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Student loan rates to double

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Posted at 11:02 AM, Jul 01, 2013
and last updated 2013-07-01 19:08:18-04

Student loan rates are scheduled to double today, July 1 - to 6.8 percent.

Lawmakers have been trying to make a last-minute deal to prevent that from happening.

The higher rate will apply to government subsidized loans.

About 7 million students could be affected.

Only Congress can change the loan rates.