Obama asks congress to keep student loan rates down

President Obama is asking congress to stop student loan rates from doubling on July 1.

If new legislation doesn't pass soon, subsidized loan rates would double from 3.4 percent to 6.8 percent.

Subsidized loans are awarded based on financial need. President Obama says raising rates would hurt low income families.

The president previously rejected legislation passed by house republicans.

The senate is expected to vote on a student loan bill the first week of June.