On July 1, interest rates on Stafford student loans doubled from 3.4 percent to 6.8 percent because Congress could not come to an agreement before the July 1 deadline.

According to a New York Times editorial, “This increase in costs comes at a time when college debt has already reached record levels, damaging the economy and hobbling young graduates. It also draws attention to the fact that the federal government is making quite a lot of money from the loan program. An analysis by the Congressional Budget Office estimated that the new, higher rate would earn the government about $184 billion over the next decade, after taking into account program costs, including potential defaults.”

But Wednesday, by an 81-18 vote, the Senate approved a bill to tie federal college loan rates to financial markets and offer borrowers lower rates this fall, essentially rolling back the July 1 interest rate hike. The bill is expected to gain approval from both the GOP-controlled House and President Obama.

So how much do you know about the state of student loan debt in the U.S.? Take this quiz and find out.

What is the total amount of student debt currently in the U.S.?

A) $900 billion

B) $1 trillion

C) $1.1 trillion

D) $1.3 trillion

And the answer is ... C

The current outstanding debt owed by students and graduates in the U.S. sits at roughly $1.1 trillion. To put that into perspective, that amount is greater than all the credit card debt in the nation combined.

What's the percentage of students who will graduate with debt?

A) 57 percent

B) 68 percent

C) 70 percent

D) 90 percent

And the answer is ... C

In 2013, 70 percent of graduates will have student debt to pay off.

What is the average amount of debt owed per student?

A) $28,700

B) $31,100

C) $33,400

D) $35,200

And the answer is ... D
Deseret News

$35,200 -- a number large enough to make any graduate's jaw drop.

What is the current interest rate on student loans?
Deseret News

A) 3.2 percent

B) 4.3 percent

C) 5.4 percent

D) 6.8 percent

And the answer is ... D

Congressional deadlock led to the doubling of interest rates from 3.4 percent to 6.8 percent.

What percentage of loans were delinquent at the end of 2012?

A) 10 percent

B) 14 percent

C) 17 percent

D) 20 percent

And the answer is ... C
Deseret News

The delinquency rate stood at roughly 17 percent, up from around 10 percent in 2004. If you omit loans in deferment, the number jumps to almost one-third.

Over the past decade the amount of student debt has ...
Deseret News

A) Stayed the same

B) Doubled

C) Tripled

D) Quadrupled

And the answer is ... C
Deseret News

Statistics show that from 2004 to 2013 total student debt has grown by $986 billion, nearly tripling in size.

What is the amount of private student loan debt?
Deseret News

A) $100 billion

B) $150 billion

C) $200 billion

D) $250 billion

And the answer is ... B

Private loans are the least attractive option for students, often coming with much higher interest rates and stricter repayment timetables. However, students can't always qualify for enough federal loans to cover the cost of education, so they have turned to private loans and have accumulated $150 billion in debt.

What percentage of students and graduates owe over $54,000 in loans?

A) 5 percent

B) 7 percent

C) 10 percent

D) 17 percent

And the answer is ... C

Ten percent of students and/or graduates owe over $54,000 in loans. Three percent owe at least $100,000 and 1 percent owe at least $200,000.

What percentage of 25-year-olds hold student debt?

A) 40 percent

B) 50 percent

C) 60 percent

D) 70 percent

And the answer is ... A

In 2004, 26 percent of 25-year-olds held student debt. Nine years later, that number has jumped to 40 percent.

True or false

Student debt can be dismissed if someone declares bankruptcy.

False ... basically

In 1976, Congress amended the Higher Education Act, banning federal student loans from being discharged when a person files for bankruptcy. In 2005, private student loans were banned as well. On rare occasions, student loans are dismissed if the person filing for bankruptcy can prove "undue hardship."