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Az students nervous with interest rate set to double on need-based loans

Unless Congress acts before July 1, interest rates on subsidized student loans, for which students must demonstrate financial need, will rise from 3.4 percent to 6.8 percent. Students don’t have to pay interest on subsidized loans while in school. Unsubsidized loans, which currently have a 6.8 percent interest rate, require students to pay interest on loans from the start.

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