From 2000 to 2011, the cost of undergraduate tuition, room, and board rose 42 percent at public institutions and 31 percent at private not-for-profit institutions after adjusting for inflation, according to the U.S. Department of Education. The Consumer Financial Protection Bureau estimates that, as of May 2013, outstanding student loan debt was approaching $1.2 trillion. No one disputes that the situation is out of control, and there is no shortage of proposals from Congress and the White House to control costs and reduce student loan debt. New Student Loan Interest Rates On August 9, President Barack Obama signed into law…