No Congressional Deal on Student Loan Rates

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By News Department

WASHINGTON, D.C. (CNN) - Seven million college students will likely have to pay more for their loans come July First.

Congress is working on a deal to prevent a 100 percent hike in subsidized student loan interest rates, but a final agreement probably won't come until after lawmakers return from the July Fourth recess.

If so, the plan is expected to apply retroactively so students aren't hurt by the temporary spike.

The House already passed a bill that would prevent the July increase, but it would link student interest rates to the 10-year treasury note, which means they would vary from year to year.

Senate Democrats want a fixed rate.

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