Federal Subsidized Loan Rates May Double July 1

http://www.foxbusiness.com/personal-finance/2013/03/29/congressional-action-student-loan-hike/ 

Federal student loan rates are set to increase July 1 if Congress fails to act and students may be on the hook for up to $5,000 on new loans.
Subsidized Stafford loan interest rates will nearly double increasing to 6.8% from 3.4% if Congress doesn’t pass legislation preventing the rate to go up, which would add up to $6 billion. The mid-summer hike would be untimely since it would hit new students heading into their freshman year. The hikes are only for subsidized loans, and will only impact those taking out new loans.

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