College Loan Rates Concern Kentucky Governor
Kentucky Governor Steve Beshear is adding his voice to one of President Barack Obama’s top campaign issues. The president spoke at two college campuses this week urging Congress to prevent an automatic rate hike in interest on student loans from taking effect. Now, Beshear has penned a letter to all six members of Kentucky’s Congressional delegation, asking for them to take action to block the increase.
According to Beshear, if the rate hike goes into effect it will add an average of nine hundred and forty dollars to each student loan every year. The rate hike will affect more than one hundred thousand Kentucky students, and only pertains to federal Stafford loans. Many students who do not receive Pell Grants use Stafford loans to fund their college education.
“I believe that no person in Kentucky with the drive and ability to succeed should be denied access to a college education because he or she can’t afford it. However, far too often, the door of opportunity is closed or beyond reach for many of our children because of cost,” Beshear says.
The Beshear letter is significant, coming from the governor. During his re-election bid last year, Beshear often distanced himself from President Obama and his positions.