Student Loan Rates Double After Congress Fails To Act

July has begun and with it, some student loans just got more expensive.

FOX News Radio’s Rich Johnson reports from Washington:

Because the Senate failed to agree before its July Fourth recess, the interest rate on government-subsidized Stafford student loans has doubled from 3.4% to 6.8%.

That’s made worse in some states, where officials have approved tuition hikes, as well.

Senate Democrats object to President Obama’s plan to tie student loan rates to market rates. House Republicans want to link student loans to interest on the 10-year treasury note. Legislators promise to fix the problem when they return from break — and make it retroactive.

In Washington, Rich Johnson, FOX News Radio.

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