Patch Poll: Is President Obama Right to Push Congress to Freeze Interest Rates on Student Loans?

The president pushed the issue last week at the University of Iowa.

President Obama was in Iowa City last week pushing Congress to pass a $6 billion plan to freeze student loans at a 3.4 percent interest rate. If Congress doesn't act, the rate will rise to 6.8 percent on new loans in July, which translates to roughly a $1,000 per-student increase.

Iowa was a logical place to include on the tour. Iowa's students leave college with $30,000 in student debt, which is third highest in the nation -- and Obama 2012 will be waging war in this battleground state. 

What do you think? Should Congress freeze student loans at a 3.4 percent interest rate -- at a cost of $6 billion? Vote in our poll and tell us what you think in the comments section below.

David Leonard April 30, 2012 at 09:06 PM
Lee, young people can volunteer for the military and get great education benefits. Of course they may get sent into a needless war and get seriously wounded or killed before they can go to college.
Will Johnson April 30, 2012 at 10:36 PM
Typical example of congressional/govt ineptitude. All or nothing. The rates should be increased incrementally over the next 2-3 years, saving a few billion dollars to be wasted elsewhere. And having a neglgible affect on current students over the repayment period. Maybe in three years EVERYone will be paying income tax and better understand/appreciate the concept of 'no free lunches'.
Bob Young May 01, 2012 at 01:38 PM
The idea of raising the interest rate has lots to do with building in an inflation protection for the government loan. Watching the Bush Administration spend a staggering six(6)trillion dollars without seeking funding (putting it on a credit card) one would think it normal to expect some inflation to ensue. Congress was just protecting the bankers, again. They always give gifts to the bankers; how else would they pay for their extravagant and decadent lifestyle.
Russell Frege May 03, 2012 at 03:40 AM
Republicans have been driving up tuition for years by cutting state appropriations to higher education. We have to pay for tax cuts to the wealthy somehow. Now they are using the student loan bill as a way to cut funds for children's immunizations and cancer screening. How does that make any sense? We all pay more in the long run if preventative care is under funded. We need common sense long run thinking. Investment in higher ed and health care is just that. INVESTMENT. It pays off socially in the long run. Republicans need to learn to love America and Iowa enough to believe in the principle of pay it forward. Those who have benefited so much from the land of opportunity need to recognize that with opportunity comes duty and honor. As many posters have pointed out, burying our youth in loan debt is not helping our nation thrive. It is in nobody's interest. Truthfully, the federal loan program is not the real fix. We need to restore state appropriations to public universities to a level where you can pay tuition by working a summer job, like our parents did.
Maria Houser Conzemius May 10, 2012 at 01:06 PM
It makes no sense to double the interest rates on student loan debt. Americans already owe $1 trillion in student loan debt. Some think that student loan debt could blow up the economy just like the housing bubble did. In 2010, student loan debt actually surpassed credit card debt. I've been assured that student loan debt goes away if you die or go to a nursing home. It won't go away otherwise, because it's against the law to bankrupt on it.


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