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New federal student loan terms take effect
The Associated Press reports that changes in the federal student aid program that took effect Tuesday will lessen interest rates for some students while increasing the amount they can borrow. Among the biggest changes, the interest rate on new, subsidized Stafford loans to undergraduates drops from 6.8 percent to 6 percent. Subsidized Stafford loans are awarded to lower-income students, and the government picks up interest payments while students are still in school…
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