Student loan rate expected to increase to 6.8%

(WFLX) - Seven million students across the country are bracing for student loan rate increases.

Interest rates on student loans subsidized by the government will most likely double to 6.8 percent on July 1.

One-third of all undergraduate students who have subsidized loans awarded based on economic need will be affected.

Congress and the White House agree something should be done to prevent the increase. They just don't agree on how to do it.

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