Federal Student Loan Interest Rates Set To Double This Summer

Back in March 2010, lawmakers in the nation's capital moved to block $9-billion previously approved in the House to reduce the interest rate on federally subsidized loans in 2012-13 and subsequent years. That interest rate dropped to 4.5 percent for the 2010-11 academic year and 3.4 percent the following year.

That's the good news.

The bad news: the rate is set to rise to 6.8 percent this coming July.

President Obama urged congressmen during his State of the Union speech Monday night to do something about this.

Being an election year, the prospects of action are slim to none.

This will add to the student loan misery the more than $1 trillion in student loan debt has inflicted on those lured to college campuses across the country.

Student loans can be forgiven, cancelled or excused in some instances.

Check here to learn more about student loan forgiveness programs...