WASHINGTON, DC—Coming in at the eleventh hour, Congress decided Friday afternoon to allow for a one-year extension of a bill that would keep interest rates for student loans at a low 3.4%. New federally subsidized student loans would have otherwise doubled on July 1.

Student loan debt is believed to be the second-largest financial crisis in the US, after the housing disaster. According to the National Center for Public Policy and Higher Education, college fees in the US rose 439% between 1982 and 2007. During the same 25-year period, the median family income only went up by 147%. Additionally, unemployment among young adults, is hovering around 14% for 20- to 24-year-olds.

So far, the cost of a four-year degree isn’t deterring students from continuing their education. Enrollments and applications are up, thanks in part to the employment situation and the wave of echo boomers. Yet while the rising cost of higher education and high student loan balances may not have a direct impact on the student housing industry, they are definitely something those in the sector are watching.