President Barack Obama participated in a conference call Tuesday with college reporters to discuss the possibility of interests rates doubling for student loans.

Obama said that 7.4 million could be affected by the interest rate increase as of July 1.

“I’ve always believed that we should be doing everything we can to help put higher education within reach for every single American student — because the unemployment rate for Americans with at least a college degree is about half the national average,” he said. “And it’s never been more important. Unfortunately, it’s also never been more expensive.”

He spoke of personal debt experiences for both himself and first lady Michelle Obama during their college and law school days.

He stressed the importance of higher education.

“It’s an economic imperative that every family has got to be able to afford,” he said.

Three million more Pell grants were added, and middle-class families will benefit from a $10,000 tax credit. Also, the age limit for young adults to be on their parents’ health insurance is now 26.

Obama encourages students to speak out against rising interest rates. He referred to Twitter, and suggested that people tweet using #dontdoublemyrate.

“We need to reward hard work and responsibility,” he said. “And part of that is keeping interest rates on student loans low so more Americans get a fair shot at an affordable college education, the skills they need to find a good job, a clear path to the middle class that’s not blocked by a mountain of debt.

“And the time to act is right now, and I’m going to need your help getting that message out.”