ADA, OK -- Millions of college students across the country are planning on taking out student loans, but starting Monday, those interest rates jumped from 3.4 percent TO 6.8 percent overnight.
"I think it's outrageous," said ECU student Tarron Vogt.
"I think it's really sad. I think it just makes it more difficult for students who don't have a lot of money to go to school," said ECU student Domonique Bravo.
The increase comes after Congress failed to come to an agreement to stop interest rates from rising. As many as 7.5 million students could be affected.
"People in their 20's are putting off home purchases, putting off automobile purchases, are not doing what their parents' generations did because they have so much debt," said Rhode Island Senator, Jack Reed.
The increase will not affect those with existing loans, but only those who plan on taking out a loan this year. Bravo says students need to be more aware of what their financial aid could cost them.
"Students just need to be really smart about their money, look into loans, see what the interest rate really is before they get them because I don't think a lot of students even know that this is happening," Bravo said.
She says budgeting is key to making sure the costs don't come back to haunt her later on down the road.
"Make sure to not take out larger than I need. Only the minimum that I can because that will just be less I'll have to pay back later," said Bravo.
Vogt also agrees with Bravo.
"Pay it back soon so it doesn't become a big deal later on in life," Vogt said.
Senators say they'll take up the issue again after the recess, and could schedule a vote on July 10th. If Congress does find a way to stop the rate hike, it will be retroactive to today.