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There’s some good news tonight for Florida college students. Congress has reached a deal to freeze student loan interest rates, but as Whitney Ray tells us, the deal limits who qualifies for the government subsidized loans.

FSU junior Caroline Pryor is borrowing money to pay for school.

“After I’m done, it’s probably going to be around nine, ten thousand,” said Pryor.

While her loans are expensive, they could have been even higher. Last week Congress reached a deal to keep student loan interest rate from doubling to nearly seven percent.

“If they keep it the same, I think I’ll be able to get by, hopefully,” said Pryor.

The rate freeze is good news for Florida students who, without the deal, would have seen their loan debt increase an extra thousand dollars every year they borrow.

But there is a catch. Interest on new student loans will begin accumulating as soon as a student graduates. Now on existing loans, there will still be a grace period for interest and students will still have six months before they have to begin making payments.

Caroline says the changes will add pressure for college grads trying to find work in a saturated job market.

“If I don’t get a job in a certain amount of time it’s going to be really tough,” said Pryor.

And it’s getting tougher still for students who seek advanced degrees. As of this month, grad students no longer qualify for government subsidized loans. That concerns Sophomore Shawn McCullough, who plans to attend medical school.

“I’m passionate about what I want to do so it doesn’t change my plans, but it’s going to make things a lot more difficult,” said McCullough.

The last minute deal is set to expire in one year. Which means students who don’t graduate by 2013 could face another round of student loan increases.

The new student loan bill also disqualifies people who don’t have a high school diploma or a GED from qualifying for government subsidized loans. The provision is expected to affect people who attend trade schools.