Paying for college: Student loan rates could double this summer

Speaking before college students at the University of North Carolina, President Obama recently called on Congress to stop interest rates doubling for student loans this summer. This was one stop on a tour of universities where Obama will demand a stop to the student interest rate hike coming this July.

The administration estimates that more than 7 million college students seeking new loans could be hit with an extra $1,000 in debt. They’ve released an infographic as part of their #dontdoublemyrate campaign. In an election year, the president obviously sees this is as an opportunity to stir excitement in the constituency that helped send him to White House, but he makes a good point: as the economy increasingly demands higher skills and knowledge, college should no longer be considered a luxury.