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Obama urges Congress to stop increase in student loan rates




US President Barack Obama speaks on student loans on May 31, 2013 in the Rose Garden of the White House in Washington, DC.
US President Barack Obama speaks on student loans on May 31, 2013 in the Rose Garden of the White House in Washington, DC.
MANDEL NGAN/AFP/Getty Images

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President Obama is expected to address the nation about the topic of student loans. Interest rates on government-backed college loans are set to double July 1, unless Congress agrees on a fix before then.

President Obama has threatened to veto a House-passed bill that would let the cost of student loans go up and down with the market.