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We did it.
Over 7 million students will save an average of $1,000 in loan repayments, helping us become the next generation of teachers, doctors, and innovators.
Friday, in a strong display of bi-partisan support, Congress voted to stop student loan interest rates from doubling. This is great news for students who now graduate with an average of $25,000 in student debt, twice as much as a decade ago. Without Congressional action, the interest rate would have doubled from 3.4% to 6.8% on July 1st.
Overwhelming support from students and families across the country showed our congressmen they needed to act.
This is an important step, but we still have a long way to go to make college affordable. That's why it's so important that Congress knows that this means something to students.
Click here to add you name to our "Thank You" to Congress and the President.
We've worked hard to protect and expand student aid. We helped pass the Student Aid and Fiscal Responsibility Act, which increased the Pell Grant, capped monthly loan payments, and bolstered community colleges. It was funded by cutting wasteful subsidies to banks and private lenders.
There's still much more to be done. Today, I'm glad we're moving in the right direction.
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