Senator Charles Schumer is pushing legislation to block interest rate hikes on student loans nationwide.

The bill would delay a July 1 interest rate increase on federally subsidized Stafford Loans.

Passage of the legislation would extend the current rate of 3.4 percent for another year, which Congress lowered back in 2007.

If not, the rates would jump to 6.8 percent.

Undergraduates could end up paying at least $3,000 more over a 10-year repayment period if Congress does not act.

Eight million students nationwide currently receive the loans.