Posted at: 06/29/2013 10:40 PM
Updated at: 06/29/2013 11:36 PM
On Monday the interest rate for federal student loans is set to double.
Lawmakers have been working on a deal to keep rates at 3.4-percent. But as of Friday when Congress broke for the Fourth of July holiday, there was no agreement.
Saturday afternoon in Gates News10NBC caught up with Congresswoman Louise Slaughter to ask her about this. She said a deal is in the works.
“We have been assured and I hope this is accurate, but we have been assured that when we come back week after next that we will immediately reduce those interest rates retroactively so that nobody will have to pay the larger interest rate,” said Slaughter.
If lawmakers don't reach a compromise, the increase to 6.8-percent will cost the average student about $2,600 over the life of the loan.