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President Obama calls on Congress to keep interest rates low on student loans

Posted at 6:35 PM, May 31, 2013
and last updated 2013-05-31 18:35:15-04

The President is calling on Congress to prevent the interest rate on student loans from doubling come July 1st.

There are several bills floating around the Hill, but none have bi-partisan support.

House republicans passed a bill recently that would double the rate automatically from the 3.4% and the federally subsidized rate to 6.8%.

President Obama says that would be like a $1,000 tax hike.

The President says a college education cannot be a luxury just for the “privileged few.”