President Obama paid a visit to Late Night with Jimmy Fallon yesterday to help the comedian “slow jam” the news on student loans.

“I’m President Barack Obama, and I too, want to slow jam the news,” the President said.

On July 1, the interest rates on Stafford student loans will double to 6.8 percent, unless Congress extends the current rate. If Congress doesn’t act, students borrowing the maximum allowed $23,000 under the Stafford program will have to pay an extra $5,000 over 10 years. On the flip side, an extension of the current rate on the subsidized loans would cost the government $5.8 billion, according to CNN Money.

“The Pell grant is a beautiful thing, but with college getting more expensive is it enough by itself to satisfy all your collegiate needs? Aww, Pell no!” Fallon slow jammed.

On Monday, while campaigning in Pennsylvania with Sen. Marco Rubio, Romney joined Obama’s crusade, telling a crowd that he supports an extension on the lower rates, “in part because of the extraordinarily poor conditions in the job market.”

Watch Obama’s slow jam – complete with mic drop – below.

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