Rep. David Price spoke in favor of legislation to prevent student loan interest rates from doubling during a press event on campus. Congress’ deadline to extend the current interest rates for students is July 1. If they take no action, rates will double.
North Carolina is ranked 10th in the nation on FAFSA loan dependency, and more than 160,000 students from the state receive federal aid to fund their education.
Price represents North Carolina’s Fourth Congressional District in the U.S. House. His district includes parts of Raleigh and comes to the boundary of N.C. State. Price said many of his constituents will be effected if congress doesn’t act.
“At a time when Americans owe more on their student loans than on their credit cards-and that’s saying something-it means an additional $1,000 every year on the average of interest costs, about $127 million per year in total for those North Carolina students,” Price said.
Price said the money could be used in other, better ways, including personal investments for students on loans.
Candace Johnson, an education student at Wake Tech Community College, and Lisa Fristoe , the mother of Anne Marie Fristoe , a junior in political science, accompanied Price.
“I have four children, and Anne Marie is the oldest,” Fristoe said. “I have one graduating this year, and another graduating the year after that, so it’s very tough. Anne Marie does not take out loans, at this point, but looking at my younger children coming to college, it will be something we’re going to worry about.”
Alex Parker, a sophomore in Spanish education and president of the Students for Barack Obama chapter at N.C. State, said he is attending college using student loans and hopes Price will lobby on his behalf.
“I have a Stafford student loan along with a Teaching Fellows loan I already have,” Parker said. “When I graduate, I’m going to have a teacher’s salary, and if we don’t keep the interest rate low, it’s going to be dire for me and everyone I’ve talked to around campus.”
Price spoke on other issues related to the affordability of education in North Carolina. Price directed several of those remarks toward the state legislature, urging the General Assembly to step up their actions.
“This is our crown jewel, our pride and joy-an educational system to lead and develop-[but] these new representatives on Jones Street seem not to have read that memo,” Price said. “I think we need to get a hold of this at the state level and give our state-level institutions the kind of support they need.”
