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Deal preventing hikes in student loans possible with vote today

Washington - A deal to prevent big hikes in student loan interest rates could be voted on as early as today.

Senators reached a deal late Wednesday to lower student loan interest rates.

The agreement would offer students lower interest rates through the 2015 academic year, but after that, rates are expected to soar.

Undergraduates could face rates as high as 8.25 percent, while grad students could pay 9.5 percent.

Parents signing on for their kids' loans could top out at 10.5 percent.

Interest rates doubled to 6.8 percent on July 1, after Congress failed to act.

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Washington Times