07/02/2013
COE President Decries Failure of Congress and the Obama Administration to Achieve Compromise and Keep Student Loan Interest Rates Low
Washington, D.C. — Arnold L. Mitchem, founding President of the Council for Opportunity in Education, issued the following statement in response to the doubling of federal student loan interest rates on July 1, 2013:
“It is extremely disappointing and disheartening that, at a time when our federal government borrows money at a rate of less than 3%, Congress and the White House were unable to put politics aside to prevent student loan interest rates from doubling to 6.8%. Whether referring to subsidized Stafford loans, unsubsidized Stafford loans, or PLUS loans, it has, in fact, been the student borrowers and their families who have been subsidizing the United States government. Now, more than 7 million students who stand in need of financial support face an even greater burden as they contemplate their options for financing their higher education.
However, this political inertia affords us the opportunity to reconsider and correct our lopsided federal policy agenda. For too long, we have sacrificed present and future generations for our own. When Members of Congress return to Washington next week, I strongly urge them to take decisive action that puts America’s future, which depends on America’s students, at the forefront. This is particularly critical for the low-income, first-generation college-goers supported by TRIO and GEAR UP. By keeping interest rates low, we can help ensure that students and their families will not be crippled by the very debt that they accumulate in an effort to build a solid foundation for their futures.”
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About the Council for Opportunity in Education
The Council for Opportunity in Education (COE) is the only national organization dedicated to furthering the expansion of postsecondary opportunities for low-income and first-generation students. Established in 1981, COE serves the interests of college opportunity professionals at major U.S. higher education institutions. Through nearly 3,000 federal TRIO programs, these individuals help low-income and first-generation students overcome class, social, academic, and cultural barriers to enter college and graduate. COE provides members with national advocacy on Capitol Hill, educational resources, and networking opportunities as well as offers research and information through the Pell Institute for the Study of Opportunity in Higher Education and the Louis Stokes Institute for Opportunity in STEM Education.
