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Time is running out for student loan rate hike deal




US President Barack Obama speaks on student loans on May 31, 2013 in the Rose Garden of the White House in Washington, DC.
US President Barack Obama speaks on student loans on May 31, 2013 in the Rose Garden of the White House in Washington, DC.
MANDEL NGAN/AFP/Getty Images

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On Monday, July 1, federal student loan rates are set to double. An estimated 7 million students who'll take out new Stafford loans will see bigger college bills. That is, unless the Senate does something soon. 

With more is Kelly Field, chief Washington correspondent for the Chronicle of Higher Education.