Grand Junction, Colo (KKCO) --- After the Senate failed to pass two bills that would have kept student loan interest rates at 3.4%, interest rates are now set to double to 6.8% on July 1st.
Two thirds of recent college graduates have an average debt of more than $26,000 and 13% owe more than $50,000.
Last year alone, student loan debt reached nearly one trillion dollars and that number is expected to increase after the interest rates increase.
John Gabriel graduated from Colorado Mesa University in December and said he has to start paying his loans back very soon. With the interest rates going up, he said he will continue to work at his job at Chomp's Deli to slowly pay off his loans until he finds a higher paying job.