President Barack Obama used Tuesday’s visit to UNC-Chapel Hill to press Congress to extend a five-year-old law that cuts interest rates on subsidized Stafford loans for low-and-middle-income college students.
Obama told a packed Carmichael Auditorium that college must remain affordable for students for the next generation to prosper.
According to the Obama Administration, if Congress doesn’t act, interest rates on the Stafford loans will double on July 1st for more than seven million students. The average student affected by these changes will rack up an additional $1,000 in debt over the life of their loan.
The President also had a little fun at the expense of 5th-district Republican Rep. Virginia Foxx, in which he quoted from her recent interview on G. Gordon Liddy’s Radio Show. During that interview, Foxx said she had “little tolerance” for those who complain today about their level of college debt.
Click below to listen to that excerpt of the President’s remarks, followed by Rep. Foxx’s exact words from the Liddy Radio Show. You can watch the President’s full speech here.