Harkin to push to stop student loan hike

IOWA CITY (AP) ? Iowa Sen. Tom Harkin says he?s working on legislation that would prevent interest rates from doubling in July in a popular federal student loan program.

Harkin told reporters Monday that he was looking for bipartisan support for the $6 billion plan to extend the 3.4 percent interest rate on Stafford loans for one year.

He said the extension would avoid ?a devastating rate hike? to 6.8 percent for students and give Congress time to put together a long-term plan for the program next year.

Harkin said he expected debate over how to pay for the extension, and he was looking for areas outside of education to cut to offset the cost.

President Barack Obama will call on Congress to prevent the rate hike during a Wednesday visit to Iowa City.