ALBANY, GA -- If the U.S. Congress does not decide what action to take with the $14.3 trillion deficit limit by August 2nd, Americans could see rising interest rates including with student loans.

Interest rates would see a spike if no action is taken on the deficit because it would affect the nation’s credit rating.

“Basically interest rates… if we can't sell our bonds that's going to drive interest rates up. That’s the problem. Interest rates will not only affect college students as far as getting access to loans but it will impact consumers, it will impact businesses,” says Darton College Economic Professor Aaron Johnson.

Congressmen have suggested not issuing subsidized loans beyond July 2012; the government pays the interest on subsidized loans while students are in school and during the six month grace period after graduation.

The government is also considering cutting the student loan program to make in the federal budget to help with the deficit.