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Updated Aug 23, 2013 - 12:38 pm

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.

About the Author

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

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

Have covered some of the biggest stories in Arizona including nine of the top 10 largest wildfires in state history. 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. Covered the Yarnell Hill Tragedy in June 2013 that left 19 Granite Mountain Hotshots dead.

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

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


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