Business News: Student loan rates double - KYTX CBS 19 Tyler Longview News Weather Sports

Business News: Student loan rates double

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(CNN) - In Business News, students preparing to take subsidized government loans will see their interest rates double, to 6.8 percent.


The change takes effect today, but all hope isn't lost yet. Lawmakers are trying to strike a last-minute deal to save the seven million college students slated to take the subsidized federal Stafford loans this year.

The higher rates only apply to new loans, but  only Congress can change the rates.


 

(CBS) - Wall street will shut down for the July 4th holiday.


The closing bell will sound three hours early on Wednesday. The markets will be open Friday, but there will still be plenty of economic reports for investors to pour over.

Including the latest on construction spending, manufacturing and auto sales for the month of June. The main event comes Friday, when the government releases the monthly unemployment report.
  Economists expect to see 165,000 jobs added and an unemployment rate of 7 and a half percent.



(CBS) - Gold lost some of its luster last quarter, falling a record 23 percent.

 At about $1,200 dollars an ounce, it's the lowest price for the precious metal in nearly three years.

Investors buy gold as a hedge against inflation, but with the Fed expected to pull back its bond-buying program, experts predict inflation will remain in check. 

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