Student Loan Interest Rates Set To Double On July 1

“The interest rate on government-backed student loans is going to jump from 3.4 percent to 6.8 percent Monday.

Republicans, Democrats and the Obama administration could not agree on a plan to keep it from happening. Lawmakers say a deal is still possible after the July 4 recess. But if they don’t agree on a plan soon, 7 million students expected to take out new Stafford loans could be stuck with a much bigger bill when they start paying the money back.”

Picture by: iStockphoto.com

For more information: http://www.npr.org/2013/06/28/196243698/student-loan-rates-set-to-double-on-july-1?ft=1&f=1013

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