CARBONDALE, Ill. - The fight to keep federal student loan interest rates from doubling stalled in the U.S. Senate Tuesday.

Senate Republicans voted down a Democratic version of a bill that would freeze rates for a year.

The debate isn't necessarily over the issue but how to pay for it. A one-year freeze on federal student loan interest rates would cost the government about $6 billion.

Democrats want to pay the difference by increasing social security and medicare payroll taxes on high-earning stockholders and some privately owned corporations.

But Republicans are pushing their own version that would pay the costs by cutting from a health care fund that promotes preventative care.

If Congress doesn't act, interest rates for need-based student loans are scheduled to increase from 3.4% to 6.8% this summer.

That means students taking out loans for the next school year will have to worry about that hike in interest, one that would add about $1,000 to the cost of that loan.

Local universities are having to do some of their own number crunching, as they wait to see what the impact could be.

Jordan Figura is a senior at SIU-Carbondale. She's studying for her final, final.

"So I probably have $10,000 right now," said Figura.

She'll graduate in a matter of days with loans of her own. But she's escaping just in time, getting out of the game before interest rates for some student loans are set to double.

"I mean I think it will definitely discourage people to want to go to school," said Figura.

SIU-Carbondale Chancellor Rita Cheng said the fight over student loans has her attention.

"The lower interest rate has helped students and their families pay for college," said Cheng.

More than half of the students at SIU-Carbondale use direct federal loans to go to school. An interest rate hike could be a game changer.

"If it doubles, it would be a very expensive accumulation of interest, as well. And so many people would think twice about taking out the loans, which means that they may think twice about going to college," said Cheng.

Figura said she's had classmates that have dropped out because of the cost of college. And knowing future students could face added expenses makes her worried.

"It doesn't uplift anyone to want to go to school," she said.

Until a decision is made, administrators will wait, knowing that the clock for this fix is ticking.

"It'll make it more challenging for us if the interest rate is increased," said Cheng.

The interest rate increase would affect more than 7 million students across the country.