President Obama 'Slow Jams the News' with Jimmy Fallon

04/25/2012 at 11:00 AM EDT

Jimmy Fallon is known for "Slow Jamming the News" on his late-night talk show, but he had a little help Wednesday night from a special guest – President Barack Obama.

The president – who's no stranger to singing on stage – introduced a proposal to lower student loan rates, and urged Congress to prevent interest rates from increasing in July.

"Now is not the time to make school more expensive for our young people," the commander-in-chief intoned on Late Night with Jimmy Fallon, while Fallon's band, The Roots, played a sultry riff in the background.

The audience at the University of North Carolina Chapel Hill, where the show was filmed, responded warmly to the suggestion.

"You should listen to the President," Fallon chimed in. "Or as I like to call him, the Preezy of the United Steezy."

Fallon later referred to Obama as the "Barackness Monster."

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