FELICIA TAYLOR, CNN BUSINESS CORRESPONDENT: Seven million college students could soon be paying more for their loans unless Congress acts. From the CNNMoney Newsroom in New York, I'm Felicia Taylor, and this is "Your Money." Interest rates on government subsidized student loans are set to double on July 1st. President Obama welcomed a group of college students to the White House today, and encouraged congress to act to keep rates low.</s>PRESIDENT BARACK OBAMA: Americans now owe more on our student loans than we do on our credit cards. I know this firsthand. Michelle and I, we did not finish paying off our student loans until about nine years ago.</s>TAYLOR: The House recently passed a bill that would prevent the July increase. But it would link student interest rates to the 10-year Treasury note, which means they would vary from year to year. President Obama and Senate Democrats want a fixed rate. Senate Majority Leader Harry Reid says the House plan is a nonstarter. The Senate will vote on its own plan next week. Student debt is the second biggest debt Americans carry, second only to a mortgage. Students owe a total of almost $1 trillion on their student loans. If rates double, an average monthly payment would go from $155 a month to $206. We have been down this road before. Last year, Congress agreed to a last-minute one-year extension of lower rates. Now 7 million Americans are hoping for a repeat performance out of Washington. That's it for me. Watch "Your Money" with Christine Romans tomorrow at 9:30. Brooke's back after this break.
Student Loan Rate to Double