New Subsidized Student Loan Interest Rates Double - Northern Michigan's News Leader

New Subsidized Student Loan Interest Rates Double

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Interest rates on new subsidized student loans doubled July 1st affecting millions of students across the country.

The rates doubled to 6.8%. The changes could affect seven million students nationwide.

It could cost students as much as 5,000 dollars more in loan repayment charges over a 10 year period. Others student would pay several hundred dollars more.

Only Congress has the power to change the rates. Lawmakers left town for their holiday break, but will try for another vote on July 10th to stop the increase.

For more information on the changes visit .

Kyle Mitchell and Photojournalist Tony Zyber explain the changes and what they could mean for students at Northwestern Michigan College.