This past July, the Federal Reserve raised interest rates on the Stafford Federal Student Loans from 5.3 percent to 7.14 percent on previous loans and to 6.8 percent on new loans, according to the St. Louis Business Journal.

At Cabrini, 94 percent of the full-time undergraduate students who filled out a Free Application for Federal Student Aids for financial aid received a Stafford Loan, according to Mike Colahan, director of financial aid.

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