Minnesota Daily: Congress Halts Loan Rate Increase

Congress passed legislation Friday to prevent student loan interest rates from doubling, giving students another year before the scheduled increase.

The legislation will keep the interest rate for subsidized Stafford loans — need-based federal education loans generally awarded to low- and middle-income students — at 3.4 percent through June 30, 2013, when it is still set to double…

“It’s very difficult to afford college right now, so you want to do everything you can to lift that burden, and that includes making the interest rates lower,” said Sen. Amy Klobuchar, D-Minn.

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