Republican presidential hopeful Mitt Romney went on the record Monday in support of a student loan proposal being touted by President Barack Obama.
The White House announced Monday that more than 48,000 Idahoans were at risk of having the interest on their student loans double on Sunday, July 1, unless Congress intervenes. Nationwide, more than 7 millions students could see the rates on their federal loans double. The White House estimated that the average college student's loan debt is $25,000, while tuition continues to rise.
"I support extending the temporary relief on interest rates for students," Romney said while campaigning in Pennsylvania. The GOP contender said he supported the extension because of "extraordinary poor conditions in the job market."
Interest rates are set to double on July 1, from 3.4 percent to 6.8 percent, on a popular federal loan for low- and middle-income undergraduates. U.S. House Republicans said that the estimated $6 billion in annual costs of extending the low-interest rates for student loans wasn't affordable without offsetting cuts.