Obama Answers Student Debt Questions Via Text Campaign

Activist group sponsors chat with the president over ballooning student loan rates.

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U.S. President Barack Obama works on his Blackberry outside the White House. Obama is text messaging with students concerned with student loan rates.

Have questions about student loans? Maybe you should text the president.

Liberal youth nonprofit dosomething.org and the White House are sponsoring an event this week where teens and 20-somethings are encouraged to send their questions about student debt to President Barak Obama via text message.

[READ: How the Goverment Calculates the Cost of Student Loans]

Questions are submitted by texting "PREZ" to 38383. Dosomething.org then selects one question for Obama to answer. His answer is posted on dosomething.org/president/ the following day and sent to everyone who texted a question.

"We just want to amplify the youth voice," dosomething.org COO Aria Finger told Mashable. "We want people to know that dosomething.org is the place they can get their voice heard."

The texting campaign was launched in the wake of rising interest rates on student loans.

The interest rate for subsidized Stafford loans will double from 3.4 percent to 6.8 percent July 1 if Congress doesn't intervene.

[DEBATE CLUB: Should Student Loan Interest Rates Be Allowed to Double?]

House Republicans have proposed a plan that would let rates vary with the market after a loan has been taken out and would use student interest rates to tackle the deficit, while the Obama administration proposed a fixed rate for the lifetime of the loan and a 10 percent of discretionary income cap on borrower obligations.

"Higher education cannot be a luxury for a privileged few," Obama said in a White House speech May 31. "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."

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