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Students applying for subsidized loans prepare for higher rates
Students preparing to take subsidized government loans will see their interest rates double, to 6.8 %.
The change takes effect today.
But all hope isn't lost yet.
Lawmakers are trying to strike a last-minute deal to save the seven million college students slated to take the loans this year.
The higher rates only apply to new loans.
Annalee Leonard - Financial Advisor
"They haven't been able to agree on it til' this point, you have to wonder, will they do it now?"
Joel Barnes - Freshman
"I mean as soon as you get out of college, you'll be in debt. It's tough when it's doubled, it's like, it's almost not worth it"
Doubling the student loan rate adds about 4500 dollars to the coast of a four year degree.