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Student Loan Interest Rate Doubles

The cost of college just increased for many American students. The interest rate on Stafford loans, the most widely used loan program for undergrad and graduate students, jumped from 3.4 percent to 6.8 percent this month. Experts say that could mean paying an extra $1,000 to $4,500 over the lifetime of a loan. The interest rate had been lowered in recent years to help students during the recession. However, the U.S. Congress failed to vote by July 1 to keep that rate low. While Congress may lower the rate in coming weeks, July’s increase is a reminder of the overall rise in college costs and the increasing burden on teens and their families.

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