(June 28) Today's Top Headlines - If congress doesn't act, student debt will increase - The Explorer: Today's Headlines

(June 28) Today's Top Headlines - If congress doesn't act, student debt will increase

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Posted: Friday, June 28, 2013 9:35 am

According to an NBC News report, time is running out for Congress to act. And low-income college students will pay a high price if a deal can't be reached by Monday's deadline.

Interest rates on many new subsidized Stafford loans will skyrocket—from 3.4 percent to 6.8 percent—on Monday, unless the Senate reaches a compromise.

Read More: Senate Can't Save Student Loan Rates

More than 7 million undergraduates receive these loans, for which the federal government pays the interest while the students are enrolled in school.

But the nation's student debt crisis affects so many more.

More than 38 million Americans have student loan debt, totaling nearly $1 trillion, a staggering number that has quadrupled in 10 years and keeps rising. Student loan debt now surpasses credit card and auto loan debt in this country—and it's only expected to get worse before it gets better.

REad more at Nbcnews.com

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