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Student Loan Rates Double

Need a student loan?  Well, bad news.  As of Monday, rates are doubling because Congress couldn't come to an agreement.

On Monday, rates doubled from 3.4 percent to 6.8 percent for any new Stafford Load that is taken out.

Senator Chuck Schumer calls it outrageous and will not help this country's future.  Schumer wants a freeze on the 3.4 percent rate until Congress can work out an agreement.

"Paying for college is hard enough.  It's more important now more than ever.  It hurts the middle class and it hurts America when we let these loan rates go up," said Schumer.

This does not apply to to existing loans.  It does apply for the college students taking out loans this summer. 

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