Congress let the Stafford Student Loan deadline pass without passing legislation to prevent the automatic rate hike from taking effect. That means If you’re taking out or renewing a federally subsidized Stafford loan starting today you rate is now 6.8 percent which is double from the 3.4 percent it was Sunday.

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This failure by Congress, which had deferred the rate hike for a year in last years presidential election year effect more than 7 million students. This despite the introduction of several bills to serve as a solution,

What this means is any students taking or renewing federal subsidized Stafford loans  can expect to pay, for example, an additional $3,000 on a $23,000 loan paid off over 10 years.

How much do you pay each month for your student loan and how much time do you have left on it? Leave your comments below.