The interest rate of subsidized federal loans for college tuition may double from 3.4 to 6.8 percent as of July 1.
A letter sent to President Barack Obama from Republicans in the House of Representatives said there was a loss of $6 billion with the lower rate.
Obama campaigned at college campuses around the country in attempts to keep the rate low. Congress voted last summer to keep the lower rate for the 2012-13 academic year.
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