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Unless Congress acts, this summer the interest rates on new federally subsidized Stafford loans will double, increasing from 3.4 to 6.8 percent. At a time when more and more college students are taking on new debt, this is a daunting prospect.
Some estimates place total outstanding student debt in the United States at more than $1 trillion. The reasons for the continuing surge in student debt are complex - affected by the protracted recession, weak labor market and tuition increases across the nation as states deal with billion-dollar deficits in part by slashing funding to public colleges and universities.

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