UPDATE -- Congress has failed to solve the student loan crisis - raising interest rates on new federal loans from 3.4 to 6.8-percent today (Monday).
Seven million new students are expected to take out loans this year - but the hike won't effect those with existing loans.
The increase could have far reaching implications for the economy - with young people putting off big financial decisions like buying homes, cars, or starting a family.
Seven million new students are expected to take out loans this year - but the hike won't effect those with existing loans.
The increase could have far reaching implications for the economy - with young people putting off big financial decisions like buying homes, cars, or starting a family.