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Student loan rate set to double

Deal still possible before students will feel impact

WASHINGTON — The interest rate on a federal loan available to low-income students is scheduled to double on Monday to 6.8 percent because Congress was unable to agree on a long-term fix or temporary extension before adjourning for the holiday recess.

The rate hike on federally subsidized Stafford loans — the largest federal student aid program — has been looming for a year since Congress struck a temporary deal amid the presidential race to keep rates at 3.4 percent until July 1.

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