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The rates on a student loan will increase this July. The percentage rates will double on Federal Stafford Student Loans from 3.4% to 6.8%.

The rate hike in turn increases debt for students. Congresswoman Kathy Hochul said she’s co-sponsoring a bill that lock in rates at 3.4%

"The average student would have to pay and additional thousand dollars per year in interest costs at time when this is the lowest interests rates in history we've had for homes and to be able to buy a car. Why would we be penalizing young people who are doing nothing more than trying to better their lives by getting an education and ultimately getting a job," said Hochul. 

Hochul said the rate increase is a huge problem for college students who already pay high tuition rates. 

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