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April 26th, 2012
01:59 PM ET

Rep. Schock talks about soaring student loans, says rising cost of college worse than actual debt

It's a huge issue to millions of young voters and their parents: Student loans.

The current interest rate on federally-backed student loans is scheduled to double - yes, double - on July 1st, when it goes from 3.4% to 6.8%, unless Congress acts fast.

Now why is this so important? Take a look at this.

Last month, the Consumer Financial Protection Bureau reported that America's total student debt outstanding is around $1 trillion.
Compare that to outstanding credit card debt, which is around $800 billion. That may explain why both President Obama and the presumptive Republican nominee Mitt Romney are homing in on the issue.

This morning on "Starting Point," Romney supporter Republican Congressman Aaron Schock (R-Ill.) talks about the importance of easing the burden of debt on students. He says more important than managing the loans that students have to shoulder is to control the rising cost of education and provide job opportunities after graduation.

Filed under: 2012 Race • Cost of college • Politics • Student debt
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