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Sen. Chuck Schumer Backs Student Loan Interest Rate Hike Prevention

ALBANY, N.Y. (AP) -- Senator Charles Schumer has said he is backing legislation to prevent a doubling of a student loan interest rate that takes effect July 1. 

On Wednesday, he said the rate on the federally-subsidized Stafford loans will jump from 3.4 to 6.8 percent, unless Congress takes action.

Schumer sayid he will help Lead Sponsor Senator Jack Reed, a Rhode Island Democrat, bring the Student Loan Affordability Act of 2013 to the floor before the deadline.

Congress voted last year to freeze the rates on the need-based loans for a year. They had been lowered in 2007 to 3.4 percent for the 2011-2012 year.

Reed's bill would extend the freeze for two years while lawmakers continue working on reauthorization of the Higher Education Act.