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Dropping the ball on student loans
Because Congress couldn't get its act together last month — not really all that surprising given the partisan gridlock in Washington — interest rates on federally subsidized Stafford student loans rose from 3.4 percent to 6.8 percent on Monday. That's bad enough for college students trying to figure out how they will repay the debts they incur to finance their educations. What's worse is that practically nobody in Congress — neither Democrat nor Republican — wanted rates to go that high, yet lawmakers seemed powerless to prevent it.
July 5, 2013