Time running out for student loans

By Web Producer
By NBC News

Time running out for student loans

June 21, 2012 Updated Jun 21, 2012 at 2:12 PM CDT

WASHINGTON, D.C. -- As the deadline inches closer for student loans to double, President Obama is sending another plea to congress to stop the increase.

The president said the unemployment rate for Americans with a college degrees is about half the national average.

Over the past few months, President Obama has been shedding light on the issue and is urging Congress to take action before it's too late.

"If Congress doesn't get this done in a week, the average student with federal student loans will rack up an additional thousand dollars in debt over the coming year," said Mr. Obama.

The president delivered his message before a group of college students at the White House, urging parents and students alike to press for congressional action.

"We can't control every economic headwind that we face but this is something we can control, this song we can do something about, stopping student rates from doubling at the end of the month is something we can do right now to make a difference in the lives of all the American people," continued the President.

July 1 is the deadline for the rate increase to take effect, doubling federal student loans.

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