A deal may be in place in Washington to help new undergraduates afford college, NBC's Kelly O'Donnell is reporting.

Interest rates on federally subsidized Stafford student loans are scheduled to double on July 1. Students who take out Stafford loans on that day or later would be charged 6.8 percent interest, compared to the 3.4 percent interest rate currently associated with such loans.

A week ago, the Associated Press reported that a bipartisan compromise on student loan interest rates was "taking shape." That compromise would tie interest rates to financial markets, the AP said.