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Applying for a student loan? Prepare to pay more

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WASHINGTON – If you are planning to apply for a student loan, prepare to pay more for it.

Beginning Tuesday, all of the student loans offered by the federal government will see their interest rates increase by 0.8 percent.

The change stems from a bipartisan deal brokered last year by Congress and signed by President Obama that ties the rates to the financial markets.

Until last year, student loan interest rates were set by law and did not adjust with economic conditions.

For every $10,000 in student loans, the average borrower can expect to pay $4 extra a month to pay it back.