Republicans urge Congress to move on student loans

WASHINGTON, D.C. — Republicans are urging Congress to take action on rising student loan interest rates.

The Senate failed to reach a compromise by the July 1 deadline and forced the rates to double on some student loans.

Senate Majority Leader Harry Reid says the current bill on curbing student loan interest rates will not work.

"Under the House plan, as interest rates rise, student loan rates will rise with them," said Reid. "Soon, loan rates will be more than double."

The hike affects about 7 million new subsidized Stafford loans for students. The rate increase does not affect existing loans.