Student Loans to Cost More in the Fall

college credit(CNN) — College freshmen taking out government student loans will pay a heftier price this fall.

Thanks to Congress, interest rates could be nearly a percent point higher than in previous years.

Under this rate, seniors with one year of school left could pay an additional $260 in interest over a 10-year period.

But analysts say freshmen with at least four years of college ahead of them could pay more than a thousand dollars of interest over the life of their loans.

The government student loan interest rate will be set Wednesday based on a government bond auction.

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