US Student Loan Interest Rates Debate
July 10, 2013 by staff
US Student Loan Interest Rates Debate, Surrounded by college students on the steps of the House of Representatives, House Speaker John Boehner talks about student loan interest rates, which doubled on July 1.
Congress might be more than a week past the deadline to keep student loan rates from doubling for 7 million students, but the House of Representatives and Senate say they are prepared to retroactively restore lower rates. That is if they can halt the blame game and come to some kind of agreement.
While the House passed legislation months ago to tie the student loan interest rates to the Treasury, Senate Democrats have dug in their heels and demanded a simple extension of the 3.4 percent interest rate.
Senate Majority Leader Harry Reid, D-Nev., announced this week he would hold a vote on a plan that would lock in a 3.4 percent student loan interest rate for one more year until committee hearings could be held to find a more long-term plan. The Senate demanded the same plan last year and won out.
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