Senator Chuck Schumer (D-NY), visiting Syracuse University Monday noontime, sent up the alarm that college students could be paying a lot more for student loans, if Congress does not extend the lower interest rates on Stafford loans.

Schumer is pledging to fight the July expiration, which would send interest rates from 3.4% to 6.85%.  The Congress is set to take up the debate next month.  Schumer says that they'll have to find the $12-billion to replace what's already figured into the federal budget, but he suggests looking at tax loopholes, like subsidies to oil companies, and deductions for corporate jets.

The Stafford Loans are held by college students at all levels, from incoming freshmen to graduate students.