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ASU president urges federal government to fix student loans

PHOENIX -- A deal that gives college students and parents lower interest rates on loans is heading for the desk of President Barack Obama for approval and a different president wants that bill to be signed.

"I don't think members of Congress realize that the rest of the world is evolving," said Arizona State University President Michael Crow. "We need things resolved quickly. Student loans are an important investment for kids to have a chance. Those who need the help should get the help. It's important to have those interest rates as low as possible."

Crow also said that the lack of urgency in Congress is affecting the decisions of both students and their families.

The bipartisan compromise links student loan interest rates to the financial markets. Undergrads would borrow at 3.9 percent this fall. Graduate students would have access to loans at 5.4 percent and parents would be at a borrowing rate of 6.4 percent.

The White House said Congressional approval of the new loan structure would save the average undergrad at $1,500 dollars in interest charges.

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About the Author


Position: Senior News Reporter. Started with KTAR July 4, 1999.

Favorite food: Steak and shrimp, and any food on campouts.

Favorite spots in Arizona: Pinetop-Lakeside, Alpine, Greer.

Favorite news memory: The Wallow Fire in 2011 became the largest fire in state history. Rodeo-Chediski Fire in June 2002, which is the second largest fire in Arizona. The 2007 Southern California Firestorm and being at Sky Harbor Airport when the first plane lifted off several days after 9-11. Seeing the American flag on the tail of the Salt Lake City-bound Delta airliner as it took off still gives me goosebumps.

Favorite movies: True Grit, both 1969 John Wayne classic and the remake with Jeff Bridges -- which was outstanding --, Lonesome Dove.

First job: Spinning records at KLER Radio Orofino, Idaho 1980.

First concert: KISS/Cheap Trick 1977 Spokane, WA Coliseum.

Sports Teams: Washington State University Cougars, The University of Montana Grizzlies and Texas Rangers.

Outside interests: Sports, camping, fishing, traveling.

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