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Student loan payments to go up in July

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Payments on student loans could rise dramatically for millions of college students in July, unless Congress takes action.

The interest rate on Stafford loans, which are fixed-rate federal loans for undergraduate and graduate students attending college at least half-time, will double on July 1st, going from 3.4% to 6.8%.

By one estimate that would add another $1,000 to the cost of each loan.

The interest rate hike was set to start last year, but lawmakers extended it amid a national backlash.

Right now there's no word if they'll postpone it again.

 

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