College freshmen taking out government student loans will pay a heftier price this fall.
Thanks to Congress, interest rates could be nearly a percent-point higher than in previous years.
Under this rate, seniors with one year of school left could pay an additional $260 in interest over a 10-year period.
But analysts say freshmen, with at least four years of college ahead of them, could pay more than a thousand dollars of interest over the life of their loans.
The government student loan interest rate will be set today, based on a government bond auction.
Copyright 2014 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.