Obama to launch student loan interest rate effort

CREATED Apr 20, 2012

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WASHINGTON (AP) -- President Barack Obama will make a three-state swing next week to call on Congress to prevent interest rates on student loans from doubling.

The White House says Obama will speak at universities in North Carolina, Colorado and Iowa. All three are key general election battleground states.

College-aged voters are also a critical constituency for the Obama campaign.

The interest rate on a popular federally subsidized student loan will double in July unless Congress acts. 

The rate hike affects new subsidized Stafford loans, which are issued to low and middle income undergraduates.

While in North Carolina, Obama will also make his first appearance on NBC's "Late Night with Jimmy Fallon" show.

NBC says the show will tape a special broadcast Tuesday at the University of North Carolina at Chapel Hill.