If Congress doesn't act, interest rates on new loans will double from 3.4 percent to 6.8 percent come July. Obama says that means an additional $1,000 a year for the average student.

Obama says it's "mindboggling" that the stalemate in Washington has dragged on so long.

Republicans in Congress have suggested a payment plan that gradually would increase the amount that federal workers contribute to their pensions by 1.2 percent over the next three years. It is based on savings the president included in his budget plan this year.

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(Photo: AP Photo/Carolyn Kaster)