[caption id="attachment_46255" align="alignleft" width="150" caption="President Obama said keeping the rate low would help 7.4 million borrowers save on average $1,000 over the life of the loan."][/caption]

Millions of college students could be in for a shock this summer when the interest rate on a popular federally subsidized student loan doubles unless Congress acts.

College students on March 13 delivered more than 130,000 letters to congressional leaders asking them to stop rates from increasing from 3.4 to 6.8 percent.

The rate hike affects new subsidized Stafford loans, which are issued to low and middle...

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