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Congress must block student rate hike

"Congress must act immediately to stop the imminent doubling of interest rates on student loans," the White House said in a statement as President Barack Obama was on his way to North Carolina to visit a school.

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President Joseph Aoun, teachers and students at the university's visitor center. ET.

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Omega Speedmaster With Rubber Strap

failed to win 60 votes needed on procedural votes. The failure means that unless lawmakers can find a rare bipartisan agreement, students are likely to face higher rates on new subsidized Stafford student loans this fall but enjoy greater certainty on the interest they will be expected to pay during the life of their loans.

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On Monday morning, Warren and Tierney are hosting an event at Northeastern University to discuss the potential rate hike.

MORE: Paying for a college education

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Dueling measures in the Senate would have kept interest rates on some student loans from moving from 3.4% to 6.8%, although separate Republican and Democratic proposals each Omega Seamaster 600m Chronograph

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Omega Speedmaster With Rubber Strap

Democrats in the Senate unsuccessful sought a two year extension of the current rates while lawmakers write a comprehensive overhaul of the student loan process.

College students faced increasing uncertainty about the cost of new student loans after senators failed Thursday to advance partisan proposals to keep the rates from doubling.

The interest rate on federal student loans is currently set at 3.4%.

The top Republican on the Senate education panel seemed to share that frustration. "If we can't agree on this, we can't agree on anything," said Sen. Lamar Alexander. "This is a manufactured crisis."

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Democrats plan to meet with Northeastern Omega Speedmaster Watch

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Sen. Sen. Elizabeth Warren and Congressman John Tierney plan to join students and professors to highlight a July 1 deadline when the interest rate on federal students loans are set to double if Congress doesn't act first.

"I cannot understand why we're having a problem with this," Senate Majority Leader Harry Reid told reporters after the vote.

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The failure comes just three weeks before interest rates increase on federally subsidized Stafford loans and return to 2008 levels. For students who max out their student loans every year, the rate shift would mean this year's loans will cost more than $1,000 than last.

Warren and Tierney have introduced a bill intended to stop that rate from Omega Speedmaster With Rubber Strap doubling. The bill would let students pay the same interest rate on their government loans that is offered to major banks.

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