Interest rates are set to double on July 1, from 3.4 percent to 6.8 percent, on a popular federal loan for low- and middle-income undergraduates.
Congress voted in 2007 to drop the rate in half over four years. Now the looming expiration is an election-year issue.
It was Obama's fellow Democrats in the House, however, who led the crafting of a law that left the rates to double in 2012. Republican President George W. Bush signed the deal into law after it was approved by bipartisan but Democratic-heavy majorities in both chambers.
Friday, April 20, 2012
Big colleges, swing states: Obama makes his pitch as Interest Rates Due to Skyrocket for Student Loan Debt
The AP has a big interest rate story: