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Low-interest federal loan rates for college students are more than likely to double on Monday, July 1st, adding a financial burden of $4.3 billion on the shoulders of nearly 7 million young Americans.

Congress broke for a July 4th recess yesterday without making any amends to the looming deadline that will hike certain Stafford loan interest rates from 3.4% to 6.8%.

Still, senators are insisting that the rate hike is reversible and will be changed as soon as congress is back in session.