College students taking out new loans for the fall term will see interest rates twice what they were in the spring – unless Congress fulfills its pledge to restore lower rates when it returns after the July 4 holiday.
Subsidized Stafford loans, which account for roughly a quarter of all direct federal borrowing, went from 3.4 percent interest to 6.8 percent interest on Monday. Congress’ Joint Economic Committee estimated the cost passed to students would be about $2,600.