Interest rates on government-subsidized Stafford loans doubled last week to 6.8 percent after the Senate rejected two proposals for keeping the rate down.
The interest rate on new student loans are doubling Monday to 6.8 percent.
If Congress fails to act by July 1, student loan interest rates will double, but some parents and students say that is not affecting their choice of college.
People eligible for the program can cap their monthly payments to 10 percent of their discretionary income.
A new report says more borrowers are falling behind on their student loan payments than on their credit card payments for the first time since at least 2003.
An increasing number of retirees are seeing their Social Security benefits reduced as a result of student loan debt.
College debt is on the rise. One 9th District Congressional Candidates says politicians and educators need to work together to keep costs low.