Cedar Rapids, Iowa News, Sports, and Weather
President Obama To Speak At Field House In Iowa City
By Addison Speck, Reporter
IOWA CITY, Iowa – President Obama's is coming to Eastern Iowa on Wednesday. White House Officials confirmed he will speak at the Field House on the University of Iowa campus. It is the same location as his last visit in 2010. The event is expected to start around 1:20 p.m., Wednesday.
The event is free and open to students, faculty, and staff of the University of Iowa. The President will talk about his effort to get congress to prevent student loans interest rates from doubling in July.
For the first time, student debt has reached more than 1 trillion dollars. Americans owe more in student loans than credit cards.
"I think I will owe around 10 thousand," said Emily Jepson, a Sophomore at the University of Iowa.
"Maybe around 40 thousand, I think," said BJ Fish, a Junior at the University of Iowa.
President Obama will address student interest rates at a time he said, has never been more important. In 2007, Congress passed the College Cost Reduction and Access Act. The bill lowered loan rates on subsidized Stafford loans from 6 point 8 percent to the current 3 point 4.
On July 1st that act will expire, bumping interest rates back up, if nothing is changed.
"I don't want to pay more it I don't have to. Especially if you don't even have money as a college student as it is," said Fish.
But the Congressional Budget Office estimates that one more year of the lower interest rates for subsidized Stafford loans will cost several billion dollars. Republican lawmakers say it's a choice that either leaves students picking up an increased bill, or puts the burden on tax payers to keep rates low.
"For me I go home every summer and work so I can come back and pay for that and school, and I could have had chances for internships and stuff but I go back home to work," said Tyler Spenner, a Junior at the University of Iowa.
As many students watch tuition increase, some are crossing their fingers that interest rates don't do the same. "I definitely know a lot of students from my class back home that didn't go to college because it was too expensive," said Jepson.
Tickets for the event on Wednesday will be given out on a first-come, first-served basis. They will be available for pick up starting Monday at noon at the Iowa Memorial Union Box Office.