President Barack Obama said the GOP House-passed bill that would tie student loan interest rates to the market was not smart and not fair.

“It fails to lock in low rates for students next year,” Obama said Friday in a Rose Garden speech, flanked by college students. “That’s not smart. It eliminates safeguards for lower-income families. That’s not fair. It can actually cost a freshman starting school this year more over the next four years than if we did nothing at all and let the interest rates double on July 1.

“So the House bill isn’t smart. It’s not fair. I’m glad the House is paying attention to it, but they didn’t do it the right way, so I’m asking young people to get involved and make your voices heard once again,” the president said.

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