Federal Stafford loan rates could double this summer

Federal student Stafford loans are at the center of an election year battle, as loan interest rates are expected to double if Congress doesn't act

FARMINGDALE - Federal student Stafford loans are at the center of an election year battle, as loan interest rates are expected to double if Congress doesn't act by July.It's a scary deadline for more than 7 million college students across the country, who will have to pay 6.8 percent interest rates on government-subsidized loans if Congress doesn't pass legislation to prevent it. The current rate is 3.4 percent, but keeping rates low could come with a cost.The Republican-controlled House passed a bill today that provides $6 billion to maintain low interest rates for student loans by slashing funds from President Obama's health care law.The bill will now go to the Democrat-controlled Senate where it's expected to die. If it doesn't, the president has vowed to veto it.

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