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Future Of Student Loan Rates Undecided

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Student loan rates will double if Congress doesn't act by July 13.
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Student loan rates will double if Congress doesn't act by July 13.

At the end of next week, lawmakers head out of town for their July 4 recess, however, they still have a lot of heavy lifting to do first.

As Obama pointed out in his weekly radio address: student loan interest rates will double, and the U.S. highway program will expire if Congress doesn't act by July 13. But Rep. Morgan Griffith (R-Va.) says the GOP already sent a proposal to pay for it, which includes increasing what federal workers pay into their pensions.

"It's a shame that the president isn't trying to work with Congress to resolve a very important issue," he says.

Senate leaders are negotiating a way to keep student interest rates low, but details aren't expected to become public until early next week. Even then, it's still unclear if any agreement would be acceptable to House Republicans.

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