BOSTON (AP) — U.S. Sen. Elizabeth Warren and Congressman John Tierney plan to join students and professors to highlight a July 1 deadline when the interest rate on federal students loans are set to double if Congress doesn’t act first.

The interest rate on federal student loans is currently set at 3.4 percent.

Warren and Tierney have introduced a bill intended to stop that rate from doubling. The bill would let students to pay the same interest rate on their government loans that is offered to major banks.

On Monday morning, Warren and Tierney are hosting an event at Northeastern University to discuss the potential rate hike.

The two Democrats plan to meet with Northeastern President Joseph Aoun, teachers and students at the university’s visitor center.

The event is scheduled for 10 a.m.

Copyright 2013 The Associated Press.

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