ORLANDO, Fla. -- For college students, dreams of being in the so-called "real world" are being overshadowed by the high interest on student loans.

  • Interest now at 5.05 percent, concerning students
  • You could still be affected even if you don't have student loans
  • Official suggests paying what you need, more than minimum

On July 1, interest rates jumped to a level that worries some students. It's not just students who are feeling the effects -- it's really anyone who is carrying a balance that doesn't have a fixed interest rate.

Those in the financial world are watching closely the possibility that rates may go even higher.

For college senior Belinta Prudhomme, who is majoring in biomedical science, she's ready to get out of the classroom and enter a dental program.

"Now I actually get to go ahead and have hands on experience, versus the books and all of that," Prudhomme said.

She has high hopes of being a dentist, but the high interest of student loans may follow her around for years.

"With the career that I'm going for, my debt is going to be about $125,000," Prudhomme added.

You can imagine the shock factor from what Prudhomme and other students recently noticed -- interest at 5.05 percent.

"It's giving them a hard road to travel when they first get out of college," said Kimberly Stewart, President of KRS Wealth Management in Orlando.

Stewart said it could only get worse.

"We've already had two this year, and there's two more expected to be coming before the year is out," she said.

Even if you don't have student loans, you could still be affected. If you have credit cards, own a home with a mortgage or are thinking about getting a mortgage, interest is going up.

"Anything that has an adjustable interest rate is going to be affected any time the fed increases interest rates," Stewart said.

For Belinta Prudhomme, the interest rate isn't stopping her from reaching her dental goals.

"I get to create beautiful models on teeth that I would eventually build," Prudhomme said.

When it comes to student loans, Kimberly Stewart suggests getting only what you need, pay back what you can, and if possible pay more than the minimum and even double up at times.