Schumer says raising interest rate unacceptable | Schools

If congress doesn't act, the interest rate for Stafford loans will double from 3.4 percent to 6.8 percent.

New York’s senior senator, Chuck Schumer says that's unacceptable.

Schumer is pushing for legislation extending the 3.4 percent rate for one year and hopes to make it permanent.

A vote on the issue is scheduled in the house on Friday.