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City of Madison News Release
For Immediate Release:
May 8, 2012
For More Information Contact:
Hannah Somers, Associated Students of Madison
Mayor Soglin and Student Leaders Support President Obama's Fight for Lower Tuition Loan Interest Rates
Mayor Soglin and student leaders from the University of Wisconsin participated in a conference call Monday afternoon with the White House on student loan interest rates. The students were able to gather in the Mayor's conference room for the call, and the Mayor participated while in Washington, D.C.
According to White House officials, the current rate for Stafford Loans is 3.4 percent, but if Congress does not act by July, the rate will double to 6.8 percent. This would cost the average Wisconsin student an additional $968.
"Unfortunately, the cost of higher education has grown dramatically while the state funding has been cut. Many students are struggling to afford tuition. It is a terrible time to double the interest rate," said Mayor Soglin. "Education is the surest path to the middle class and upward mobility; we cannot price people out of the market for education."
Legislative Affairs Director of the UW Associated Students, Hannah Somers said, "It was really helpful to hear directly from national leaders on this issue. So many students rely on student loans, and this issue is crucial as we work to fund our education."