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ST. LOUIS, MO (KTVI) - Future Stafford student loan interest rates will double on July 1st if congress doesn't come to an agreement. Most republicans and democrats want the federally subsidized loans to remain at the current rate of 3.4 percent.
The argument isn't over policy but how to pay for it. Do you increase taxes or cut spending? The rate could jump from 3.4 to 6.8 percent. This rate would add an average $1,000 to the life of future student loans.
Us congressman Russ Carnahan talks about his solution to this pending issue. He will also have a news conference at 10am on Tuesday at Webster university about this topic.