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Studen Loan Interest Rate Doubles

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According to ABC News today is the day that students who borrow money for their education will be paying more in interest.  And it’s all because Congress dropped the ball, again.

I hope your kids have been taught the Dave Ramsey lesson: Live like no one else so you can live like no one else.

Rates on new subsidized Stafford loans will rise from 3.4 to 6.8 percent.

“We’re talking about federal student loans not private student loans,” notes Gerri Detweiler of Credit.com.  “For a lot of borrowers who are having trouble making their payments, that means higher payments and it makes it even more difficult for them to try to re-pay those loans,” she says.

Unless Congress agrees to an extension of the lower rate, about seven million students are expected to pay more.  That will amount to thousands of dollars more over the lifetime of their loans.

The debate on extending low-rate loans is expected to continue when lawmakers return from the July 4 recess.

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