‘Freezing of College Loan Interest Rate’: Obama’s political maneuver or public relief?
Linkedin

‘Freezing of College Loan Interest Rate’: Obama’s political maneuver or public relief?

Washington : DC : USA | Apr 21, 2012 at 7:34 AM PDT
XX XX
Views: Pending
 
Barack Obama with young voters

President Barack Obama is pushing Congress to freeze the current interest rates on U.S. student loans. This initiative by the president is attracting much attention and support from middle-class and young voters who are vital to his re-election strategy.

Federally subsidized Stafford loans interest rates are planned to jump to 6.8 per cent on July 1 from the current rate of 3.4 per cent. The rate enhancement would affect about 7.4 million students, according to the White House.Obama said in his weekly radio address, “Higher education cannot be a luxury in America...it’s an economic essential that every family must be able to afford.”

Obama further said in his radio address that maintenance of student loan rates low is “a question of values. We need to erect an economy where each person gets a fair chance, everybody does their reasonable share and where all... enjoy the same set of rules."

He further added that ‘‘the intended freeze would be included in the upcoming Budget of Financial Year 2012- 13." The Congressional Budget Office estimates the one-year freeze would cost $6 billion.

The announcement will be made by Obama next week, in front of college students in the combat zone states of North Carolina, Iowa and Colorado. The president will also make another appearance on April 24, 2012, at the NBC television program “Late Night with Jimmy Fallon” to approach wider viewers of young voters.

Obama has outlined his re-election message to highlight inconsistency with Republicans on budget priority. Obama in his promotional campaign have had a discussion about his strategy to sustain federal support for education, infrastructure, its expansion and development of alternative energy, whereas condemning his rival's agenda of sacrificing those programs to provide tax cuts for top earners.

Some relevant facts & figures about the young voters:

A close contest against presumptive Republican nominee Mitt Romney, the former governor of Massachusetts, is anticipated according to the president’s political advisers.

Young voters age ranging from 18-24 supported Obama 66 percent to 32 percent for Republican presidential nominee John McCain, in the 2008 elections.

White House Point of view regarding the announcement visit:

Jay Carney, White House press secretary said Obama’s next week two-day trip is for “official engagements” rather than politics.

Carney further elaborated that if the president were to hang about out of battleground states in an election year, “he would be severely restricting his ability to go to big parts of the country.”

Republican Response:

Sen. Roy Blunt of Missouri said in the Republican weekly radio address that the mounting energy costs are a more urgent concern for voters.

Blunt said, “If we are going to debate about economic justice, or about fairness, one of the major prevailing economic issues faced by the major chunk of population is unemployment and skyrocketing gas prices."

The standard cost of four-year college has roughly tripled since the 1995-1996 academic year and has doubled for a private school education, as per the data provided by the college board, that is a nonprofit group based in New York.

***

If you like writing about U.S. politics and the 2012 campaign, enter "The American Pundit" competition. Allvoices is awarding four $250 prizes each month between now and November. These monthly winners earn eligibility for the $5,000 grand prize, to be awarded after the November election.



1 of 2
Next
obama and young voters
obama and young voters.
Jason1984 is based in Washington, North Carolina, United States of America, and is an Anchor for Allvoices.
Report Credibility
 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
 
 
Advertisement
 

News Stories

 
  • Obama casts GOP as barrier to low-cost education

      AP Online
    Eager to energize young voters, President Barack Obama is depicting Republicans as obstacles to an affordable college education, using his Internet and radio address Saturday to preview an argument he will take on the road next week to university...
  • Obama casts GOP as barrier to low-cost education

      Kansas City Star
    Eager to energize young voters, President Barack Obama is depicting Republicans as obstacles to an affordable college education, using his Internet and radio address Saturday to preview an argument he will take on the road next week to university...
  • Obama presses Congress on student loan interest rates

      Los Angeles Times
    President Obama used his weekly video address to launch what will be a week-long push on the issue of college affordability, pressing lawmakers to act to prevent a sharp increase in interest rates for student loans. The president noted that at a time...
  • Obama to launch student loan interest rate effort

      AP Online
    President Barack Obama will make a three-state swing next week to call on Congress to prevent interest rates on student loans from doubling. The White House says Obama will speak at universities in North Carolina, Colorado and Iowa. All...
  • Obama: GOP needs to prevent doubling of student loan rates

      The Hill
    The White House began pushing the student loans issue on Friday when Secretary of Education Arne Duncan appeared at the daily press briefing , and the president will visit colleges in North Carolina, Colorado and Iowa next week. "If Congress doesn't...
  • Obama talks to students about holding down college costs

      The Columbus Dispatch
    President Barack Obama is taking his fight to keep college affordable on the road today. Obama is to talk to students at the University of North Carolina shortly after 1 p.m. about the potential for steep interest-rate hikes that could further burden...

Blogs

 >

Images

 >
 

More From Allvoices

Related People

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.