CHICAGO (AP) - Senator Dick Durbin says Congress must act to stop interest rates on some student loans from doubling.
The rate hike is scheduled to occur July 1st on federally subsidized Stafford loans. Durbin says that could mean more than 365,000 Illinois students with Stafford loans would have to pay almost $1,000 more in interest over the life of their loan.
The interest rate is set to increase from 3.4 percent to 6.8 percent.
Durbin supports a Senate proposal to keep the interest rate level for two years while Congress works on a long-term plan for the federal student loan program. That legislation stalled this week after a Republican filibuster.
A Republican proposal also failed.
The Illinois Democrat says lawmakers must ensure education is affordable for students from working and middle-income families.