Experts weigh in on the effect if the rates double.
Both Democrats and Republicans are using the debate over raising the rate of federally subsidized student loans as a political football, but if partisan spin is removed from the equation, a clear picture shows the effect is not a big as some want to think.
If action is not taken, the rate will go from 3.4 percent to 6.8 percent on July 1st. President Barack Obama is set to speak this afternoon, urging an intervention.
Juan Antonio Ruiz, Student Lending Director at the San Antonio Credit Union says if the average student takes $20 thousand in loans and pays it back over ten years, the impact of that change would mean an increase of less than $10 on the bill.
"This entire argument is about $8.33 a month," he explains to 1200 WOAI news.
He says there is a lot of confusion about what will and what will not be affected.
"It's really only affecting the subsidized undergraduate portion of the student loan program, not the whole program itself." He says that's a small portion of the whole package.
And he explains that, if the rate does go up, it would only affect new loans.
"Any student who have already obtained a loan at a lower rate, that is a fixed rate."
He's urging families to sit down with a pen and paper and do the math before making rash decisions.