WASHINGTON, DC - U.S. Senator Jack Reed (D-RI) will join President Barack Obama tomorrow at a White House ceremony as the President signs into law legislation preventing interest rate increases on new loans to millions of college students.

Reed, who was instrumental in passing an agreement to prevent the interest rate on subsidized Stafford student loans from doubling on 7.4 million students nationwide, will join the President and college students from across the nation for the ceremony.

“I’m glad we were able to reach a bipartisan agreement to prevent this student loan rate hike and that President Obama is signing it into law.  We need to ensure today’s students have an opportunity to earn a degree without mortgaging their future,” said Reed, who first proposed the Student Loan Affordability Act back in January of 2012.  “Making college more affordable is one of the best investments we can make in America's economic future.  It is important that we keep the doors of higher education open to all deserving students.”

Earlier this month, Reed, who serves on the Appropriations Subcommittee on Labor, Health and Human Services, and Education helped pass a bill through the committee to allow an increase for Pell grants, which over the last 40 years have helped more than 60 million working-class families pay for college.

“I will continue fighting for comprehensive, long-term solutions to keep student loans and college costs affordable.  We need to move beyond this short-term patch and take additional steps to ensure that college is affordable for every student with the talent and drive to further their education. 

The bill signing of HR 4348, which includes $105 billion in transportation spending over the next 27 months and an extension of the National Flood Insurance Program, will also feature construction workers from around the country.