As of yesterday, July 1, interest rates on student loans have doubled from 3.4 to 6.8 percent due to the inability of Congress to pass legislation to stop it from automatically happening, according to an article on ABCNews.com.

According to the article, the student loan hike will impact more than 7 million students who will experience the increase when trying to take out our renew a federal subsidized Stafford loan.

Click here to read the full article.

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