In late 2011, spiraling student debt topped $1 trillion for the first time, according to a preliminary government study. This occurred within the framework of a debate in Congress about raising the interest rate on government-subsidized loans. The current rate for subsidized Stafford loans, the program most widely used by low- and middle-come students, was lowered in 2007 to 3.4% but is scheduled to revert to its former rate of 6.8% in July 2012 unless Congress acts. (The higher rate would only apply to new loans.) Graduate students and students with unsubsidized Stafford loans already pay the higher rate. Congressional Democrats and Republicans have been unable to agree on trade-offs to keep the lower interest rate. The Federal Reserve Bank of New York reported that the average student debt in 2011 was $23,200; just 3% of student borrowers owed more than $100,000, and only 10% owe more than $54,000. A U.S. Department of Education survey of 2007-08 graduates found that about two-thirds of bachelor’s degree recipients borrowed money for college.