Deadline for college interest rate increase approaching - NEWS10 ABC: Albany, New York News, Weather, Sports

Deadline for college interest rate increase approaching

ALBANY, N.Y. -- The clock is ticking for millions of college students since interest rates on college loans are expected to double to 6.8 percent in July.

New York Senator Chuck Schumer vowed to not let that happen, and he says a deal will get done before the July 1st deadline.

But neither Democrats nor Republicans are acting like a deal will be made in time.

"The simple truth is the president has run into a roadblock and that roadblock is his own party over in the senate. He can't get the senate to pass his bill so the white house has resorted to picking this fight to try and mask the division within their own party," said Republican House Speaker John Boehner.

Schumer says it will be unconscionable if those interest rates double next month.

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