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Student loan interest rates set to increase July 1

By: Arth Pandya, Senior Staff WriterIncrease to cost the average student additional $1,000 over life of loan.

The 2007 College Cost Reduction and Access Act that was signed by President Bush to temporarily reduce the interest rate on subsidized Stafford loans from 6.8 percent to 3.4 percent is set to expire July 1.
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