Governor Steve Beshear today urged Kentucky's congressional delegation to keep college loans affordable by acting to prevent a spike in interest rates for certain common loans.
In letters to Kentucky's Representatives and Senators in Congress, Gov. Beshear noted that if Congress does not act soon, interest rates for Stafford loans will double in July, putting a higher education out of reach for many Kentucky families.
"I believe that no person in Kentucky with the drive and ability to succeed should be denied access to a college education because he or she can't afford it. However, far too often, the door of opportunity is closed or beyond reach for many of our children because of cost," Gov. Beshear wrote in the letter.
Failure by Congress to act would mean an average of $942 added to the cost of each Kentucky student loan, which would affect almost 125,000 borrowers.
"Despite having balanced Kentucky's budget eleven times in four years because of the economic recession, I have made protecting student financial aid a priority. You have the opportunity to do the same in Congress," Beshear's letter said. "I urge you to take swift action to avoid this increase, and ensure that the dream of an affordable higher education remains a reality for Kentucky's families."