Interest rates on federally subsidized student loans double today because Congress was unable to come up with a solution.&nbsp; House Republicans wanted to link the rate to the financial markets instead of letting the Congress set the rate.&nbsp; Senate Democrats wanted to leave the rate at 3.4%.&nbsp; The President proposed a variation on the market-based approach in his budget that was sent to Congress this spring.&nbsp; No agreement was reached before the current rate expired.&nbsp; For further information, see:&nbsp; <a href="http://www.foxnews.com/politics/2013/07/01/student-loan-rates-double-as-calendar-turns-to-july/">www.foxnews.com/politics/2013/07/01/student-loan-rates-double-as-calendar-turns-to-july/</a><br />