Register | Forgot Your Password? | Close

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.

Jim Cross, Reporter

share this story:
Attention Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.
  • CopperPoint Mutual Insurance Company

    SCF Arizona has a new name. They are now CopperPoint Mutual Insurance Company.
  • Taylor Morrison

    World Class People. World Class Company. We are a national home builder committed to building homes inspired by you.
  • Go Daddy

    World Class People. World Class Company. Go Daddy is a Fortune 100 "Best Companies to Work For."
  • Avnet

    World Class People. World Class Company. Here's information on a Fortune 500 company from Arizona.

Voice For A Better Arizona

  • Working For Arizona

    The business and economics of Arizona at the start of 2014 and looking forward.
  • Arizonans In Need

    Putting a focus on charities and organizations who provide help and/or need your help to fulfill their missions.