COLUMBUS, GA - Unless Congress acts, on July 1, 2013 the interest rate for 228,887 student loan holders will increase from 3.4% to 6.8%.
According to a release by Georgia PIRG, the increase will leave borrowers with $880 more debt per loan.
University of Georgia student body president, Austin Laufersweiler, says, "Student loans should make college more accessible so that we can be better prepared for the future."
The Stafford student loan rates were supposed to increase in 2012, but Congress and the President temporarily extended the lower rates for one more year.
Student debt is a hardship for many students who are looking to find an affordable education.
An advocate for Georgia PIRG, Chris Lindstrom says, "Keeping the interest rate low on student loans will make college more accessible and send an urgent signal to students, workers, and the unemployed to get the post secondary training needed to adapt to new economic realities."
Congress has a little under a month to act before rates go up.
