Remarks by the President to Students

University of Iowa
Iowa City, Iowa

1:19 P.M. CDT

THE PRESIDENT:  Hello, everybody!  (Applause.)  It is great to be back in Iowa City.  (Applause.)  I'm not going to give a long speech here.  I just want to say thank you to all the people who are taking an interest in this important issue.  I know we've got a lot of students here.  Everybody cares about making sure you guys can pay for college in an affordable way, so that's what I'm going to be talking about.

But I just want to tell all of you I couldn't appreciate you more, taking the time to come out, and I hope that -- how many seniors do we have here?  (Applause.)  All right.  Seniors, you've got just a few more weeks to go, so make sure to finish strong; don't goof off too much.  (Laughter.)

And I just want you to know that Iowa always feels like home to me, because I spend so much time here.  (Applause.)  So, all right, thank you, everybody.  I'm going to shake some hands.  Thanks, everybody.  (Applause.)

END               
1:20 P.M. CDT

Press Gaggle by Press Secretary Jay Carney Aboard Air Force One, 4/25/12

Aboard Air Force One
En Route Iowa City, Iowa   

10:38 A.M. CDT

MR. CARNEY:  Good morning, everyone.  Welcome aboard Air Force One as we make our way from Colorado to Iowa.  As you know, at the University of Iowa in Iowa City, the President will be delivering remarks on the subject of the absolute, essential need for Congress to take action to ensure that Stafford loan rates for students -- millions of students across the country do not double -- the interest rate on those loans does not double on July 1st.  So he will continue to make that case today at the University of Iowa.

He will also visit -- prior to delivering the remarks, he'll participate in a roundtable with five students who currently receive Stafford federal student loans -- five students from the university who -- seniors and juniors, I believe, the five of them are, studying in different fields, all of whom depend upon these loans to enable them to get the education they need to give them the best shot at a good economic future for themselves.

With that, I will take your questions. 

Q    Jay, does the President think that Democrats are under as much of a responsibility to extend the low rates as Republicans, since it was Democrats who basically built in the expiration date in the first place?

MR. CARNEY:  Well, he thinks every member of Congress should vote to extend to -- work together and then vote to extend the lower rates.  The fact of the matter is that up until we saw a bit of the dam breaking in the last several days, the opposition to doing this was on the Republican side.  But it should not be that way.  This is the kind of thing, as we've talked about all year in 2012, that should allow us to find bipartisan agreement so we can move forward.

I mean, there are -- even though it's an election year, there are a number of areas that we should be able to get things done on behalf of the American people, on behalf of the American economy. 

I saw some stray remark yesterday about someone suggesting that -- a Republican suggesting that the President should stop talking about the student loan issue and focus instead on the economy.  And I was just stunned by how narrow-minded those remarks were because this is absolutely about our economy.  There is no more essential element to a strong economic future for the American people and this nation than investments in education that allow Americans to compete for the best jobs of the 21st century -- because we're competing not among ourselves anymore but the Chinese and the Indians and the Brazilians and the Europeans and others.  
Q    Jay, when the Secret Service story first broke down in Cartagena, the President, as you'll recall, said that he would be angry if he found out that the allegations proved to be true.  So now that the Secret Service has decided the career fates of all 12 of these people, is he angry?

MR. CARNEY:  Yes.  I think he said as much in the interview he did with Jimmy Fallon last night.  But he also believes that the actions that -- of these individuals do not represent the Service as a whole, and as he said last night -- or yesterday afternoon on the interview that was broadcast last night -- that 99 percent of the men and women who work in the Secret Service are absolute professionals who do an extraordinary job protecting the President, protecting his family, protecting others.  And that job, as I pointed out, it's important to remember because it’s not just about protecting an individual or his or her family, it’s about protecting the presidency and it’s a vital function in our democracy.

Q    I didn't really see anger registered in what he said, the knucklehead comment and so forth, so have you seen him express anger about it?

MR. CARNEY:  Look, I think the President said that he -- if the accusations that had surfaced at the time turned out to be true, he would be angry.  And of course, he is angry that -- about what he made clear even on that Sunday in Colombia was inappropriate behavior, behavior that is not acceptable for people who work for the United States government, who are representing the American people abroad on trips of the President or other -- on trips by other government leaders, whether they're administration leaders or members of Congress.

Q    Does he believe that people in supervisory positions who have not been sanctioned so far ought to bear some responsibility for this?

MR. CARNEY:  I'm not going to comment any further on what remains -- I think it’s important to note that the Secret Service said that its investigation continues.  So questions about broader subjects that relate to this and the culture of the Service and sort of a higher altitude review I’ll leave to the Secret Service for now.  They continue to take the lead on this matter.

Q    -- have any other briefings from the director of the agency?

MR. CARNEY:  I know of none that are planned at the moment, but I wouldn’t rule it out.

Q    -- election results and reports this morning as we were heading to the plane about Newt Gingrich’s plans.  Does the President see that the general election campaign is sort of -- that we’re moving into that phase?  Does he have any reaction to Romney’s performance last night?  Will he address that at all today in his comments?  And will it affect how he begins talking to voters in the actual reelection campaign?

MR. CARNEY:  Specifically to the question about events yesterday and -- none of the conversations I had with him last night or this morning suggested that he was watching television or caught any remarks.  He’s certainly aware of it, and I think  -- I would point you to the campaign for a more detailed comment, but our position has always been that we’re observers of this process.  This President certainly knows from experience that primaries can take a certain amount of time.  This primary process has taken a certain amount of time.  Once it’s wrapped up, then clearly there will be -- and there seems to be a Republican nominee, then the President will engage in a debate --
 
Q    -- there’s a Republican nominee now, you’re saying?

MR. CARNEY:  I am reading your stories or the stories of your colleagues that suggest that, and there seems to be a general acknowledgment that the process has moved to that stage if not formally, then informally, that assessments are being made that the race is over on that side.

Q    And if you could segue from election to student loans   -- (laughter) -- I know it's all week --

MR. CARNEY:  -- because after all, that’s why we’re here.

Q    So President Obama won the youth vote with like a two-thirds margin in 2008.  Polls show he has a pretty strong lead in early polling now with 18 to 29.  Does President Obama believe that he is in danger of his support from young Americans eroding, and why?

MR. CARNEY:  I'm sorry?

Q    It's a question about whether -- does he feel like he has something to prove to younger voters in terms of his policies?

MR. CARNEY:  You're talking about campaign tactics and stuff, and I’ll refer you to the campaign for that.  The President is embarked on a trip here that is focused on a specific policy and a specific call to Congress to take action on a specific policy that affects young people, millions of them across the country.  I mean, that’s just a fact. 

And he has been calling in very clear terms on Congress to act on this measure, because failing to take action would result in interest rates on these student loans doubling, which would in turn have a very negative impact on millions of students across the country.  That’s bad for the students.  It’s bad for their families.  It’s bad for the economy in the near term and in the long term.  So these are very serious economic issues.

Q    Can you address the challenges that the President faces in making his case to young people this time around and engaging them not only in the political process but in recognizing his accomplishments over the last four years?  You know, there’s a widespread perception that in 2008, he energized the youth vote with this sort of one-time message that would be very difficult to replicate.  This is not an election, necessarily, about change, it's about here's what I've done and here's what we still have to do.  How do you engage the youth and what are your challenges there?

MR. CARNEY:  I appreciate the question.  There was no attempt even within it to pretend that it was anything but a campaign question so I’ll refer you to the campaign.  The President is focused on -- as President -- pursuing the policies that he thinks will help the American economy grow and help the American middle class stabilize and grow.  And that includes students across the country who depend on these loans, who depend on Pell grants, which would be slashed dramatically under the Republican budget. 

I want to note that while we have seen expressions of support for the President’s insistence that we take action to prevent these interest rates from doubling by Republicans, that is not reflected in their governing document, the Ryan/Republican budget, which would allow these rates to double, which would slash Pell grants, which would devastate other investments in education. 

So at a policy level, the President feels very strongly that his commitment to students and to education -- higher education as well as obviously primary and high school education -- is profoundly documented by the action he’s taken and the policies he’s supported.

Q    There are reports today that Iran is considering altering its nuclear program, perhaps allowing more U.N. inspectors in to avoid the tough EU sanctions.  Have you guys seen those reports?  Do you have any intel about it or any comment?

MR. CARNEY:  Well, I certainly don’t have any comment on intel.  But I would simply say that there’s a process in place through the P5-plus-1 talks, which have been through one round now and are scheduled to resume in Baghdad.  And that’s the forum in which to discuss steps forward.  But there are clear lines here about what actions the Iranians need to take.  They need to be serious in these negotiations about focusing on their nuclear program, on their weapons program. 

And the goal here is -- the policy of the United States is prevent Iran from acquiring a nuclear weapon.  The approach by all the nations involved in this process is focused on Iran forsaking its nuclear ambitions in a verifiable way, demonstrating that their intentions are not military in nature, and then moving forward.

So I'm not going to -- incremental proposals that are thrown out there outside of the process I'm not going to be able to focus on.  We're focused on holding the Iranians accountable, which the sanctions regime that is in place and the one that you mentioned that’s going to kick in is all about, and that doesn’t change.  Promises of better behavior down the road, given the past, won't change our position, and I don’t believe it will change anyone's position. 

But having said that, the first round of talks were promising, and the fact that there's a second round is also promising.  But we're very clear-eyed about this, very clear-eyed about Iranian behavior and the need for them to demonstrate their willingness to forsake their nuclear weapons ambitions through action and not just promises.

Q    And is the United States aware of any shift in position or tactics from the Iranians?

MR. CARNEY:  I just have no comment on that particular issue. 

Q    In the President's interview last night he suggested that in previous campaigns he's at least had some relationship with his opponents, some degree of contact.  And he said that he didn’t really have an occasion to get to know Governor Romney.  Do you expect that at some point he'll call Governor Romney to officially kick off this race?  Will he reach out and initiate contact in that way?

MR. CARNEY:  I have no -- necessarily any expectation of that.  I mean, you could ask the campaign.  I think he was responding to a question specifically, do you know Mitt Romney?  And he was being honest that while they had met, he did not know him well, because unlike in his race against Senator McCain -- he and Senator McCain had served in the Senate together, and he had served in the Senate with Secretary Clinton and then-Senator Biden -- Vice President Biden-- and others.  So he knew a lot of his opponents. 

He made the observation that within party primaries you’re more likely to know your primary opponents, but he was just making an observation.

Q    Can I ask a follow, too?  There’s a new ABC-Post poll out today on favorability ratings of the First Lady and Ann Romney and Hillary Clinton among others.  The First Lady has very high favorability ratings -- 69 percent.  Do you guys -- I mean, as she becomes more involved in the President’s reelection effort, is there any concern that as she kind of moves into that campaign role that she might lose some of that?

MR. CARNEY:  That’s a purely campaign-related question, and I’ll refer you to the campaign for that.

Q    Were you there when the yogurt got spilled?

MR. CARNEY:  I was within 10 or 15 feet, but I didn’t see it happen.

Q    Oh, you didn’t see it?

MR. CARNEY:  My understanding is that -- the young woman was on television this morning -- is that she placed her yogurt down on the ground because she wanted to shake hands with the President, and there was sort of a press against that ropeline, and somebody kicked the yogurt, and there was a spoon in it that kind of flipped and a little -- but she was extraordinarily -- I didn’t actually see it, but I heard about it, she talked about it on the Today Show this morning, I think, and she was very gracious.

Q    I’d ask the campaign but they’re not on this trip so -- so much of 2008 was big college rallies -- 8,000 people in a stadium, 10,000 people in a stadium.  Has the President talked at all yesterday or this morning about being back out there with students in a big room, whether it reminds him of 2008?  Sort of how it feels compared to doing smaller policy events?

MR. CARNEY:  Well, I would simply say, setting aside the campaign nature of the question, the President really enjoys getting out of Washington and meeting with Americans across the country.  He always enjoys meeting with students at universities, which he’s done throughout his time in office.  And there’s nothing new about that as it relates to this trip.

I mean, young Americans have enormous amounts of enthusiasm and hope and energy about their own personal futures, about the country’s future.  And there’s no question that -- and anxiety about their futures and the economy.  And I think the President believes that -- and he's not unique in this and he wouldn’t suggest he was -- but that’s why you get involved in politics, because it’s as much about the future as the present day.  And students and Americans who are younger than that even, than college students, really are -- those who engage in -- take public office and engage in policy debates and try to get things done are motivated by a desire to make the future better for younger Americans.  And I think the President always feels that especially keenly when he is with college students or younger Americans.

Q    -- foreign leader calls during the course of this trip?  Any developments on Syria or North Korea that you can share with us?

MR. CARNEY:  Well, I mean, there’s various things in the news.  I don’t have anything -- the President obviously gets his briefings and was making some calls from Air Force One, but not foreign leaders.
 
Q    Has he responded at all to the Mad Cow scare?  There was a report today that South Korean retailers are going to stop importing U.S. beef.  Has he been in touch with Secretary Vilsack?  Is he following that at all?

MR. CARNEY:  I don’t believe he's been in touch with Secretary Vilsack.  He's certainly aware of the incident.  I would refer you to the Department of Agriculture and note what Secretary Vilsack has said, which is that American beef and dairy are safe, and the Agricultural Department has obviously been very focused on looking into this matter.  But they have all the details.

Q    Jay, can you tell us anything that we haven’t been told yet about the trip to Georgia on Friday?  And also, specifically, do you recall when the last time the President and the First Lady traveled together on an official trip?

MR. CARNEY:  I would have to take the question about the last time they were together on an official trip.  I mean, I know I’ve been on them, so it's happened in my time here.  I don’t know what we put out about the Georgia visit.  It relates to veterans.  But I’ll see what more we can preview.

Q    That would be great.

Q    Thanks.

MR. CARNEY:  Thanks a lot.

END
10:56 A.M. CDT

Remarks by the President--Boulder, Colorado

University of Colorado
Boulder, Colorado

7:20 P.M. MDT

THE PRESIDENT:  Hello, Boulder!  (Applause.)  How's it going, Buffaloes?  (Applause.)  Well, you guys are just happy because school is almost out, isn’t it?  (Laughter.)  

Please give Daniel a big round of applause for that great introduction.  (Applause.)  I just saw Daniel over at The Sink.  (Applause.)  I bought some pizza.  And I heard a rumor that Robert Redford used to work there.

AUDIENCE:  Yess!

THE PRESIDENT:  So that's just a sign -- always be nice to your server because you never know where they’ll end up.  (Laughter.)  I will say that I was shaking hands with folks outside and a young woman -- she got very excited and spilled yogurt on me.  (Laughter.)  More hazardly, she spilled yogurt on the Secret Service, which you -- (laughter) -- the agent just stood there, just looking at her.  (Laughter.)  

I want to thank the Chancellor of UC Boulder, Phil DiStefano.  Give him a big round of applause for having me here today.  (Applause.)  We've got the Lieutenant Governor of Colorado, Joe Garcia, in the house.  (Applause.)  And I want to thank you for being indoors when it is gorgeous outside.  (Applause.) 

Now, I've just come from the University of North Carolina Chapel Hill -- (applause.)  I was talking to another good-looking group of students.  Jimmy Fallon and I taped his show there tonight -- make sure to tune in.  (Laughter.)  But we saved the prime-time event for Boulder.  (Applause.)   

And I’ve come here to talk to you about what most of you are focused on every day -- at least you're supposed to be -- and that is studying and college.  Look, college isn’t just the best investment you can make in your future -- it is the best investment that you can make in your country’s future.  I believe that.  (Applause.) 

And by the way, I just want to say, all of you who have seats, feel free to sit down.  (Laughter.)  Because it's hot in here and I don't want folks dropping off.  (Laughter.)  There you go, make yourself comfortable.  Take a load off.  (Applause.)   

So I'm proud of all of you for doing what it takes to make this investment in a college education because it has never been more important.

In today’s economy, there's no greater predictor of individual success than a good education.  Right now, the unemployment rate for Americans with a college degree or more is about half the national average.  Their incomes are twice as high as those who don’t have a high school diploma.  Higher education, whether it's a four-year college or two years at a community college, is the clearest path we've got to the middle class.

Now, I know that those of you who are about to graduate -- (applause) -- you're pretty cheerful about that, huh?  (Laughter.)  I know those of you who are about to graduate sometimes are wondering what’s in store for your future.  Because not even four years ago, just as the global economy was about to enter into freefall, you were still trying to find your way around campus.  And today, our economy is recovering, but it's not yet fully recovered from the worst financial crisis and economic crisis that we've experienced since the Great Depression. 

Our businesses have added more than 4 million jobs over the past two years.  (Applause.)  But there are still too many Americans who are out there looking for a job or trying to figure out how to pay the bills and cover the mortgage.  There are too many folks who still lack the basic security that has always been at the heart of the American promise, but has been slipping away for more than a decade now, even before the recession hit. 

But here's the thing.  I want all of you to know that the degree you earn from Colorado is going to be the best tool that you've got to achieve the American promise.  (Applause.)  By far. That basic idea that if you work hard, no matter where you come from, no matter what you look like, no matter what the circumstances of your birth, if you work hard you can do well enough to raise a family and own a home, send your own kids to college, put a little bit away for retirement.  That idea that each generation has a little more opportunity than the last. 

I can tell you that now as a parent.  When I look at Malia and Sasha -- sometimes I coach Sasha's basketball games, and if she scores a basket I am so excited, compared to when I used to score a basket.  (Laughter.)  It’s the hope that all your parents have for you -- that your own kids will surpass you; that they're going to be able to shine as bright as they can imagine.  And that's the dream that your parents have for you.

And keeping that promise alive, that's the defining issue of our time.

AUDIENCE MEMBER:  We believe in you!  (Applause.) 

THE PRESIDENT:  I believe in you.  I believe in you.  (Applause.)  I believe in you. 

And I don’t want this to be a country where a shrinking number of Americans are doing really, really well while a growing number are struggling to get by.  (Applause.)  That's not the future I want for you.  That's not the future I want for my daughters.  I want this forever to be a country where everybody gets a fair shot, everybody is doing their fair share, everybody plays by the same set of rules.  (Applause.)  That’s the America I know.  That's the America I love.

It's a big and bold and generous America.  It's not a cramped America.  It's not an America that says, set your sights lower.  And that's the America that's within our reach.

You know, I think back sometimes to my own circumstances.  My grandfather had the chance to go to college because this country decided that every returning veteran of World War II should be able to go to school.  (Applause.)  And then my mother was able to raise two kids by herself while she was going to school because she was able to get grants and work her way through school.  (Applause.)  And then I'm only standing here today, and Michelle is only where she is today, because scholarships and student loans gave us a shot at a great education.

We didn’t come from well-to-do backgrounds.  We didn’t have famous families.  But it wasn’t just that we worked hard.  It was also that somebody made an investment in us.  (Applause.)  That's what America did for us. 

This country has always made a commitment to put a good education within the reach of everybody.  Everybody who's willing to work for it, we've said, you know what, you've got a shot.  That’s what makes us special.  That’s what makes us exceptional.
That's what kept us at the forefront of business and science and technology and medicine.  And that’s the commitment that we've got to reaffirm today.  (Applause.)  That's what we believe in. 

But I don't need to tell all of you that it's gotten harder. Since most of you were born, tuition and fees at American colleges have more than doubled.  And that forces students like you to take out more loans and rack up more debt.  The average student who borrows to pay for college now graduates about $25,000 in student loan debt.  Not good.  Americans now owe more on their student loans than they do on their credit cards.

And living with that kind of debt means some pretty tough choices when you’re first starting out.  It means putting off buying your first house.  Or it means maybe you can't start up that business right away that you've got this great idea for.

When I was over at The Sink I was talking to three business majors, and they all had these business ideas.  But it's tougher if you've got all this loan that you're already thinking about the minute you get out of school.  Maybe you’ve got to start a family a little bit later.  It takes you a longer time to save for retirement.  And when a big chunk of every paycheck goes towards loan debt, that’s not just tough on you.  It's not just tough on your families.  It’s painful for the whole economy because that's money that could be going into the economy and could be going into new businesses and could be helping businesses grow. 

And I want to point out -- listen, I know about this firsthand.  Michelle and I, we know about this firsthand.  This is not something I read in a briefing book.  (Laughter.)  This is not some abstract idea for us.  We’ve been in your shoes.  When we graduated from college and law school, we had a mountain of debt, both of us.  That means when we got married, we got poorer together.  (Laughter.)  We added our assets together, and they were zero.  (Laughter.)  And then we added our liabilities together, and they were a lot.  (Laughter.) 

We paid more for our student loans than we paid for our mortgage each month when we first bought our small condo in Chicago.  And we were lucky to land good jobs with a steady income, but we only finished paying off our student loans about eight years ago.  Think about that.  I’m the President of the United States and -- (laughter and applause) -- so here I am, and we were writing those checks every month.  And that wasn’t easy, especially when we had Malia and Sasha, because at that point, we’re supposed to be saving for their college educations, and we’re still paying off on our college educations.  So I've been in your shoes.  I know what I am talking about here.  This is not something that I just read about. 

So we've got to make college more affordable for you.  (Applause.)  We cannot price the middle class out of a college education.  When most new jobs in America require more than a high school diploma, higher education -- whether at a four-year college, at a two-year program -- it can't be a luxury.  It's an economic imperative for every family in America.  And every family in America should be able to afford it. 

As long as those young people are willing to put in the work, as long as you're willing to study hard and take advantage of this opportunity, then we've got to make sure it's there for you.  (Applause.)
 
Now, I'm going to be asking for your help, but let me tell you what I've already done on this issue, Colorado, because I think it's important to know that we haven’t just been talking the talk -- we've been walking the walk -- to try to help make college more affordable.

Before I took office, we had a student loan system where tens of billions of taxpayer dollars were going to subsidize banks in the student loan program instead of going to students.  So we changed it.  We cut out the middleman.  We said, why do we need the banks?  They're not taking a risk.  These are federally guaranteed loans; let’s give the money directly to students.  (Applause.) 

And I have to tell you, there were folks in Washington who fought us tooth and nail because they wanted to protect the status quo.  One of them, when they heard that we wanted to take this business away from the banks, they said, this is "an outrage."  But the real outrage was letting these banks keep these subsidies while students were working two or three jobs just to try to pay tuition. 

So we kept at it, and we kept at it, and we won that fight. And today, that money is going directly to where it should have been going in the first place, and that's helping millions of young people afford a college education.  (Applause.) 

And then last fall, I acted to cap student loan payments faster, so that nearly 1.6 million students who make their payments on time, they have the option of only paying 10 percent of their monthly income towards loans once they graduate.  And that means if you decide to be a teacher, or you decide to be a social worker, or you're going into a profession that doesn’t  pay a lot of money, you still have that option, because you know that your monthly payment will be manageable.  (Applause.)  And that's important.  (Applause.) 

And then we decided we've got to make sure every student has access to a simple fact sheet on student loans and financial aid, so you can have all the information you need to make intelligent choices on your own about how to pay for college.  So some of you know we created this new Consumer Finance Protection Bureau.  It's a watchdog for consumers.  (Applause.)  And one of their mandates is to focus on student loans.  And so they've produced a website and fact sheets called “Know Before You Owe” -- “Know Before You Owe” -- which is something I wish Michelle and I knew about, wish we had had.   

So we've done those steps to help provide you good information and to make sure that we've expanded access to Pell grants and student loans.  But that's not enough.  It's not enough just to increase student aid.  We can’t keep on subsidizing skyrocketing tuition, or we're just going to run out of money.  We’ll just run out of money.  (Applause.) 

So what I said to colleges and universities is, you guys have to do your parts to keep costs down.  (Applause.)  And I've told Congress, steer federal aid to those schools that keep tuition affordable and provide good value and serve their students well.  We’ve put colleges on notice:  If you can’t show us that you’re making every effort to keep tuition from going up, then funding from taxpayers will go down.  You've got to make an effort.  (Applause.)  We’ve got to hold colleges accountable if they don’t.  (Applause.) 

Of course, public universities like this one also understand that states have to do their part, state legislators have to do their part in making higher education a priority.  (Applause.)  Last year, over 40 states cut their higher education spending. 

AUDIENCE:  Booo --

THE PRESIDENT:  Not good.  These budget cuts have been one of the biggest factors in your tuition going up.  So we’re challenging states to take responsibility.  We told them, if you can bring -- find new ways to bring down costs of college, make it easier for students to graduate, we’ll help you do it. 

So that’s what we’ve already done.  We’ve helped families, helped more young people afford a higher education.  We’re offering incentives to states and colleges and universities to keep costs down.  And now, guess what, Congress has to do their part.  (Applause.)  Congress has to do their part.  (Applause.) 

They need to extend the tuition tax credit that we put in place when I first came into office that saves middle-class families thousands of dollars.  They need to safeguard aid for low-income students, so that today’s freshmen and sophomores know they’re going to be able to count on it.  Our Pell grants have to be there for students.  They need to give more young people the chance to earn your way through college by doubling the number of work-study jobs over the next five years.  (Applause.) 

And then there's something that they’ve got to do right now. They have to prevent the interest rates on federal student loans from shooting up and shaking you down.  And that’s where you come in.  (Applause.) 

All right.  Now, five years ago, Congress cut the rates on federal student loans in half.  That’s five years ago.  Not the current Congress, Congress five years ago.  (Laughter.)  On July 1st of this year, two months from now, that rate cut expires.  I want everybody to understand this.  Interest rates on those loans will double overnight, starting on July 1st, if Congress does not act.  And for each year that Congress does not act, the average student with these loans is going to rack up an additional $1,000 in debt.  So this is money out of your pocket.  It’s basically a $1,000 tax hike for more than 7 million students across America  -- almost 170,000 students here in Colorado alone. 

Now, I just want to see a show of hands because I want to make sure I’m not misinformed here.  How many of you can afford to pay an extra $1,000 right now?  I didn’t think so.  So stopping this should be a no-brainer.  Helping more of our young people afford college should be at the forefront of America’s agenda.  It shouldn’t be a Democratic or a Republican issue.  Think about it.  (Applause.)  This wasn’t a partisan issue in the past.  The Stafford loans, that’s named after a Republican senator.  Pell grants, they’re named after a Democratic senator.

AUDIENCE MEMBER:  America!

 THE PRESIDENT:  America.  (Laughter.)  That’s what we’re supposed to be thinking about. 

Look, when Congress cut these rates five years ago, 77 Republicans in the House of Representatives voted for it.  Of course, a couple hundred Democrats voted for it, but that’s okay. It was a bipartisan effort.  Today you’ve got Republicans who run Congress, and they’re not saying whether or not they’re going to stop your rates from doubling.  Some have hinted that they’d only do it if we cut things like aid for low-income students instead. So think about this.

AUDIENCE:  Booo --

THE PRESIDENT:  They'll say, we’ll keep your rates low as long as we’re messing with folks who need them even more.  Does that make sense to you?

AUDIENCE:  No!

THE PRESIDENT:  I want to read a quote.  This is from a Republican congresswoman.  I didn’t really understand this.  (Laughter.)  I’m quoting her.  She said that she has "very little tolerance for people who tell me they graduate with debt… because there’s no reason for that."  She said, students who rack up student loan debt are just sitting on their butts, having opportunity "dumped in your lap."

AUDIENCE:  Booo --

THE PRESIDENT:  You guys can Google her or what have you, but -- (laughter) -- now, think about that.  Think about that.  I can tell you, Michelle and I, we didn’t take out loans because we were lazy.  (Laughter.)  You didn’t take out loans because you’re lazy.  You don’t take out loans lightly.  You don’t say to yourself, man, this is great, I’m going to be really in debt.  (Laughter.)  I’m thrilled.  You did it because the cost of college kept on going up, and you’re trying to graduate. 

And if these guys were serious about making college more affordable, then they wouldn’t be voting to cut financial aid in their -- their budget, if you look at their budget, what it means is you’re going to be cutting aid for 10 million college students by an average of more than $1,000.  They certainly wouldn’t let student rates double overnight if they really cared about this issue. 

They say that, well, we’ve got to do it because we’ve got to bring down the deficit.  Now, first of all, these guys ran up the deficit.  (Applause.)  Remember, these are the same folks who voted in favor of two wars without paying for it, and big tax cuts without paying for it.  They just voted to keep billions of dollars of taxpayer subsidies to big oil companies who are raking in record profits.  They just voted to let millionaires and billionaires keep paying low tax rates -- lower tax rates than middle-class workers.  They just voted to give an average tax cut of at least $150,000 to the wealthiest Americans -- folks like me who don’t need it, weren’t asking for it.  And the way they pay for it is to cut things like education and job training that give students opportunities to work and succeed.  So they can’t be too serious about deficits. 

I mean, do we want to keep tax cuts for the wealthiest Americans who don’t need them, didn’t ask for them, the country can’t afford it?  Or do we want to make sure that everybody pays their fair share, and make sure that young people are able to afford to go to college?  (Applause.) 

Do we want to keep giving taxpayer giveaways to big oil?  Or do we want to invest in clean energy and do we want to make sure that we're rebuilding this country?  (Applause.)  And make sure that we can keep interest rates on millions of students affordable?  We need to be investing in the things that build America over the long term.  Things like education and science, a caring for our veterans, and a strong military.  (Applause.)  And we can’t have it both ways.  We've got to make choices.

In America, we admire success.  We aspire to it.  I want everybody here to do great, be rich, go out and start a business. That's wonderful.   We work and we hustle, you study hard to get your degree -- because you believe in success and individual initiative.  But America is not just about a few people doing well.  America is about everybody having the chance to do well.  (Applause.)  That’s what the American Dream is all about.  (Applause.)   

Some of us had parents or grandparents who said, maybe I can’t go to college, but some day my son can go to college.  Maybe I can’t start my own business, but some day my daughter, she can start her own business.  Maybe I’m an immigrant and I won't have every opportunity, but I believe that in this country, is this place, this is a place where no matter who you are or what you look like, or where you come from or what your last name is, you can make it if you try.  That's what America is about.  (Applause.)  That's who we are.  That's who we are.  (Applause.)   
So let me just be clear here.  We need to send a message to folks who don’t seem to get this that "setting your sights lower," that’s not an education plan.  "You’re on your own" -- that’s not an economic plan.  We can’t just cut our way to prosperity. 

Earlier generations made investments necessary to build a strong middle class.  Somebody started this university.  Somebody gave us a chance.  Somebody made the investment in us because they helped to forge America’s leadership in things like science and technology and manufacturing.  That’s what previous generations did, and now it’s our turn.  Somebody here might be discovering the cure for cancer.  Somebody here might be getting the formula for fusion.  Somebody here might be inventing the next great American industry.  But that’s only going to happen if we understand that we’re in this together. 

And that’s why I need your help.  I’m asking everybody who’s here and anybody who’s watching, anybody who’s following online, you need to send a message to your member of Congress.  Tell them you’re not going to set your sights lower.  Tell them you’re not going to settle for something less.  You call them, you email them, you write on their Facebook page, tweet.  (Laughter.)  We’ve got, actually, a hashtag that I want everybody to use -- #dontdoublemyrate.  It’s pretty -- everybody, I want you to repeat that.

AUDIENCE:  Dontdoublemyrate.

THE PRESIDENT:  Dontdoublemyrate.

AUDIENCE:  Dontdoublemyrate.  I asked students at North Carolina to do this earlier today and they got it trending worldwide for a while.  So let’s see if you can do better -- (applause) -- because we’ve got to keep the heat on.  Your voice matters.  You’ve got to stand up.  You’ve got to be heard.  You’ve got to be counted.  You’ve got to tell them now is not the time to double your interest rates on student loans.  Now is the time to double down on the investments in a strong and a secure middle class, and double down on an America that’s built to last. 

You, me, all of us, we’re here because somebody, somewhere -- starting with our parents or our grandparents or our great grandparents -- they made an investment not just in themselves, but in each other and in the future of our country.  And now it’s our turn.  It’s our turn to keep that promise alive. 

And that’s what drives me every single day.  I used to -- when I was running for this office, I said to people, look, I will not be a perfect man or a perfect President, but here’s what I can do:  I can work every single day as hard as I know how to make sure that you’ve got a chance, to make sure you can live out your hopes and your dreams.  And I’m not about to quit now.  We don’t give up here in America.  We get up.  We get each other’s back.  We help each other get ahead.  We work together.  (Applause.)   

And if you all are willing to join me, I guarantee you not only will we stop these interest rates from going up, but we’re going to remind the rest of the world just why it is that America is the greatest nation on Earth.  (Applause.) 

God bless you.  God bless the United States of America.  (Applause.) 

END                
7:52 P.M. MDT