Students loan interest rates double

Southwest students talk about student loan increases. / Jessica Fairley

If you have a student loan you may be paying more money soon because the interest rates on some loans have doubled.

The spike in interest rates come after Congress failed to reach a compromise before the holiday break.

Federally subsidized Stafford loan interest rates increased from 3.4%to 6.8%.

Local students say if the interest rates stay high, they may have to change their plans.

"If you don't have a set plan I feel like a lot of us will be forced into the military or something because we have to find ways and strategies on trying to get these loans paid back," said Raeshawn Pelote, student at Albany State University.

The new rates may be lowered if lawmakers can reach an agreement after the Fourth of July holiday.

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