College students prepare for higher loan rates

MGN Online Photo
Monday, July 1, 2013 - 8:45am

Students preparing to take subsidized government loans will see their interest rates double, to six-point-eight percent. The change takes effect today (Monday), but all hope isn't lost yet.

Lawmakers are trying to strike a last-minute deal to save the seven million college students slated to take the subsidized federal stafford loans this year. The higher rates only apply to new loans.
Only congress can change the rates.


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