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Student loan bill fails in Senate

NEED TO KNOW
  • Stafford loan rates rose to 6.8% on July 1
  • White House working on compromise plan
File photo

A plan to keep student loan rates low for another year has failed in the senate.

That means, for now, rates on new Stafford Loans will rise to just under 7%.

Previously, they were 3.4%.

Existing loans are not affected.

Reports say the White House and Senate democrats are still working on a compromise plan to lower rates.

MORE: Trying to find some common ground

Morning Express with Robin Meade airs Monday through Friday at 6 a.m. ET on HLN. Like the show on Facebook, follow on Twitter: @MorningExp.

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