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Article updated: 7/2/2013 5:10 AM

Student loan rate doubles, but bigger bills not imminent

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People who now have student loans don't have to worry about their monthly payments rising. The new rates are for one particular set of government-backed loans and only for new borrowing after July 1.

Rick West | Staff Photographer

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Brad Schneider

Peter Roskam

Bill Foster

Tammy Duckworth

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Today's doubling of some student loan rates polarized suburban members of Congress, but graduates grinding through the working world to try to pay off their college debts need not worry about their monthly payment rising. "I think that's one of the misconceptions out there," Northern Illinois University Director of Financial Aid Rebecca Babel said.
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    • People who now have student loans don't have to worry about their monthly payments rising. The new rates are for one particular set of government-backed loans and only for new borrowing after July 1.
    • Brad Schneider
    • Peter Roskam
    • Bill Foster
    • Tammy Duckworth
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