Student Loan Interest Rates Double

Rate on millions of student loans will double: Is the education worth the debt?
1:28 | 07/01/13

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Transcript for Student Loan Interest Rates Double
Unwelcome gift to the high school graduates of 2013 as so many of them prepare to go off to college something else at midnight tonight. Interest rates on their brand new college loans set to spike. All because congress has been unable to agree they've now gone home here's ABC's -- selling. When Brendan Anderson graduates from Georgetown University next year. His sociology degree comes with a starting salary of 26000. Dollars and a mountain of debt. High interest rates. And from 5000 dollars and for Brandon and seven million students loan rates are set to go up tomorrow doubling because congress failed to reach a deal on new rates student loan debt in America it has reached staggering new levels nearly one trillion dollars higher than car loans and even more than credit card debt. Is it worth the amount. Time do you think -- can get written and New York City mayor Michael Bloomberg is among those who bluntly say it's not -- plumber actually for the average person probably would be a major deal. Because you don't spend four years spanning 4050000 almost tuition and no income. Brandon says a degree is essential even if he's settled in debt -- word. And yet. War -- will certainly move forward with my education. I won't stop. Lawmakers had a year to resolve their differences but failed congressional leaders in both parties tell ABC news they're already -- a backlash from voters. And plan to reopen negotiations when they return to Washington next week.

This transcript has been automatically generated and may not be 100% accurate.

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