Congress passes bill to keep student loan interest rates from
doubling  Obama had blamed congressional inaction over
expiration of lower student loan rates set to go into effect on
July 1 obama student loans Surrounded by students last week,
Obama had called on congressional leaders to pass legislation
that would keep students loans lower. Photograph: Jewel
Samad/AFP/Getty Images  US students were handed an eleventh hour
reprieve from higher loan rates on Friday as Congress passed a
bill nixing the scheduled hike.  The doubling of interest
payable on college loans was due to come into force on Sunday,
with President Barack Obama blaming inaction in Washington for
threatening an increase that would have put the squeeze on some
7.4 million young Americans.  But as the clock ran down on
lawmakers to reach a deal, both sides in Congress back away from
demands that looked set to scupper the bill being passed.
Republicans dropped a requirement that pegged student loans to
the approval of the contentious Keystone X