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.
Speaking on the steps of Syracuse University on Monday, Senator Schumer pledged to put his weight behind a bill to keep student loans at their current rate for another year.
"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."