Federal Stafford Loans allow students to defer student loan payments while attending school full-time. Although current interest rates hold at 3.4%, they are set to double on July 1st as a result of the expiration of the 2007 College Cost Reduction and Access Act.
"It is now a greater burden than almost any other lending burden around," Schumer said. "For the federal goverment to charge 6.8 percent at a time when interest rates are so low, is almost highway robbery."
For prospective student David Kimelman and his father Michael, paying for tuition is a serious consideration when choosing a college.
"We're happy to do it because we want what's best for David... we're doing everything we can to make that happen."
Schumer says he's hopeful that the bill will draw popular support in Washington.