President Barack Obama’s impeding arrival on campus is a topic of much discussion at CU this week. With his plan of discussing lowering student loan interest rates, it’s an issue at the forefront of most students’ minds and close to many Buffs’ hearts.
In a recent press release from the White House, Obama stated that if Congress doesn’t enact legislation, “more than 7.4 million students with federal student loans will see their interest rates double on July 1.”
For many students, this could be a life changing congressional decision. Andrea Pienaar, a 19-year-old freshman finance major, said she sees the immediate threat it poses on her future plans.
“I always told myself that if I didn’t find a high enough paying job after college, I’d take out loans and go to grad school,” Pienaar said. “But if interest rates are going to be so high, I would definitely have to reconsider that idea and do something more financially reasonable, so I sure hope the rates stay low.”
Residential Adviser Jeff Wood, a 21-year-old senior finance major, said he doesn’t have student loans to worry about himself, but as a finance major, he sees the potential impact an increase on rates would have on our country.
“I see an economic bubble starting to develop for the country which could have disastrous consequences for many people here,” Wood said. “If rates aren’t lowered, it will take much longer for students to be able to pay them back. Everything’s been securitized, and if loans aren’t paid back, many people could lose all of their savings due to defaulting. Looser loans and lower interest would be much more beneficial for the country.”
For Lacy Hardaway, a 19-year-old freshman psychology major, higher interest rates on loans are another stressful situation for her to deal with.
“There’s a limited number of jobs for kids to get after college as it is, and I’m already going to have money to pay back right after school,” Hardaway said. “It’s like I’m being hit with a double-whammy right after I get out of here, and I can’t afford to do that, especially if the rates are going to be higher.”
Obama plans to address the issues on Tuesday night at the Coors Events Center. Doors will open at 3:30 p.m., and the speech is scheduled to start at 6 p.m.
Contact CU Independent Staff Writer Megan Moran at Megan.firstname.lastname@example.org