On July 1, interest rates for federal student loans will double unless congress steps in. Senator Chuck Schumer has called on his fellow lawmakers to negotiate a deal that would block the rate hike.

In 2007, congress passed the College Cost Reduction and Access Act to cut interest rates on newly subsidized Stafford Loans for undergrads to 3.4%. However, the bill will end on July 1, and interest rates will rise to 6.8%. The new rates will apply to loans taken out after July 1, 2012.