Student Loan Rate Increase Affects Alabama Students

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Yesterday, student loan interest rates increased 6.8 percent.

According to the center for American Progress, the impact is widespread in Alabama since more than 125,000 Alabama college students have Stafford Loans.

54 percent of college graduates are in debt, and the average debt is $24,240.

Nearly 13 percent of borrowers are more than 90 days behind on payments. If student loan rates didn’t increase, the center says the average borrower would save $919.

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