College will become even more expensive for millions of students, if congress does not act this week.

The interest rate on federal student loans is set to double on July 1st.

Congress can't agree on a how to pay for it to remain at 3.4 %.

Without a deal by the end of the week, the rate increase will hit 7,400,000 students, including Will Hornbeck, a student at Georgetown University.

“When you're getting these loans, they just become numbers after a while. But I think when you start paying them back, they stop becoming numbers and they start becoming deductions from your paycheck,” Hornbeck said.

The rate on loans that are subsidized by the federal government would go up to 6.8%.

Lawmakers on both sides of the aisle are believed to be in agreement that the rate should not increase.

They’re just not in agreement on how to pay for the roughly $6 billion cost.