Campus News

Student loan rates set to double

Federal student loans are set to rise from 3.4 percent to 6.8 percent in July at a time when other types of interest rates are at historic lows, according to a story in The Christian Science Monitor.

Without a change of course from Congress, a student who accepts new subsidized Stafford loans could pay back as much $5,000 more than he or she would at the current rate.

The deadline for the student loans increase, July 1, is similar to one scheduled last year before Congress agreed to extend the lower rate before the 2012 election.