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.