State Treasurer Fitzgerald Phone Call With President Obama: Making College Affordable
June 22, 2012
DES MOINES, Iowa – State Treasurer Michael Fitzgerald was on a call with President Obama on Thursday discussing the importance of helping families make college affordable. “As state treasurer, I have always advocated for saving for college,” Fitzgerald stated. “Since the 1998 launch of College Savings Iowa, Iowa’s 529 plan, my efforts in raising awareness about this important topic have only increased. While tens of thousands of families are saving through College Savings Iowa right here in Iowa, many still find themselves taking out student loans.”
On a call with President Obama, Treasurer Fitzgerald and the President determined that they have a common belief, we need to help young people and their families make college affordable.
The President wants Congress to pass legislation that will stop student loan interest rates from doubling on July 1, 2012. For Iowa families, the average amount Iowa students will borrow next year is just over $4,000. If the interest doubles, this will cost those students an extra $993 over the life of that loan.
Through College Savings Iowa, Fitzgerald advises families to start saving early and to save regularly. Saving early may help reduce a family’s need to borrow to cover educational expenses, which will help parents – and their children – get through college with less debt. “While my message is still the same, I don’t believe that families who have been unable to save enough should be penalized by having to pay more in student loan interest,” Fitzgerald stated. “I encourage all Iowans to make their voice heard in Washington the next nine days.”