Student loan interest rates up 0.8%

(WFLX) - Starting Tuesday, July 1, if you or your kids plan on taking out a federal student loan, you'll be paying a higher interest rate. It's going up by 0.8 percent.

For every $10,000 you borrow that adds up to an extra $4 a month to pay it back.

Until last year, student loan interest rates were set by law and didn't adjust with economic conditions.

Copyright 2014 WFLX. All Rights Reserved.