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Student Loan Interest Rates Set To Double By July 1st

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Sad news for incoming college freshman today and it’s not an April Fool’s joke.

Students entering college this fall could end up paying up to $5,000 more for their student loans than we did if Congress does not stop interest rates from doubling. The increase will only affect students taking out new subsidized loans, non-subsidized loans are not expected to increase.

This possible rate increase could happen as a result of mandatory budget cuts and neither party has money set aside in their budget proposals to keep student loans at their current rate.

[AP]

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