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Student Loan Rate Doubled After Bill Fails

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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