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Senate Leaders Promise Quick Action On Federal Student Loan Interest Rates

July 10th, 2013 by WCBC Radio

It's been a little over a week since the interest rate on some federal student loans doubled, and Senate leaders are promising quick action to take up the matter again now that the holiday recess is over. Among those expressing optimism that action will come quickly is Maryland Senator Ben Cardin.  Congress failed to pass legislation to avoid the doubling of the interest rate from 3.4 to 6.8 percent…which kicked in July 1. Cardin said the Republican plan to avoid capping the loan rate was unacceptable, while the GOP blamed Democrats for allowing the rate to increase…





 

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