TUCSON, AZ (Tucson News Now) - Starting today, college students are going to pay more for their loans as interest rates increase.
New Stafford loan interest rates are increasing to 6.8 percent.
This comes after the Senate failed to reach an agreement to avoid the scheduled increase.
That means students who take out these loans can expect to pay hundreds or even thousands of dollars of interest.
Another blow to the already growing student debt throughout the country; more than 38 million Americans owe over $1 trillion in student debt.
Low income families are the ones feeling it the most; about two-thirds of Stafford loans are awarded to students from low income families.
A Senate vote on a bill that would keep the current lower rate in place for another year is scheduled next week.