On July 1, interest rates on some federal student loans are set to double from 3.4 percent to 6.8 percent.
It’s the same hike that was set to take effect last summer, but Congress passed a bill to keep rates from rising. That law is set to expire next week, and Washington still has not reached an agreement.
Congressman Peter Welch said Vermont will be especially affected, with the seventh greatest student loan debt in the country.
“I’m supporting legislation in the house that would maintain the 3.4 percent rate for two years, ” he said.