Student loan rates set to double Monday

Interest rates on student loans are set to double Monday, because Congress failed to reach an agreement.

That means the rates on government-backed loans will go from 3.4% up to 6.8%.

Lawmakers say a deal is still possible after the July 4th recess, but financial experts don’t think it will happen.

The higher rates could cost students as much as $5,000 more, over 10 years.

2 comments

  • Jim

    Congress failed to reach an agreement. Because they don't care about the people. Most politicans are nothing more than prostitutes for corporations that are for profit. Stop voteing these losers in office. The collapse is coming in 2014 prepare or you will be in the street dumb deaf and blind.

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