My immigrant parents taught me that there is no surer pathway to success than a good education. I am grateful that, by coming to the United States, they made this opportunity available to me; it’s a privilege to be working in the White House to make higher education available to every American willing to work for it. And as I am about to have two daughters in college at the same time, it’s clear to me that if a college degree is really going to be available to all families, we must make sure students and their families don’t leave college saddled with a mountain of debt.
This afternoon, President Obama made an important step toward that promise by signing into law the bipartisan student loan interest rate compromise, which advances our nation's commitment to students by cutting rates on nearly all new loans this year – saving a typical undergraduate student $1,500 over the life of his or her loans. This legislation allows borrowers to benefit from the low interest rates currently available in the marketplace, guarantees that borrowers are able to lock in these rates over the life of their loans, and protects future borrowers by capping how high rates can rise.
The signing of this legislation is a key victory for students, one in which Members of Congress from both sides of the aisle came together around the important mission of keeping college affordable for American students and their families.
Fonte: White House