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Posted: Monday, 01 July 2013 4:10PM

Government-Backed Student Loan Rates Double

It became a lot more expensive to go to college today for poorer Americans, as student loan interest rates on goverment-insured loans have doubled to 6.8%. Lake Michigan College President Dr. Bob Harrison says the doubling makes it harder for a lot of people to afford an education.


Harrison says in the past, LMC has encouraged students and their parents to pay cash for their education locally whenever possible.


Senate Democrats urged the House last week to take action to prevent the rates from doubling. There are indications something may be brought before lawmakers on Capitol Hill this month to reverse the jump in the rates, but passage is uncertain.


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