Minnesota college students applying for federally-subsidized student loans this fall will see their interest rate double to 6.8 percent.
Lawmakers on Capitol Hill are still arguing about a solution.
Top Republican leaders stood on the steps of the U.S. House Monday afternoon with dozens of college students and blamed Democrats for the higher interest rates.
2nd District Rep. John Kline, who heads the House Education Committee, noted that the House had already passed a bill to tie future student loan rates to the market.
"It is time for Senate Democrats to step up, take action, get a long-term solution and give these students the surety and the relief that they need," Kline said.
The student loan fight has been overshadowed by the debate about an immigration overhaul. As the press conference ended, a nearby group of students who support granting visas to young, unauthorized immigrants chanted slogans urging the House Republicans to adopt an immigration bill.