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President Obama signs student loan agreement

Today, President Obama signed the student loan agreement into law—a bill that will prevent a student loan interest rate hike for millions of college students. At the bill signing, President Obama thanked the supporters who helped make a difference:

I believe with every fiber of my being that a strong economy comes not from the top down but from a strong middle class. That means having a good job that pays a good wage; a home to call your own; health care, retirement savings that are there when you need them; a good education for your kids so that they can do even better than you did.

And that’s why—for months—I’ve been calling on Congress to pass several common-sense ideas that will have an immediate impact on the economic security of American families. I’m pleased that they’ve finally acted. And the bill I’m about to sign will accomplish two ideas that are very important for the American people.

First of all, this bill will keep thousands of construction workers on the job rebuilding our nation’s infrastructure. Second, this bill will keep interest rates on federal student loans from doubling this year—which would have hit nearly 7.5 million students with an average of a thousand dollars more on their loan payments.

In today’s economy, a higher education is the surest path to finding a good job and earning a good salary, and making it into the middle class. So it can't be a luxury reserved for just a privileged few. It’s an economic necessity that every American family should be able to afford.

I want to thank all the Americans—the young or the young at heart—who took the time to sit down and write a letter or type out an email or make a phone call or send a tweet, hoping that your voice would be heard on these issues. I promise you, your voices have been heard. Any of you who believed your voice could make a difference—I want to reaffirm your belief. You made this happen.

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