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Jul 3, 2013 12:00 AM

What doubled student loan rates mean for you

WASHINGTON (CNBC) - Congress failed in a last-ditch effort to reach a deal on student loans. As a result, interest rates on some federal student loans doubled to nearly 7 percent on Monday.

Though millions of college students taking out new student loans this fall will see interest rates that are twice what they were this spring, they won't really get hammered by the increase until they graduate.

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