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Student loans drive Salle Mae profits up 144%

Sallie Mae says it originated $3.2 billion in student loans last quarter, helping push profits sharply higher.

The Reston-based company had second quarter net income of $724 million, or $1.61 per share, compared to $297 million, or 66 cents per share a year ago. Almost all of the gains came from money it makes on student loans.

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College loan costs set to rise Saturday

College costs keep spiraling upward, and now the cost of borrowing to pay for higher education is about to spike, too.

Students and their parents have taken comfort in a half decade of ultra-cheap college loans, loading up on debt to cover the bills. About eight million people borrowed $60 billion this year in education loans issued or guaranteed by the federal government. Now only those who act quickly will be able to keep a lid on the cost of that debt.

A combination of rising interest rates and legislative changes to the student-loan program will alter the student-loan landscape beginning Saturday. Rates on existing Stafford loans - the bedrock government-guaranteed student loans that 44 percent of full-time undergraduates rely on to pay tuition bills - change annually and are pegged to 91-day Treasury bills.

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