Obama Praises Senate Bill To Roll Back Student Loan Rates

President Barack Obama on Wednesday praised the Senate’s passage of a bill to roll back an interest rate hike on federal student loans that went into effect July 1st when Congress had deadlocked on the issue.

“This compromise is a major victory for our nation’s students,” Obama said in a statement. “It meets the key principles I laid out from the start: it locks in low rates next year, and it doesn’t overcharge students to pay down the deficit.  I urge the House to pass this bill so that I can sign it into law right away, and I hope both parties build on this progress by taking even more steps to bring down soaring costs and keep a good education – a cornerstone of what it means to be middle class – within reach for working families.”