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Over $1 trillion in student loan debt is being carried by American families. If Congress fails to act by July 1st, that debt could become more burdensome. On that date, interest rates for student loans are set to double from 3.4% to 6.8%, placing an even heavier burden on students.

Failure to act will add $4.3 billion to students’ debt burden for next year’s loans alone. The House Republicans recently passed a partisan bill that does not help families pay their loans. The bill, H.R. 1911, would make college more expensive by charging students and families nearly $4 billion more in higher interest payments. The legislation would also force students into loans with interest rates that reset every year of the loan, similar to adjustable-rate mortgages. For more information about the bill, click here.

Congress needs to go back to the table and find bi-partisan agreement on stopping the loan increases.  Are you having trouble paying student loans?  Add your comments below.