U.S. Sen. Jack Reed (D-R.I.) does not expect Congress to come to an agreement on the federal Stafford loan program before interest rates on these subsidized student loans double on July 1. Interest rates on the loans will jump to 6.8 percent from 3.4 percent. The Senate failed to pass a bill sponsored by Reed and Sen. Tom Harkin (D-Iowa) that would have frozen need-based student loan interest rates for two years so Congress could hammer out a long-term solution. Reed says, "We have to do a comprehensive reform of the student loan program. It will not take place in three weeks. It will take several months, if not more."