President Obama spoke today at Knox College in Chicago urging Congress not to raise the cost of student loans.
The administration is also plans to work with colleges to encourage universities to keep the costs of higher education down.
Said the president, "If you think education is expensive, wait until you see how much ignorance costs in the 21st century."
In a 21st century society, having only a high school education doesn't always garner a higher paying job (unless you become an entrepreneur). For those seeking a higher education, help with college tuition can be a quite daunting.
In an act of bipartisan accomplishment Congress, today, came to a decision that would keep college loans rates to a minimum.
"A better bargain for the middle class means making a college education available to every single American willing to work for it", said the president.
"That’s why I applaud the wide bipartisan majority of Senators who passed a bill to cut rates on nearly all new federal student loans, rolling back a July 1st rate hike and saving undergraduates an average of more than $1,500 on loans they take out this year."
Adding, "This compromise is a major victory for our nation’s students. 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."
With the all college semester just around the corner, this is welcoming news for college bound students around the nation.