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Republicans in the Senate have blocked a bill by Democrats that would keep federal student loan rates low by changing a tax law that would allow some rich people to avoid paying Medicare and Social Security taxes by classifying their earnings as dividends, instead of cash income (a tax break for S-corporations). Republicans want to eliminate a preventative health care fund from The Affordable Care Act to pay to keep student loan rates down. If no progress is made, interest rates on subsidized student loans will jump from 3.4 percent to 6.8 percent on July 1, and everyone will lose.

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