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Dem lawmaker: Congress might miss July 1 student loan deadline

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Courtney has sponsored legislation to extend interest rates on subsidized Stafford loans for two years at the current rate of 3.4 percent. It has 164 co-sponsors.

Unless Congress acts by July 1, the rate will rise to 6.8 percent.

Courtney believes a deal can be ironed out, though he said Congress might have to pass it next month and make it retroactive.

Both the House and Senate will adjourn for July 4 recess at the end of this week.

A bipartisan deal has been ironed out in the Senate, but that bill — backed by Sens. Richard Burr (R-N.C.), Joe Manchin (D-W.Va.) and others — does not have the support of Senate Majority Leader Harry Reid (D-Nev.).

The Senate this year has not passed a student loan measure, but the House has cleared legislation that embraces a market-based approach to rates. Obama threatened to veto the House bill, which passed mostly along party lines.