Interest rates for new student loans set to double in July

Incoming college students, like this University of Oregon
 student, could face higher student loan interest rates unless
 Congress addresses the hike before the July deadline.

Oregon: Congressional inaction could end up costing college students an extra $5,000 on their new loans.

The rate for subsidized Stafford loans is set to increase from 3.4 percent to 6.8 percent on July 1, just as millions of new college students start signing up for fall courses. The difference between the two rates adds up to $6 billion.

- AP