Congress deadlocked on student loans

Minnesota college students are likely to see interest rates on student loans double starting July 1 as Congress remains deadlocked on the issue.

Both sides are in full finger-pointing mode as rates are set to hit 6.8 percent on federally subsidized loans.

"We had a majority of the Senate vote for a good bill a few weeks ago that would have delayed this increase for two years but it was blocked by our friends on the other side of the aisle," DFL Sen. Al Franken said.

2nd District Republican Rep. John Kline noted that the House has passed a student loan bill that ties rates to the market and that various Senators and the White House have endorsed versions of that plan.

"Not to be flip about it, but there's hardly a nickel's worth of distance here. It is ridiculous that we have not been able to get this done," Kline said.

Congress won't be in session Monday to avert a last minute fix - both chambers are taking a week off for the Independence Day holiday.