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Interest Rates on Federal Student Loans Set To Double

Reported by: Ian Preston
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Updated: 7/01/2013 11:26 pm
College students could be paying a lot more for school come this Fall.

If the federal government cannot come to a resolution this summer, interest rates on federal student loans could double from 3.4% to 6.8 by the start of the school year.

Currently there are more than 122-thousand Kentucky college students with student loans.

Congress has pledged to keep the rates lower and are hoping they can come to an agreement after the Fourth of July holiday.

Currently 60% of Kentucky college students are in debt.

Many of them owe on average more than 22-thousand dollars.
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