Student loan interest rate set to go up - CANDICE CHOI ASSOCIATED PRESS

President Barack Obama's State of the Union speech may be causing anxiety for families with college-bound students. In addressing the rapidly rising cost of higher education, Obama noted that the fixed interest rates on student loans are set to double in July if Congress fails to act. There are primarily two types of federal student loans: subsidized and unsubsidized. The difference is that the government doesn't start charging interest on subsidized loans until the student graduates. But with unsubsidized loans, interest starts accruing right away. That can tack a considerable amount on to the initial loan amount by the time the student graduates and starts paying off the debt.