WASHINGTON (AP) — College students' interest rates are at the mercy of Congress.
The interest rates on subsidized Stafford loans doubled from 3.4 percent Monday and could stay doubled unless Congress fulfills its pledge to restore lower rates when it returns from the Fourth of July holiday.
Lawmakers from both parties, as well as the White House, vowed to lower that rate before students started signing loan documents this fall. But the rate now stands at 6.8 percent — higher than most loans available from private lenders.
"In the grand scheme of all the loans that I already have, I suppose it's not out...