President Barack Obama appeared on Late Night with Jimmy Fallon on Tues., April 24, at the University of North Carolina at Chapel Hill during a two-day, three-stop tour of college campuses discussing student loan interest rates and urging Congress to pass an extension to freeze rates.

President Obama slow-jammed the news, proclaiming, “Now is not the time to make school more expensive for our young people.” According to the Consumer Financial Protection Bureau, outstanding student loan debt has hit a record $1 trillion. Interest rates on new subsidized loans are scheduled to double on July 1, creating an average $1,000 increase of debt for students. The Obama Administration is urging students to tell Congress don’t double my rate.

During his interview with Fallon, the President acknowledged he and First Lady Michelle Obama paid off their student loans only eight years ago. He also praised his Key and Peele impersonation on Comedy Central, commented on his love for the film Groundhog Day before taking a few questions from Twitter and commenting on the “couple of knuckleheads” in Colombia and presumed Republican nominee Mitt Romney: “I’ve met him, but we’re not friends.”

Check out President Obama’s full Late Night appearance below, and be sure to tell Congress don’t double my rate.

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