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Congress punts on student loan interest rates
Congress racked up another F this week, failing to stop a looming increase in student loan interest rates that both parties say they oppose. Friday will be the last day for college students of modest means to obtain a federal loan at the ultra-low interest rate of 3.4%, at least for a while. The rate jumps to 6.8% Monday for new subsidized Stafford loans, a type of loan available only to students from low- and moderate-income families.
By Jon Healey
June 28, 2013