On top of rent, utilities, car insurance and a multitude of other payments, college students now have another bill to worry about as of this summer.

Congress failed to reach a deal to avoid an interest rate hike that would increase the interest on federal subsidized student loans from 3.4 percent to 6.8 percent. Chancellor Rita Cheng said this increase is another burden on students who are already struggling to pay college debts. She said because the interest rates have doubled, students are expected to pay nearly $2,000 extra for new loans.

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Cheng said the interest increase of the subsidized Stafford loans could affect enrollment at the university because of the extra cost students will have to pay for tuition.

“Subsidized student loans are one of the most easily accessible loans students have access to,” she said. “I am certain students out there are willing to pay more for a college education, but I would not be surprised if students waited a year or two before they came to college, or decide to wait on enrolling in college because of the monetary burden.”

She said since subsidized Stafford loan interest rates have doubled, students might want to try seeking alternatives for paying tuition.

University spokesman Rod Sievers said the university has some options to fund tuition, such as scholarships and grants.

“There are all kinds of financial aid options available to students that are not just restricted to the Stafford loans,” he said. “Options like the Monetary Award Programs Grant, Pell Grants or any of the scholarships offered by the university is money students regularly rely on to help pay for college.”

Alternative options aside, many students are angered by the additional costs they have to pay for an already expensive education.

Alex Froelich, a junior from Minonk studying radio-television, said the new rate of interest for student loans could put him in a difficult position.

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“I am a little angry about it, to be honest,” he said. “I have a few alternatives to help pay for some of my tuition, but as far as my students loans go, I know that I’ll have to be paying all this money back that I should not have to pay in the first place.”

He said along with grants and his current student loans, he is hoping his family might be able to help him with his student loans in the future.

Rosendo Samano, a junior from Chicago studying zoology, said because he has attended the university for three years, he has no other choice but to deal with the the increase and finish out his college career.

“I have to pay for the loans, but I do not have the option to pay out of pocket,” he said. “It is a steep price to pay, but I am already so close to finishing. I think it is better for me to finish college and get a career so I can pay off my loans before they pile up.”

Byron Taylor, a junior from Chicago studying studio art, said though he has a Pell Grant and is working to receive several scholarships from the university, most of his tuition comes from student loans.

“It affects me because, in the future, I will have to pay back more than what I anticipated,” he said. “If the loans are doubling, then next year I will be expected to pay for nearly an extra semester. I am already paying a lot of money to be here and it feels like they are trying to take even more.”

Sievers said the new Stafford loan interest rates will probably affect universities nationwide and gives universities no control over how much students will pay for new loans.

“There is nothing the university, or really any of the universities can do about the loans,” he said. “It is a federal issue that takes place with federal subsidized loans, and we will have to wait a little while to see how it affects student expenses and enrollment.”

Cheng said the interest rates may deter potential students from coming to the university, but she still wants people to understand the importance of higher education in today’s society.

“I know it can be expensive to pay for college, especially with the Stafford interest being doubled,” she said. “Even so, I want the students to know how much a college degree can improve their standard of living, and their income in the future, and realize just how much of a life improvement a college degree can make.”