Paying for College

Student Loan Interest Rates

The first of July this year rather overshadowed the Fourth with some college student loan headlines: “Student Loan Rates Double After Congressional Inaction." “Interest rates on new college student loans double, but Congress could restore low rates later." “Student loans: Exploiting America's young." “Student Loan Interest Rates Double." Happy summer, collegians!

In case you've been on another planet or too busy working to earn money to make payments on your student loans, you may not be aware of what transpired. Here's how one news report chose to characterize what happened July 1:

Monday, the interest rate on government-backed student loans skyrocketed from 3.4 to 6.8 percent. The rate hike had been avoided for a few years thanks to last-minute deals in Congress, but no such deal emerged this year.

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