Students who need a federal loan to go to college will be paying more.
The interest rate on new, subsidized Stafford loans doubled Monday to 6.8 percent. The rate hike is expected to impact 7 million students who need loans for the upcoming school year.
It remains unclear if lawmakers will take action after the July Fourth recess to cut the interest rate.
Certified financial planner Laura Lyons joined us in the 10News studio to talk about the rate hike. You can watch that entire conversation in the video above.