Senate Doesn't Take Up Bills to Stop Student Loan Rate Increase

Set to double come July

The Senate on Thursday failed to take up two separate bills that would have lowered the interest rate on subsidized student loans, now set to double on July 1 to 6.8%.

Some 7 million undergraduates may have to dig deeper in their pockets when they pay off the loans upon graduation, if Congress can't come to a deal.

If this sounds familiar, it is. Last year, facing a July 1 deadline, Congress put off any tough decisions and kept rates the same.

This time, the White House and Congress agree that something should be done, but they don't agree on what.