CORNING — Though interest rates on federally subsidized student loans are scheduled to double this summer, there's a bill in the U.S. Senate that could prevent the rate hike.

The rate on the government-backed loans, called "Stafford loans," has decreased gradually from 6.8 percent in 2007-08 to 3.4 percent this academic year.

The rate on new loans is scheduled to go back to 6.8 percent July 1.

U.S. Sen. Charles Schumer, D-N.Y., on Friday came to Corning Community College to speak about Senate bill 2051, which would extend the 3.4 percent discounted rate for another year.

The rate hike affects everybody, Schumer said.

"If you're a freshman (this year), your rate will go up for your sophomore tuition," he said. "It's going to deter lots of students who want to go to college, who deserve to go to college, who've earned their way."

He also predicted that students may opt for less expensive schools that don't meet their academic needs.

About 2,100 students at Corning Community College use the Stafford loans, which cover the whole cost of tuition there, he said.

Tara Bowman, 20, of Elmira, a psychology student, said she hopes the rates don't increase.

"It would add a lot of interest," Bowman said, noting that she calculated that the extra interest payments would equal the cost of another semester at the college.

The bill, which should be on the senate floor in May, has a good chance of passing, Schumer said.

"We've always had bipartisan support for things like this," he said. "I expect we will again."