Lawmakers fail to reach student loan deal before July 4 break
With the current, 3.4 percent interest rate on Stafford loans — the most popular funding for college students – set to expire on July
The higher rates would add about $3,000 to the total interest on a $23,000 student loan repaid over 10 years
Some undergraduates currently pay 3.4 percent or some pay 6.8 percent, depending on their loan structures and many students borrow at both rates. Graduate students and parents borrow from the government at 7.9 percent interest under the current system.