Deadline Near With No Deal on Loan Rates for Students

June 26, 2013
New York Times  
student loan news

Interest rates on federal Stafford loans will increase to 6.8 percent from 3.4 percent on July 1, barring federal action. However, on July 26 Senate Majority Leader Harry Reid and other Democrats shot down a bipartisan proposal from five senators that would have fixed all new student loans to the 10-year U.S. Treasury bond rate, plus 1.85 percentage points. Critics protested that the legislation lacked a hard cap on interest rates to protect against market fluctuations.
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