Interest rates jump on federal student loans

By WEEK Producer

May 7, 2014 Updated May 7, 2014 at 11:39 PM CDT

The overall cost of college for students across the country is going up.

The interest rate on undergraduate government Stafford loans increased Wednesday to 4.66-percent. That is up almost a full percentage point.

Stafford borrowers will pay about $46 more per year on a $10,000 loan based on a 10-year repayment period.