|Published:||Jun 27, 2013 10:53 PM EDT|
|Updated:||Jun 27, 2013 11:41 PM EDT|
FORT MYERS, FL--Right now it does not look like lawmakers are going to be able to strike a deal to keep student loan interest rates from doubling before monday's deadline.
John Collins and his wife are both college students and the only way to pay for school is student loans.
"It kind of took away that feeling of being inferior and not having the opportunity to go to college," said Collins.
But if the Senate can't make a deal before July 4th, Collins and his wife may have to drop out of class.
The government's Stafford Subsidized Loan interest rates could jump from 3.4% to 6.8%.
"To double that, I think it would put us in a stage where we are paying for the rest of our lives," said Collins.
About 7.5 million students rely on student loans.
Democrats want to delay the rate increase for a year and if that doesn't happen, Collins says supporting his three kids on top of school would be impossible.
"I think once we graduate and have to pay off the loans, it may even possibly take what we had to get out of poverty and push us back in to poverty," said Collins.
The rate hike would only affect new student loans and existing loans would not change.
Congress has one more day before they leave for the 4th of July holiday.