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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.