WOODBURY - Interest rates could soar for government-backed student loans if Congress fails to pass a reform bill by July 1.
The House passed the bill this week, but House Speaker John Boehner says Senate Democrats are stalling.
Under the new plan, interest rates would rise slightly from 3.4 percent to 3.8 percent.
READ MORE: Education Stories
Without a vote, the interest rate would soar to 6.8 percent.
Gov. Andrew Cuomo today wrote a letter to members of New York's congressional delegation, stressing the need for them to act and prevent the sudden spike in interest rates.