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Are watching to see how the issue would be resolved. interest rate would have doubled to 6.8%. costing average student $1,000 more in next 12. the senate republican leader took a swipe at the president who is glad to have a deal. >> the agreement we reached will ensure the college students were already facing enormous challenges in the obama economy. won't be paying higher interest rates. >> the overall outstanding student loan balance public and private is $904 billion. the average federal student loan debt for a graduating senior for four year undergraduate program is according to the depart...

Borrower. press callepresident obama called this vital for millions of student. >> education is the suress path to finding a good job and earning a good salary and making it into the middle class. 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. >> reporter: if congress hadn't aebgtd interest rates on student loans with would have jumped to 6.8% and ended up costing an average student one thousand dollars for one more year according to the congressional research service, bill. bill: how does this break down...

This year. >> taking a look at the overall outstanding student loan balance, public plus private is $904 billion. breaking it down, the average federal student loan debt for a graduating senior from a four year undergraduate program is, according to the department of education, $17,063 per borrower. at the bill signing on friday, president obama called addressing the loan interest rate vital for millions of students. >> higher education, 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 preserved for a few privileged. >...