The deadline for Congress to prevent student loan interest rates from doubling is less than a week away and Sen. Charles Schumer is urging his fellow lawmakers to act.
Schumer said Democratic and Republican leaders in the Senate brokered a tentative deal last week that would extend the current rates on Stafford loans.
If Congress does not act, interest rates on Stafford loans will go from 3.4 percent to 6.8 percent on July 1.
"Student debt is like quicksand," Schumer said. "It swallows you up before you have a chance to gain your footing."
If rates go up, it would affect 7 million new borrowers and cost the average student about $1,000 during the life of the loan.
Democrats and Republicans have been split over how to pay for the extension.