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Student loan interest rates to double if Congress misses July 1st deadline

The Free Application for Federal Student Aid form.
The Free Application for Federal Student Aid form.

WASHINGTON D.C.(WTVB) - If Congress doesn’t act soon, interest rates for student loans are scheduled to double on July 1st.  Congress goes on a Fourth of July break today and Democrats are proposing they take a time-out, giving them enough time to work out a solution. Republican proposals would increase the rates and make them variable depending on the 10-year Treasury note.

Democratic Michigan U-S Senator Debbie Stabenow is backing a one year freeze on the rate until they have time to work out something less costly to young graduates. At a news conference yesterday, Stabenow and several other democrats appealed to students, their parents and anyone else who is suffering because of high student loan rates to contact their senator.  They will take up the legislation when the get back to work on July 10th