Obama, GOP battle over student loan rates

Tim Goral's picture

Another year, another political fight over student loan rates.

President Obama gathered college students at the White House on Friday to urge Congress to extend a special college loan program before it expires on July 1 and interest rates double.

"Can anybody here afford that?" Obama asked the students surrounding him. "Higher education cannot be a luxury reserved for a privileged few."

Congressional Republicans denounced the Rose Garden event as an exercise in cynicism, stressing that the Republican-run House has already passed a student loan bill; the Democratic-run Senate has not acted.

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