Channel 6 News - Search Results

The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

President Obama pushing to avoid student loan rate hike

WASHINGTON (AP) -- College students are joining President Barack Obama at the White House as he calls on Congress to keep federally subsidized student loan rates from doubling on July 1.

Friday's White House event marks the beginning of a public campaign by Obama to temporarily extend current rates or to find a long-term compromise that avoids the scheduled rate increase.

Obama has proposed linking the rates to the financial markets. The Republican-controlled House passed a similar plan last week. But the differences between Obama's proposal and the House bill prompted a White House veto threat.

Obama's plan, unlike the Republican proposal, would lock in the rates for borrowers. The Republican plan would set a cap.

Obama mounted a campaign last year to extend the rates for one year.

 
Advertise with us!
Advertise with us!