President Barack Obama appeared on Late Night with Jimmy Fallon from the University of North Carolina at Chapel Hill on Tuesday night to address Jimmy Fallon's typically "younger" audience about the potential increase of student loan interest rates. All while Obama's soon-to-be Presidential competitor Mitt Romney was racking up wins in five state primaries — Connecticut, Delaware, Rhode Island, Pennsylvania, and New York — against Newt Gingrich and Ron Paul.

Obama's appearance was part of a three-university tour he's taking to reach out about the year-long extension he wants to place on the current freeze of federal student loan interest rates. If the extension does not pass and the freeze is lifted, rates could double. Obama, after slow-jamming the news with Fallon and the Roots — a tradition that was kickstarted by NBC news anchor Brian Williams — encouraged people to show their support for the extension by tweeting with the hashtag #DontDoubleMyRates.

"Now is not the time to make school more expensive for our young people," said Obama, after which Fallon chimed in with his "Ohhhhhhhh yeah …. You should listen to the President, or as I like to call him, the Preezie of the United Steezie."

Watch the segment from Late Night with Jimmy Fallon here:

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