President Barack Obama is urging Congress to stop interest rates on student loans from doubling on July 1, and he calls it a "no-brainer."
Millions of Americans could be faced with the problem of an interest rate jump on loans, if they do not act quickly. If Congress does not act, interest rates on new loans will double from 3.4 percent to a staggering 6.8 percent come July.
The President is pressing for a solution in the dispute over how to pay for an extension of lower loan rates for another year, and faces the House Republicans in yet another round of discussion over the matter.
"There's still 10 days for Congress to do the right thing," Obama said. "I understand that members of Congress in both parties say they want to get this done and there are conversations taking place. But they haven't done it yet, and we've got to keep the pressure on.
"Keep telling Congress to do what's right to get this done," he said, addressing a group of students.
According to the Washington Post, an estimated of 7.4 million people would be impacted by the rate increase.
Just two weeks ago, President Obama spoke to students at the University of Nevada at Las Vegas and railed on Congress to approve the student loan legislation.
"The number one thing Congress should do for you, UNLV, right now, is to stop interest rates on student loans from doubling at the end of the month," Obama said, drawing applause. "The clock is running out. You know, in today's economy, higher education can't be a luxury. It's an economic necessity. Everybody should be able to afford it."
In the House, Republican leaders have insisted that they already have passed a bill that would keep student loans low and that it is now up to Democratic leaders in the Senate and the president to find a solution to the issue.
On Thursday, Michael Steel, a spokesman for House Speaker John A. Boehner (R-Ohio), borrowed a phrase from a hit pop song, saying that "House Republicans have acted to stop the student loan rate hike. If the president wants to make progress on student loans, could he call Sen. Reid? Maybe?"
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