NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Monday, July 1.
Student loan rates doubling on Monday
Students preparing to take subsidized government loans will see their interest rates double to 6.8% from current levels, starting Monday, July 1. But hope isn't lost yet. Lawmakers are working hard behind the scenes trying to strike a deal to save the 7 million college students who are slated to take the subsidized federal Stafford loans this year. enate Democratic leaders are throwing their weight behind a bill that would extend the 3.4% rates for another year, just as Congress did last year. House Republicans have said they'd prefer a longer term solution, like the one they passed back in April to keep rates low for now but rise along with market rates in the future.
Honda recalls Fit for fire risk, says park it outside
It's another recall for power window switches getting wet, shorting out and potentially setting your car on fire. Honda is recalling nearly 700,000 Fit subcompact hatchbacks from the 2007 and 2008 model years -- including 143,083 in the U.S. -- because the master switch in the driver's door because rain, snow or other moisture can get in the door and damage the switch, causing it to overheat and smolder, smell and potentially start a fire.
Facebook sets up review policy for pages, groups
Facebook announced Friday that, starting Monday, it will begin reviewing all pages and groups to determine whether their content is too controversial or offensive to carry advertisements. The social network said that the process allows for free expression but also ensures that businesses can be confident that their brands won't be associated with graphic, violent or sexual content. The announcement comes weeks after women's rights activists and others highlighted several Facebook pages that glorified and encouraged violence against women. Not only that, they noted, in many cases the pages were carrying ads - meaning that some people were making money off of the graphic content.
Selling July 4th: Why Americans are eating fewer hot dogs
Americans spent $1.7 billion on hot dogs last year-and that's just at supermarkets; it doesn't count wieners purchased at restaurants and sports facilities or from street vendors. And no day is better for hot dog consumption than the Fourth of July, when Americans are expected to eat about 150 million of them-enough to stretch from Washington, D.C., to Los Angeles more than five times. While those numbers are impressive, overall hot dog sales are declining. According to figures from IRI, a Chicago-based market-research firm, sales dropped more than 3 percent in 2012 from 2011, following two consecutive years of smaller declines.