July 13th, 2013 by WCBC Radio
The interest rate for government subsidized Stafford loans has doubled from 3.4 percent to 6.8 percent as of June 30. Democrats attempted to pass a bill reinstating the lower 3.4 percent interest rate for another year, which would have served as a temporary fix. The bill failed to gain enough support. Both parties are in favor of enacting a comprehensive overhaul on federal student loans, but disagree on the interest rate numbers.
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