"The compromise reached by a bipartisan group of Senators and led by President Obama is a major victory for college students across the country. If enacted, the plan would cut rates on nearly every single new college loan this year, offering relief to nearly 11 million borrowers. For an undergraduate student who borrows an average amount, that means they would save more than $1,500 in interest over the life of that loan. The plan also includes important protections for students in the future if interest rates rise. The Senate passed this important piece of legislation today and now I urge the House of Representatives to do the same.
"The President and I have always believed that the path to the middle-class runs through the classroom and that higher education should not be reserved only for those who can afford it. The Senate's compromise reflects those values and will help low- and moderate-income students better afford college.
"Keeping student interest rates low is just part of our country's commitment to placing a good education within reach for all who are willing to work for it. There is much more work to do to bring down the cost of college, and all of us share responsibility for ensuring that college is affordable for students and families around the country. We look forward to continuing to work with Congress to figure out how we can significantly bring down the overall debt that students and families have to incur to go to college. Reaching this bipartisan compromise gives me hope that it will lead to many more--especially on education issues like expanding access to early learning opportunities for all children, and reauthorizing the Higher Education Act and No Child Left Behind."