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Political Factoid
The disfunctional Congress,
especially the Republicans,
refused to extend the rates
for federal Stafford student
loans beyond July 1st, 2013.
This caused the rates
instantly to double from
3.4% to 6.8%.
Eventually, Congress agreed
to temporarily lowering the
rates back to 3.4%, but then
have them rise to as high as
8.25% for undergraduates,
9.5% for graduate students,
and 10.5% for parents' rates.
Meanwhile, banks are paying depositors
interest rates of less than 1%, some
as low as 0.05%.
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