Obama: Congress must act to keep student loan rates from ballooning

“If Congress doesn’t act by July 1, federal student loan rates are set to double,” the president said on Friday

BY KATIE MCDONOUGH
Addressing an audience of students in the White House Rose Garden on Friday, President Obama urged Congress to pass a new measure that will prevent rates on government-subsidized student loans from doubling come July.
“If Congress doesn’t act by July 1, federal student loan rates are set to double,” he said.
Obama also called on students to “make their voices heard” and pressure lawmakers to improve upon a House measure that he said fails to “lock in low rates for students next year” and “eliminates safeguards for low-income families.”
Interest rates are currently at 3.4 percent, but, come July 1st, are set to rise to 6.8 percent. The president’s proposal would freeze rates as they are, which White House officials say would save more than 7 million young people with student loans thousands of dollars.
Read the full article from Salon here.