President Obama Calls On Students To Take Action In Student Loan Rate Battle (Video)

A year after Barack Obama went on a tour of college campuses, calling on students to oppose Congress' plans to double government back interest rates, the president was at it again.

This time, instead of going to the students, he brought the students to him as he spoke against what he believed would be a betrayal against young people.

"Higher education cannot be a luxury for a privileged few," Obama said on the White House steps with the students on either side of him. "It is an economic necessity that every family should be able to afford, every young person with dreams and ambitions should be able to access and now's not the time for us to turn back on young people."

"Turning back" would mean allowing Congress to double the rates of the government-subsidized Stafford loans from 3.4% to 6.8%, an increase that CNN estimates could affect 7 million students. Meanwhile, President Obama stated that the increase would take about $1000 more each year out of Borrowers' pockets, before calling on students to achieve what they had done a year ago.

"You guys were able to get Democrats and Republicans to vote for something that is important," the president said. "So this year if it looks like your representatives have changed their minds. You're going to have to call them up again or e-mail them again or tweet them again and ask them 'what happened, what changed?'"

Of course, Obama calls for student to oppose the Republican-backed interest rate hike is just one side of the story.

Overall though, the president touches on a subject that has continued to grow in importance as student loan debt steadily increases among all Americans and with it, perhaps, the ability to better the economy.

"Those payments can last for years, even decades," Obama said, "which means that young people are putting off buying their first car or buying their first house. Things that grow our economy and create new jobs."

Photo credit: WENN