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Interest rates on government-subsidized student loans are set to double on July 1st unless Congress steps in. President Obama urged lawmakers to freeze rates at their current 3.4 percent. The president says this would help low- and moderate-income students save thousands of dollars in interest. The House passed a bill that ties rates to Treasury notes. Critics argue that the House bill does not differ significantly from the president's long-term proposal. Republicans accused the White House of using its push on student loan rates to deflect attention from current political controversies. A discussion of the proposals and what each would mean for students, families and the cost of a college education.
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