06/26/2013 04:39 pm ET Updated Jun 26, 2013

Deadline For Federal Student Loan Rates To Double Looms, Nev Schulman Warns Students (VIDEO)

Nev Schulman, star of MTV's "Catfish," thinks double is great. Doublemint, Double Dare, Double Stuf Oreos -- all good things.

But Schulman and Our Time want students to know "double isn't better when it comes to student loans."

Interest rates on new subsidized Stafford loans, which account for one-quarter of all federal student loans, are scheduled to double from 3.4 percent to 6.8 percent on July 1 unless Congress acts. Current outstanding federal loans, private student loans and other forms of financial aid like Pell grants will not be affected.

"Double means about 7 million young Americans will have to pay an extra thousand bucks for each year [of school]," Schulman says in the video.

Watch the video here, and click here for more from Our Time.


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