Who knew that federally-subsidized Stafford loans could provide so many LOL's?
On Tuesday's "Late Night with Jimmy Fallon," President Barack Obama "slow jammed" his argument that Congress should keep interest rates on the loans from doubling this summer. (His opponent Mitt Romney agrees.)
"Let's keep the rates down on college loans," Obama told the audience. Fallon nicknamed him "Preezy of the United Steezy" and the Roots backed him up with a smooth groove. Even Pell Grants got a shout-out.
The episode was taped on campus at the University of North Carolina in Chapel Hill. Obama will raise the issue of student loans again today at the University of Iowa.
In this morning's Star Tribune, reporter Corey Mitchell outlined where Minnesota politicians stand on the issue. As I reported earlier this month, Rep. John Kline believes that the country cannot afford to keep the interest rate at 3.4 percent.
From Mitchell's article:
"Kline, who heads the House Committee on Education and the Workforce and is the House's point man on education issues, is among the Republicans in Congress reluctant to extend the current rates, a move that would cost about $6 billion per year in additional subsidies, according to a report from the Congressional Budget Office."
Without congressional action, the loan rate will rise to 6.8 percent on July 1.