student loan debt*The college experience is becoming big banking business and those students entering college in the fall will get the raw end of the deal in pursuit of their education.

On Monday, July 1, the government is set to double the interest rates on subsidized Stafford loans from 3.4 percent to 6.8 percent as the chairman of the Senate education panel, Sen. Tom Harkin’s petitions for lawmakers to “put this off for a year” fell on deaf ears.

But it is possible that Harkin and his colleagues could “retroactively restore” the current interest rate after the fourth of July, according to ABC.

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