In less than a month the interest rate on federally subsidized college loans is set to double. Unless Congress decides to freeze current interest rates, more than 7 million Americans will see their annual rates jump from 3.4% to 6.8%. With many already struggling to cover just the interest charges on their loans, this increase is causing quite a stir. Most do not want the rates to rise, but it will cost the United States $6 billion to extend the rates for just one year, according to the Congressional Budget Office.