The United States Senate voted not to restore the 3.4 percent interest rate on new federal student loans. Interest rates on new subsidized Stafford loans will remain 6.8 percent after the Senate came up short of the 60 votes needed to move on to a final vote to reverse the increase. Around seven million students will be affected by this change, and a college freshman could pay about $4,000 more in interest after four years of loans.

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