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President Obama Signs Minnesota Disaster Declaration

The President today declared a major disaster exists in the State of Minnesota and ordered federal aid to supplement state and local recovery efforts in the area affected by severe storms, straight-line winds, and flooding during the period of June 20-26, 2013. 

Federal funding is available to state and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair or replacement of facilities damaged by the severe storms, straight-line winds, and flooding in the counties of Benton, Big Stone, Douglas, Faribault, Fillmore, Freeborn, Grant, Hennepin, Houston, McLeod, Morrison, Pope, Sibley, Stearns, Stevens, Swift, Traverse, and Wilkin. 

Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide. 

W. Craig Fugate, Administrator, Federal Emergency Management Agency (FEMA), Department of Homeland Security, named Kari Suzann Cowie as the Federal Coordinating Officer for federal recovery operations in the affected area. 

FEMA said additional designations may be made at a later date if requested by the state and warranted by the results of further damage assessments.

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Office of the Press Secretary

Joint Statement by President Barack Obama of the United States of America and President Truong Tan Sang of the Socialist Republic of Vietnam

President Barack Obama welcomed President Truong Tan Sang of the Socialist Republic of Vietnam to the White House on July 25, 2013.  During their meeting, the two Presidents affirmed their commitment to opening a new phase of bilateral relations between Vietnam and the United States based on mutual respect and common interests.  President Truong Tan Sang’s visit comes at an important time for both nations, reflecting a shared desire to build a forward-looking relationship between the two countries.

President Obama and President Truong Tan Sang decided to form a U.S.-Vietnam Comprehensive Partnership to provide an overarching framework for advancing the relationship.  They underlined the principles of the U.S.-Vietnam Comprehensive Partnership, including respect for the United Nations Charter, international law, and each other’s political systems, independence, sovereignty, and territorial integrity.  They stated that the Comprehensive Partnership is intended to contribute to peace, stability, cooperation, and prosperity in each country, in the region, and in the world.  The new Comprehensive Partnership will create mechanisms for cooperation in areas including political and diplomatic relations, trade and economic ties, science and technology, education and training, environment and health, war legacy issues, defense and security, protection and promotion of human rights, and culture, sports, and tourism. 

Political and Diplomatic Cooperation

As part of the U.S.-Vietnam Comprehensive Partnership, the two sides agreed to increase high level exchanges as well as contacts at all levels, and to intensify dialogue and cooperation mechanisms.  President Obama affirmed the United States’ support for Vietnam’s independence, sovereignty, prosperity, and integration into the international community.  President Truong Tan Sang welcomed the United States’ enhanced cooperation in the Asia-Pacific, which contributes to the peace, stability, and prosperity of the region.

The Presidents welcomed the establishment of a regular dialogue between their two foreign ministers, and encouraged dialogues and exchanges between entities associated with political parties in both countries. 

President Obama and President Truong Tan Sang agreed to enhance cooperation at regional and international forums including The Asia Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), the ASEAN Regional Forum (ARF), the East Asia Summit (EAS), and the ASEAN Defense Ministerial Meeting Plus (ADMM+) to support peace, stability, cooperation, and development in the Asia-Pacific region.  The two Leaders reaffirmed their support for the settlement of disputes by peaceful means in accordance with international law, including as reflected in the United Nations Convention on the Law of the Sea .  The Presidents also reaffirmed their support for the principle of non-use of force or threat-of-force in resolving territorial and maritime disputes.  The Presidents underscored the value of full observance of the Declaration of Conduct of Parties in the South China Sea (DOC) and the importance of launching negotiations to conclude an effective Code of Conduct (COC).

President Truong Tan Sang expressed his appreciation for the Lower Mekong Initiative (LMI).  The two Presidents agreed that the two sides would work together with other member countries and the Friends of the Lower Mekong to further strengthen regional cooperation to promote prosperity and sustainable development, narrow the development gap, enhance connectivity, and respond to transnational challenges in the region.

The two Presidents instructed relevant agencies to conclude as soon as possible a bilateral agreement on the construction of new embassies and missions.  The Leaders affirmed that the United States’ and Vietnam’s diplomatic presence in their respective capitals should reflect the development of their bilateral ties.

Trade and Economic Ties

Recalling their discussions in Cambodia in November 2012, President Obama and President Truong Tan Sang reaffirmed their commitment to conclude a comprehensive, high-standard Trans-Pacific Partnership (TPP) agreement as soon as possible this year.  A 21st-century TPP agreement will advance regional economic integration, further development objectives, and lead to the creation of jobs in the United States, Vietnam, and all TPP countries, while taking into account the diversity of the participants’ levels of development in the context of a comprehensive and balanced package.

The Presidents welcomed continued efforts to further bilateral economic, commercial, and investment ties, and President Obama noted Vietnam’s reform efforts as a developing economy.  They underlined the critical value of these efforts to advancing the bilateral relationship, and the importance of economic cooperation as a foundation and engine for the new U.S.-Vietnam Comprehensive Partnership.  The Presidents agreed to enhance cooperation under the U.S.-Vietnam Trade and Investment Framework Agreement (TIFA) Council as well as under the ASEAN Enhanced Economic Engagement initiative and in APEC to increase economic and trade engagement in line with the bilateral Comprehensive Partnership and shared objectives in the World Trade Organization (WTO), APEC, and ASEAN fora.  President Obama applauded Vietnam’s progress in economic reform President Obama noted Vietnam’s interest in pursuing market economy country status and is committed to intensifying the United States’ constructive engagement with Vietnam on its economic reforms.  The Presidents acknowledged Vietnam’s intention to accede to the Cape Town Convention on International Interests in Mobile Equipment (CTC).

Both Presidents noted the importance of growing commercial ties between the two economies, and made special mention of: the MOU signed between PetroVietnam and U.S. Export-Import Bank to support trade and investment in the petroleum and energy sectors in Vietnam; the Framework Heads Agreement on the Ca Voi Xanh offshore Vietnam development project between Exxon Mobil Corporation and PetroVietnam; the Cooperation Agreement between Murphy Oil Corporation and PetroVietnam Exploration Production Corporation (PVEP); an MOU between Metropolitan Life Insurance Company (MetLife) and Bank for Investment and Development of Vietnam (BIDV);  and the Vietnam Ministry of Finance's approval in principle for establishment of a fund management company by ACE Insurance.  The Presidents welcomed U.S. Department of Agriculture support for capacity building and training programs designed to help Vietnam adopt and apply sound science and technology to the benefit of Vietnamese farmers, agricultural companies, and consumers.  The two leaders recognized the importance of protecting the most vulnerable populations while pursuing economic development, including working together to combat child and forced labor.

Science and Technology Cooperation

President Obama and President Truong Tan Sang discussed the importance of scientific and technological cooperation.  They welcomed the 8th meeting of the Joint Committee for Scientific and Technological Cooperation to be held this autumn, and highlighted efforts to build ties between the scientific communities in the United States and Vietnam to strengthen bilateral relations, respond to climate change and other global challenges, and foster innovation-driven economic growth.  President Obama and President Truong Tan Sang reiterated their intention to continue scientific cooperation, including in the areas of civil nuclear energy, space technology, and maritime research.  The Presidents highlighted the successful conclusion of a joint effort to remove all highly enriched uranium from Vietnam.  The two leaders agreed to continue cooperation to support Vietnam’s aspirations for a peaceful nuclear energy program with the highest standards of safety, safeguards, and security.

Education Cooperation

The Presidents agreed on the need to enhance educational, cultural, and people-to-people ties between the United States and Vietnam.  They remarked on the rapid growth of Vietnamese students studying at U.S. universities and colleges, and expressed hope that more U.S. students will pursue study abroad opportunities in Vietnam.  They agreed that close cooperation on education and training are critical elements to the next phase of the relationship.  They also noted that robust English language instruction will help Vietnam compete in the 21st century global economy.  President Obama and President Truong Tan Sang noted the success of bilateral education and exchange initiatives, especially the Fulbright program and the Higher Engineering Education Alliance Program (HEEAP).  The two Presidents noted the success of the Fulbright Economics Teaching Program and President Truong Tan Sang welcomed the initiative establishing a Fulbright University in Vietnam. 

Environment and Health

President Obama and President Truong Tan Sang welcomed increasing bilateral cooperation to reduce greenhouse gas emissions in Vietnam through promotion of clean energy, energy efficiency, and sustainable forestry, and to strengthen Vietnam’s resilience to climate change, rising sea level and natural disasters, including through the United States Agency for International Development’s (USAID) Clean Energy Program and Forests and Deltas Program.  President Obama reaffirmed the United States’ commitment to providing further medical and other care and assistance for persons with disabilities, regardless of cause.

The two leaders also agreed to work together, along with their LMI partners, to promote scientific research, capacity-building, and dialogue to ensure the long-term health and sustainability of the Mekong Delta and the Lower Mekong River Basin.  President Obama expressed appreciation for Vietnam’s leadership as the co-chair of the LMI Environment and Water Pillar, which has included two joint research proposals from Vietnam on water resources management in the basin.  The two leaders expressed satisfaction with the recent conclusion of the Agreement on Healthcare and Medical Sciences Cooperation and looked forward to enhanced public health cooperation to promote global health security.  President Truong Tan Sang expressed his appreciation for the U.S. government’s continued support through the President's Emergency Plan for AIDS Relief (PEPFAR) for Vietnam’s efforts to build sustainable systems for HIV/AIDS prevention, treatment, and care.

War Legacy Issues

The two Presidents agreed that extensive cooperation in addressing war legacy issues to deepen mutual trust has allowed both countries to develop a relationship that looks to the future.  President Obama expressed his appreciation for Vietnam’s continued cooperation in providing for the fullest possible accounting for U.S. personnel missing in action (MIA).  President Obama reaffirmed the U.S. commitment to assist Vietnam in its MIA accounting efforts.  President Truong Tan Sang noted the U.S. Government’s contributions to Vietnam’s efforts to clean up unexploded ordnance (UXO), assist those injured by UXO, and prevent future casualties.  The Presidents expressed satisfaction with progress on USAID and the Vietnamese Ministry of National Defense’s project to clean up dioxin contamination at Danang International Airport.  President Truong Tan Sang welcomed plans by the U.S. Government to conduct an environmental assessment of dioxin contamination at Bien Hoa Air Base. 

Defense and Security

The two leaders agreed that the United States and Vietnam would continue to cooperate on defense and security.  They expressed satisfaction with the Memorandum of Understanding on Advancing Bilateral Defense Cooperation of 2011 and reaffirmed their commitment to its full implementation.  The Presidents agreed to continue the U.S.-Vietnam Defense Policy Dialogue and the bilateral Political, Security, and Defense dialogue as opportunities to review the defense and security relationship and discuss future cooperation.  The two Presidents agreed to expand mutually beneficial cooperation to enhance capabilities such as search and rescue and disaster response.  The Presidents also underscored the importance of enhanced cooperation in non-traditional security matters and agreed to work more closely to counter terrorism; enhance maritime law enforcement cooperation; combat transnational crime including piracy, and narcotics, human, and wildlife trafficking; and address high-tech crime and cyber security.  President Obama welcomed Vietnam’s decision to participate in United Nations peacekeeping operations and emphasized the United States’ desire to assist with training and other support for this effort through the Global Peace Operations Initiative (GPOI).

Promotion and Protection of Human Rights

The Presidents took note of the benefits of a candid and open dialogue to enhance mutual understanding and narrow differences on human rights.  They emphasized the importance of protection and promotion of human rights.  President Truong Tan Sang informed President Obama of Vietnam’s efforts and achievements in promoting human rights and rule of law and in protecting the rights of religious believers.  President Truong Tan Sang also affirmed that Vietnam was prepared to sign the United Nations Convention Against Torture by the end of the year and stated that Vietnam would invite the Special Rapporteur on Freedom of Religion or Belief in 2014.  Both sides reaffirmed their commitment to uphold the United Nations Charter and the Universal Declaration of Human Rights.

Culture, Tourism and Sports

President Truong Tan Sang and President Obama highlighted the importance of enhanced cooperation on culture, sports and tourism to strengthening people-to-people exchange and mutual understanding.  They took note of the success of the Vietnamese-American community in the United States and their important contributions to the growth of bilateral ties.  The two Presidents encouraged more people-to-people exchange through art performances, concerts, exhibitions and other cultural and sports events between the two countries.

The White House

Office of the Press Secretary

Statement by the Press Secretary on the Visit of President Abdo Rabbu Mansour Hadi of Yemen

On Thursday, August 1, President Obama will host Yemeni President Abdo Rabbu Mansour Hadi at the White House.  The visit will highlight the strength of the U.S.-Yemeni relationship and underscore the United States' ongoing support for Yemen's political transition.  The President looks forward to discussing with President Hadi U.S. efforts to enhance democratic governance and support economic development in Yemen, further strengthen our counter-terrorism partnership, and enable the return of Yemeni detainees at Guantanamo Bay who have been designated for transfer.

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Office of the Press Secretary

Statement by the Press Secretary on H.R. 2289

On Thursday, July 25, 2013, the President signed into law:

H.R. 2289, which renames a subsection of the Internal Revenue Code allowing married individuals filing a joint return to claim the maximum deduction for each spouse's qualified contribution to an individual retirement plan as the "Kay Bailey Hutchison Spousal IRA" in honor of the former U.S. Senator from Texas.

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Office of the Press Secretary

Statement by the President on Spain

Michelle and I were shocked and saddened by the news of yesterday’s tragic train derailment in Santiago de Compostela, Spain. On behalf of the American people, we offer our deepest sympathies and condolences to the families and loved ones of the more than 80 people who lost their lives.  We extend our wishes for a full recovery to those who were hurt.  We also offer our heartfelt gratitude to the Government of Spain and to the rescue personnel who are working to locate the missing and treat the injured – including at least six Americans. Today the American people grieve with our Spanish friends, who are in our thoughts and prayers.  We stand ready to provide any assistance we can in the difficult days ahead.

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Office of the Press Secretary

Statement by the President on Student Loans

A better bargain for the middle class means making a college education available to every single American willing to work for it.  That’s why I applaud the wide bipartisan majority of Senators who passed a bill to cut rates on nearly all new federal student loans, rolling back a July 1st rate hike and saving undergraduates an average of more than $1,500 on loans they take out this year.

This compromise is a major victory for our nation’s students.  It meets the key principles I laid out from the start: it locks in low rates next year, and it doesn’t overcharge students to pay down the deficit.  I urge the House to pass this bill so that I can sign it into law right away, and I hope both parties build on this progress by taking even more steps to bring down soaring costs and keep a good education – a cornerstone of what it means to be middle class – within reach for working families.

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The White House

Office of the Press Secretary

President Obama Announces More Key Administration Posts

WASHINGTON, DC – Today, President Obama announced his intent to nominate the following individuals to key Administration posts:

  • Marcel Lettre – Principal Deputy Under Secretary of Defense for Intelligence, Department of Defense
  • Robert M. Simon – Associate Director for Energy and Environment, Office of Science and Technology Policy
  • Caroline Kennedy – Ambassador to Japan, Department of State 

The President also announced his intent to appoint the following individual to a key Administration post:

  • Betty Sutton – Administrator, Saint Lawrence Seaway Development Corporation 

President Obama said, “These fine public servants both bring a depth of experience and tremendous dedication to their new roles.  Our nation will be well-served by these individuals, and I look forward to working with them in the months and years to come.”

President Obama announced his intent to nominate the following individuals to key Administration posts:

Marcel Lettre, Nominee for Principal Deputy Under Secretary of Defense for Intelligence, Department of Defense

Marcel Lettre currently serves as Special Assistant to the Secretary of Defense.  From 2009 to 2011, he served as Principal Deputy Assistant Secretary of Defense for Legislative Affairs.  From 2005 to 2009, he served as Senate Majority Leader Harry Reid’s Senior Defense and Intelligence Advisor and later as his Senior National Security Advisor.  From 2002 to 2005, Mr. Lettre served as a Professional Staff Member for the U.S. House Permanent Select Committee on Intelligence.  He was an associate for Booz Allen Hamilton from 2000 to 2001.  Mr. Lettre served as a Senior Policy Analyst for the Deutch Commission to Assess the Organization of the Federal Government to Combat Weapons of Mass Destruction from 1998 to 1999.  He was a Senior Staff Assistant in the American University Office of the President from 1995 to 1997, and a Junior Fellow at the Carnegie Endowment for International Peace from 1994 to 1995.  He received a B.A. from the University of the South and an M.P.P. from the John F. Kennedy School of Government at Harvard University.

Dr. Robert M. Simon, Nominee for Associate Director for Energy and Environment, Office of Science and Technology Policy

Dr. Robert M. Simon is currently a consultant in the Office of Science and Technology Policy, a position he has held since June 2013.  Previously, he served as a Senior Advisor in the Office of Science at the U.S. Department of Energy (DOE).  From 1999 to 2012, Dr. Simon directed the Democratic staff of the U.S. Senate Committee on Energy and Natural Resources, serving as the committee’s Staff Director from 2007 to 2012.  He served as a policy analyst with the Joint Economic Committee from 1998 to 1999 and served on the Committee on Energy and Natural Resources from 1993 to 1997.  Dr. Simon was the Principal Deputy Director of the Office of Energy Research at DOE from 1991 to 1993.  He served as the Executive Director of the Secretary of Energy Advisory Board from 1990 to 1992.  From 1982 to 1989, he served in a number of roles at the National Research Council.  In 2006, Dr. Simon was elected as a Fellow of the American Association for the Advancement of Science.  Dr. Simon received a B.S. from Ursinus College and a Ph.D. from the Massachusetts Institute of Technology. 

Caroline Kennedy, Nominee for Ambassador to Japan, Department of State

Caroline Kennedy is President of the John F. Kennedy Library Foundation and Chair of the Senior Advisory Committee of the Institute of Politics at Harvard University.  In September 2012, she was appointed as a General Trustee of the Board of Trustees of the John F. Kennedy Center for the Performing Arts.  From 2002 to 2012, she served as Vice Chair of the Fund for Public Schools in New York City.  She is also on the Board of Directors of New Visions for Public Schools and serves as Honorary Chair of the American Ballet Theater.  From 1998 to 2009, she served on the Board of Directors of the National Association for the Advancement of Colored People Legal Defense and Educational Fund.    From 1994 to 2011, she served on the Board of Directors of the Commission on Presidential Debates.  She is the editor of several New York Times best-selling books on topics including constitutional law, American history, politics, and poetry.  She received a B.A. from Harvard University and a J.D. from Columbia Law School.

President Obama announced his intent to appoint the following individual to a key Administration post:

Betty Sutton, Appointee for Administrator, Saint Lawrence Seaway Development Corporation

Betty Sutton most recently served in the U.S. House of Representatives where she represented Ohio’s 13th District from 2007 to 2012.  From 2001 to 2006, she worked as an Attorney at Faulkner, Muskovitz, & Phillips LLP.  Ms. Sutton was a Representative in the Ohio State House of Representatives from 1993 to 2000.  From 1991 to 1993, she was a member and then Vice President of the Summit County Council.  Ms. Sutton served as a member of the Barberton City Council from 1990 to 1991.  She received a B.A. from Kent State University and a J.D. from the University of Akron School of Law.

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Office of the Press Secretary

Statement by the Press Secretary on the Amash Amendment

In light of the recent unauthorized disclosures, the President has said that he welcomes a debate about how best to simultaneously safeguard both our national security and the privacy of our citizens.  The Administration has taken various proactive steps to advance this debate including the President’s meeting with the Privacy and Civil Liberties Oversight Board, his public statements on the disclosed programs, the Office of the Director of National Intelligence’s release of its own public statements, ODNI General Counsel Bob Litt’s speech at Brookings, and ODNI’s decision to declassify and disclose publicly that the Administration filed an application with the Foreign Intelligence Surveillance Court.  We look forward to continuing to discuss these critical issues with the American people and the Congress.

However, we oppose the current effort in the House to hastily dismantle one of our Intelligence Community’s counterterrorism tools.  This blunt approach is not the product of an informed, open, or deliberative process.  We urge the House to reject the Amash Amendment, and instead move forward with an approach that appropriately takes into account the need for a reasoned review of what tools can best secure the nation.

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Office of the Press Secretary

Readout of the President's Meeting with Members of the Congressional Asian Pacific American Caucus

This morning, President Obama met with members of the Congressional Asian Pacific American Caucus (CAPAC) at the White House to discuss a range of important issues facing the Asian American and Pacific Islander (AAPI) communities.  The President thanked CAPAC for their work to expand the middle class within AAPI communities and among all Americans, and said that he looks forward to continuing to work with them.

The President stressed that the Administration continues to urge the House to take action to pass commonsense immigration reform that would secure our borders, crack down on illegal employment, offer a path to earned citizenship for undocumented persons, and modernize our legal immigration system so that it once again addresses our needs and reflects our values as a nation.  He thanked CAPAC for their ongoing efforts on this important issue and both sides agreed on the need to pass immigration reform now to help grow the economy, create jobs and reduce the deficit.  The President urged CAPAC to continue to reach out to their colleagues in the House to find consensus and complete work on this important issue at the earliest possible opportunity.  In the coming weeks, members of the Cabinet and Senior Administration officials will stress the economic need for commonsense immigration reform, including highlighting the economic benefits of reform and the high costs of inaction.

The President also said that he was proud of his efforts to make the Executive Branch and the federal judiciary more diverse.  CAPAC thanked the President for more than doubling the number of AAPI federal judges currently serving.   The President reiterated his commitment to ensuring that his Administration is composed of highly qualified public servants who reflect the diversity of America.  CAPAC also thanked the President for the ongoing work of the White House Initiative on AAPIs to better connect AAPI communities to the federal government. 

The President also thanked CAPAC for their strong support in passing the Affordable Care Act and discussed the robust ongoing efforts to successfully implement the law.  Starting in 2014 nearly 2 million uninsured AAPIs will have new opportunities for coverage through the Health Insurance Marketplace.   And, increased funding to community health centers is enabling more AAPIs to receive culturally and linguistically appropriate and accessible care.  The President and CAPAC pledged to work together to ensure that all qualified individuals are able to sign up for the Health Insurance Marketplace. 

The President was joined at the meeting by Office of Legislative Affairs Director Miguel Rodriguez, Director of Presidential Personnel Jonathan McBride, and Executive Director of the White House Initiative on AAPIs Kiran Ahuja.

A photo of the meeting is available here.

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Office of the Press Secretary

FACT SHEET: Bipartisan Student Loan Deal: A Win For Students

“Helping more of our young people afford college should be at the forefront of American’s agenda. It shouldn’t be a Democratic or a Republican issue.”

--President Barack Obama, University of Colorado-Boulder, April 24, 2012

Today, the Obama Administration is calling on Congress to swiftly pass a bipartisan compromise to keep student loan interest rates low this year.  The bipartisan compromise, which is similar to a plan proposed by the President in the spring, will cut rates on all new loans this year and save a typical undergraduate $1,500 over the life of those loans.  The plan allows borrowers to benefit from the low interest rates currently available in the marketplace and guarantees that borrowers are able to lock in these rates over the life of their loans. In the future, fixed rates would be determined each year by market conditions, helping ensure that borrowers’ rates are more in line with the government’s own cost of borrowing, while capping how high rates can rise. The plan also represents a rejection of proposals designed to raise student rates in order to reduce the deficit.

Lower Interest Rates Now: Under the compromise plan, nearly 11 million borrowers will see their interest rates decrease on new loans after July 1, 2013. About 8.8 million undergraduate borrowers will see their rates on new loans drop from 6.8 to 3.86 percent, and about 1.5 million Graduate Unsubsidized Stafford borrowers will see their rates drop on new loans from 6.8 percent to 5.41 percent. And over 1 million GradPLUS and Parent PLUS borrowers will see their rates on new loans drop from 7.9 percent to 6.41 percent—the first reduction in years.

Over $1,500 in Savings for a Typical Undergraduate: Under the compromise plan, a typical undergraduate borrower who borrows $6,922 will save about $1,545 over the life of those loans. A graduate borrower who borrows $25,666 will save $2,913 over the life of those loans and the average parent borrowing $17,980 working hard to support their child’s college education will feel the relief of $2,066 in savings on the loans they take out next year. Beyond saving money on their student loans, students and families will have the added protection of student loan interest rate caps in case market rates in the future become too high.

Protections Against High Rates: The plan caps how high student loan interest rates can rise—a key provision pushed by Senate Democrats—giving students protection against future economic conditions. Undergraduate loans are capped at 8.25 percent, graduate loans at 9.5 percent, and PLUS loans at 10.5 percent. These loans also include fixed interest rates over the life of the loan, protecting students from the risk that rates will fluctuate over time and providing certainty for borrowers.

A Fiscally Responsible Solution for the Road Ahead on College Affordability: The compromise plan rejects calls to raise student rates to reduce the deficit, while keeping the federal student loan programs on secure footing for the future. It also keeps the focus on the work ahead needed to tackle broader issues affecting college affordability for American families by ensuring we have the necessary resources available to keep investing in other critical higher education programs such as the Pell Grant program. Already, President Obama has made historic investments in college affordability through the expansion of the Pell Grant program, student loan reform and the creation of the American Opportunity Tax Credit. This compromise solution represents an important next step, as the Administration continues to work with Democrats and Republicans in Congress to tackle rising college tuitions and unaffordable debt.

Change in Interest Paid on Undergraduate Loans