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Student loan interest rates set to double after Congress fails to pass legislation

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Students using federal loans to pay pricy tuition costs will face the burden of doubled interest rates, effective July 1.

After the Senate failed to strike a deal that was supposed to lower the interest rates of subsidized Stafford loans on Sunday, rates will now spike from 3.4 percent to 6.8 percent and affect over 7 million college students who use these loans.

However, the Senate will take a vote on a bill that would keep the previous 3.4 percent for another year on July 10.

1 Comment

  • Mike

    Student loans are an investment in our country's future. Instead of making education more expensive, Congress should be finding ways to make it less expensive.

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