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Obama To Answer Student Loan Interest Rate Questions Via Text

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(Photo credit: SAUL LOEB/AFP/GettyImages)

(Photo credit: SAUL LOEB/AFP/GettyImages)

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LANHAM, Md. (CBSDC) — Are you a college student or a parent of a college student who plans to take out federal student loans? Are you concerned about the looming interest rate increase?

Well, President Barack Obama announced today that you can text him this week with your questions about the controversial issue, and he might just personally shed some light on it for you.

The interest rate charged on subsidized Stafford loans is set to double, from 3.4 percent to 6.8 percent, on July 1. Last year, Congress passed an extension of the 3.4 percent rate, but it only prolonged the rate for a year.

Obama’s texting initiative, organized through DoSomething.org, is called “Text With The President On Keeping College Affordable.”

Through Friday, June 28, DoSomething.org will select one question per day sent to “38383” and send it to the President. Obama will then send out the question and his response to everyone signed up. To sign up to receive messages, send “PREZ” to 38383.

Obama proposed a solution in his fiscal year 2014 budget request that would keep the rate from doubling, but Congress needs to agree on a solution to prevent the increase. If no agreement is reached, Stafford loans taken out on or after July 1 will be subject to the higher interest rate.

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