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Taxpayer Calculator: See what student loan deal costs you

Despite rounds of election-year messaging and demagoguery on the issue, Congress managed to find a bipartisan solution to keep student loan rates from doubling before a July 1 deadline.

In a flurry of legislative activity before the July 4 recess, the House and Senate passed a bill that would keep interest rates on new loans at 3.4 percent for another year at a cost of $5.985 billion. According to the Congressional Research Service, that should save the average student $1,000 in debt for one year.

See what the loan rate extension, though, is costing you. Click here to plug your salary into the taxpayer calculator.

If your annual salary is $15,000 to $30,000, the cost to you is $2.80. If it's $30,000 to $50,000, you pay $9.76. And if you earn $50,000 to $100,000, you pay $26.27. 

Your share goes up to $73.92 for salaries between $100,000 and $200,000.

At Friday's bill signing, President Obama called the issue vital for millions of students."A higher education is the surest path to finding a good job and earning a good salary, and making it into the middle class," he said.

The average federal student loan debt for a graduating senior from a four-year undergraduate program is $17,063 per borrower, according to statistics from the Education Department.

The current overall outstanding student loan balance in America is $904 billion. 

Fox News' Mike Emanuel and John Brandt contributed to this report.