Student Loan Rates Double After Congress Fails on Fix
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Student Loan Rates Double After Congress Fails on Fix
Photo Credit:AP/Susan Walsh
By FoxNews.com
Interest rates on federally subsidized Stafford student loans doubled overnight, soaring from 3.4 percent to 6.8 percent after Congress failed to reach a deal.
Though lawmakers potentially could still pass a bill to undo the damage, Congress’ Joint Economic Committee has estimated the increase — unless and until it is reversed — will cost the average college student an additional $2,600.
