student loans, pledging the hard-fought compromise would be just the first step in a broader, concerted fight to rein in the costs of a college education.

Encircled by lawmakers from both parties in the Oval Office, Obama praised Democrats and Republicans alike for agreeing — finally — on what he called a sensible, reasonable approach to student loans even as he cautioned that “our job is not done.”

Obama has also stated in the past that he also hopes to fight for lower monthly payments that will actually be based on a loaner’s actual income versus hefty interest rates.