And if that wasn't bad enough, consider the basement-level interest rates that banks have to pay - just 0.75 percent, a rate they will continue to pay without interruption, either.
So who is Congress representing, actually? Their constituents, who need these loans to accommodate the ever-increasing cost of tuition? Or are they only serving their corporate donors?
Sen. Elizabeth Warren (D-Mass.) has introduced a "Bank on Students" bill that would not only prevent this doubling of interest rates, but would also give students the same three-quarters-of-one-percent rate that's paid by corporations.
There are other bills addressing student loans prior to this July 1 deadline, but they don't offer the needed terms. Those bills either leave the rate at 3.4 percent, make it subject to a variable rate, or even set it at the high 6.8 percent rate.
Even keeping it the same isn't helping students, though. Tuition rates have gone up about a third overall since 2002, and the total student loan debt is now more than the amount owed on mortgages and car loans combined.
Just like today's students need help, so does Warren's plan. Through a directory website, persons who want Congress to support the "Bank on Students" bill can enter their home addresses to receive the telephone and fax numbers of their senators and congressional representative, as well as links to the contact forms on their websites. Another directory offers Twitter account information for members of Congress. Be sure to let them know your support!