April 24th, 2012 -University of Colorado, Boulder. President Obama spoke to a packed crowd at CU’s Coors Event Center about rising education costs and his stance on keeping the popular federally backed Stafford student loan program affordable for students. Without Congressional action by the end of July, the interest rate on Stafford loans will double from its current 3.4% rate to 6.8%. Although Obama placed some blame on the conservatives in Congress for holding-up action and not prioritizing higher education, he did note that it’s not a partisan issue, but rather an issue that includes all Americans. “It shouldn’t be a Democrat/Republican issue,” Obama said. “America is not just about you people doing well. America is about everybody doing well.”.
Colorado has over 165,000 student loan recipients and based on average loan amounts, extending the current rates will save nearly $1,000 per student, per year. As expected, the President’s message was warmly received by the crowd.