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Illinois Students Could Soon Pay More For Loans

A possible rate hike for student loans in Illinois.

Legislators are working on restructuring student loan rates.

If a deal is not worked out the rates will double from 3.4 to 6.8 percent and that could mean students would have to pay an additional $1,000 over the life of their loans.

This rate hike will affect more than 365,000 Illinois students with Stafford Loans.

Lawmakers have until July 1st to come up with a plan.