Student Loan Interest Rates to Go Up July 1st

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By NewsCentral Staff

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Updated: Fri, 31 May 2013 10:03:13 EST

7 million students are about to get a tough lesson in economics. Interest rates on student loans subsidized by the government will most likely double to 6.8% on July 1st. The increase will only affect one-third of all undergraduate students who have subsidized loans that are awarded based on economic need. Undergraduates with unsubsidized loans have been paying 6.8% since 2007. Congress and The White House agree something should be done to prevent the increase; they just don't agree on how to do it. The Republican-controlled House passed a bill last week that would stop the rates from doubling now, but would allow them to rise later. President Obama vowed to veto it, calling it “the wrong approach.”

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