Obama Talks College Loans With Students

Tallahassee, FL -- May 7. 2012 --

Interest rates on student loans will double by July 1 if Congress doesn't act.

That's why President Barack Obama spoke via teleconference to students across the country including right here in Tallahassee. Students from TCC, FSU and FAMU listened to the president and his staff talk about the importance of capping interest rates on student loans.

TCC student Michael Edwards is concerned about where the government would pay for such a step. Edwards says he's heard and read in the news that small businesses could be taxed to make up for the capped loans.

"At the same time it would effect many of our businesses because increase in taxes on small businesses will in effect cause less jobs for many students here," Edwards said.

"The bottom line here is we can't cut our way to prosperity," President Obama said. "We can't make it harder for our young people to afford a higher education."

Keeping student loans at their current interest rates seems to be an issue both sides agree on. But both parties have different ways of paying for it. Democrats want loop holes in corporate taxes to cover it while Republicans are looking to cut social programs.

On Tuesday, Senate bill 2343 will be up for a vote that would close a corporate tax loop hole to cover the costs. In the Republican-led House, has already passed a bill that would cut funding from the federal health reform law's Prevention and Public Health Fund

"I think we can win this but only if everybody stays on it," Obama told students.

With more debate expected this week, the president believes with student support there will be a solution.

If you want to join in on the discussion on Twitter. Use the hash tag #DontDoubleMyRate


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by please dont fall for it voters Location: usa on May 8, 2012 at 04:25 PM
    he has had four years to get this country straightned out.
  • by Fed up Location: Tlh on May 8, 2012 at 01:16 PM
    Hey dummies, wantg loans: he needs your vote to finish destroying the country. The country is broke, $5 trillion directly done by him, to buy votes. You need to learn you can't get something for nothing, somebody is going to have to pay for it. Majoring in basket weaving, medieval history and and other useless subjects will not get you a job if you spend 12 years in college. You will be going back to ma and pa and roosting in their spare bedroom. He has already got you on the obummer care insurance until you are 28, or maybe until you are combing gray hair. Use one of your brain cells and figure this out, whose is going to pay for it. 50% of the U. S. population are laying up on their couches waiting for the postoffice (who is also broke from mismanagement and too fat salaries and benefits) to bring the next welfare check, illegitimate baby payment to make the suv payment and the disabled check when nothing is wrong with you, except you are too sorry to work. We, who work are fed up with your whining and wanting something that someone else has worked for.
    • reply
      by Anonymous on May 8, 2012 at 03:44 PM in reply to Fed up
      Well, when was the country last not broke? Unless the country has always been broke, there must have been a last day when the country was not broke. When was that? Also, I am glad Republicans filibustered the reduction in student loan rates. I want the US to fail and I want college to be unaffordable. College kids, do what Master Reginald Romney says and ask your parents for the money for college.
  • by Anonymous on May 8, 2012 at 07:10 AM
    Reading all of these comments, I sure do hope the public has finally learned enough about this guy to kick him out of the White House he is occupying!
  • by Gerry on May 8, 2012 at 06:14 AM
    As of 17:00 ET, May 7, the US borrows for 10 years at 1.87%. Total US national debt on 5/4/12 = $15.672 trillion. On 1/20/09 = $10.627 trillion. On 1/20/01 = $5.728 trillion. Increase in total national debt during Obama's administration = $5.045 trillion. During George W. Bush's administration = $4.899 trillion. Source for debt info = treasurydirect.gov. Greece borrows for 10 years at 22.95%, Portugal at 11.26%, Spain at 5.74%, Italy at 5.41%. The 4 countries just named do not each have their own individual national currency, but rather all use the euro. Greece had an election over the weekend, and the cost of the government borrowing for 10 years rose 2.21%, from 20.74% to 22.95%
    • reply
      by Anonymous on May 8, 2012 at 09:25 AM in reply to Gerry
      Idiot Gerry!
      • reply
        by roger on May 8, 2012 at 01:12 PM in reply to
        Anonymous....maybe you are the idiot. Gerry is letting you know how our country is being taken down the drain and you call him an idiot...the idiots are the one that sit there and do nothing about it....
  • by God Bless America on May 8, 2012 at 05:27 AM
    College Students speak to Obama. QUIT, STEP DOWN!! Nothing but lies since you wer in office.
  • by Paul on May 8, 2012 at 05:06 AM
    I wish those pursuing STEM degrees could be funded without the the need for loans. These studies are just too important to the future to just continue flounder. Science, technology, engineering and math. I guess they all require math but so many students seem to want the law, business, or marketing degrees so they can make the quick killing. Business degrees do require some math especially algebra and statistics but those are fairly easy compared to the sciences. Maybe mandatory service of some kind in exchange for the education. I got through school on the GI bill but that was way back when it was enough to cover most the cost.
    • reply
      by roger on May 8, 2012 at 07:09 AM in reply to Paul
      The taxpayers cannot afford it and I can barely afford the money for MY kids let alone all the one ovomit wants me to put through school.
    • reply
      by Anonymous on May 8, 2012 at 09:26 AM in reply to Paul
      It can be done easily. It's called working your way through college, and many have done it - even with STEM degrees.
  • by Carrabelle on May 8, 2012 at 05:04 AM
    What else is Obama going to make tax payers fund. We are Broke, Cut spending. No more Taxing.
    • reply
      by Anonymous on May 8, 2012 at 06:27 AM in reply to Carrabelle
      We are broke. That is so funny. Has the US always been broke? If so, what difference does it make? If not, when was the last day the US was not broke?
      • reply
        by Reagan Republican on May 8, 2012 at 08:53 AM in reply to
        @ anonymous America's $15 trillion national debt is almost equal to GDP (growth domestic product) of our citizens. What is your definition of broke?
        • reply
          by Anonymous on May 8, 2012 at 10:10 AM in reply to Reagan Republican
          You're silly. Debt has exceeded GDP before. What other countries have GDP equal to debt? Are you talking gross debt or net debt? What is Japan's ratio? What is Germany's? You know the price of everything but don't know the the value of anything.
        • reply
          by Reagan Republican on May 8, 2012 at 02:12 PM in reply to Reagan Republican
          @ Gerry The last time our federal debt (not public debt) surpassed the value of the U.S. economy was in the 1940's (World War II). In economics, debt to GDP ratio is one of the main indicators of the health of an economy. Actually, I believe the percentage is now over 100% and is the highest recorded in America's history. How is having an enormous national debt a silly concern to you? What is Japan's and Germany's ratio and why should the greatest nation in the world set our standards based completely on a world stage.
  • by LogicalThinking on May 8, 2012 at 04:57 AM
    This man has no shame or record to run on, so he is just looking to buy votes.
  • by don't be fooled on May 8, 2012 at 04:42 AM
    Obummer will do anything and say anything to get re-elected. He means nothing that he says. Vote him out of office.
  • by Anonymous on May 8, 2012 at 03:42 AM
    Obama needs to find a plan to create job growth and should have started that over 3 years ago.
    • reply
      by Anonymous on May 8, 2012 at 09:30 AM in reply to
      He did have a plan, and it failed miserably. Apparently you can't just spend your way out of a recession with huge stimulus plans.
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