Ahead of a major vote in Washington, Senator Charles Schumer says he is trying to help college students.
Student loan debt, is now greater than credit card debt in the U.S. The Senate is trying to pass a bill that would keep in student loan interest rates just above 3 percent. If the bill is not passed by the summer, those rates would double.
Sen. Schumer says it's not just the loans themselves that are causing the problem. He says private and public schools keep raising tuition and other costs, making those loans even more important. "The average tuition cost at our public schools last year went up 5 percent more than the rate of inflation," he says, "and the cost of college is through the roof. One of the things we're looking at is to tell colleges that they won't be eligible for all kinds of federal aid if their tuition goes higher than the rate of inflation.
Leadership in the House and Senate both agree that interest rates for students should remain lower. Now, the two sides will have to agree on a way to pay for the lower rates before July 1st.
