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Loan rates for college students will rise next year

DENVER — As students across Colorado celebrate their commencement ceremonies this weekend, they are looking at loan rates going up for the next year.

The Treasury Department said that starting in July, interest on new government loans will rise by 0.69 percent.

That would mean an increase of about $400 in interest on a $10,000 loan.

The increase does not apply to existing federal student loans taken out in the past decade.

About 44 million Americans owe an average of $32,000 in student loans.