Taveras Hosts Student Leaders for Conference Call with President Obama

Providence Mayor lends support to White House effort to prevent student loan rates from doubling.

Mayor Angel Taveras hosted student leaders at Providence City Hall for a conference call with President Obama to discuss the effort to keep federally subsidized student loan interest rates from doubling on July 1. The increased interest rates could cost Rhode Islanders with Stafford Loans an additional $996 over the course of the loan.

"In the last 16 months, we have made the tough, necessary choices to strengthen our fiscal ground and position Providence for the future. In order to compete in the years ahead, we must develop a talented, New Economy workforce, and that means fighting for better and more affordable access to college," said Mayor Taveras. "With one of the highest unemployment rates in the country, Rhode Island cannot afford to make it more difficult to pursue an education. I join President Obama and the 7 million students across the country in calling on Congress to protect students against massive increases in student loan interest rates."

Students from Brown University, Johnson & Wales University, Roger Williams University, Roger Williams Law School, Bryant University, Rhode Island College, University of Rhode Island, Providence College and the Community College of Rhode Island Flanagan Campus joined Mayor Taveras for the call. Mayors from across the United States invited students into their offices to talk with the President about the urgent need to make college more affordable and accessible.

"Students across Providence and Rhode Island cannot afford to have our student loan rates double. I'm making an investment in my future. To compete for 21st Century jobs, we need to make it more affordable, not more difficult, to develop the skills we need to compete," said Matthew Gunnip, a graduate student at Rhode Island College and president of the RIC master's of social work program's student organization.

On July 1, the interest rate cut on federal Stafford Loans is scheduled to expire unless Congress reauthorizes the rate cut. More than 7 million students across the country, including 43,000 in Rhode Island, will see their interest rates double if Congress does not act.

The Mayor was in Washington last week for meetings with White House Director of Intergovernmental Affairs David Agnew and to attend the White House Cinco de Mayo celebration at the invitation of the President and First Lady Obama.