Report: Senators Agree on a Student Loan Deal
There may finally be a bi-partisan deal in the Senate that will lower student loans, at least for now, after interest rates on new subsidized Stafford loans doubled at the beginning of July. But from the AP report on the deal, it looks like those rates could climb back up, or go even higher, if the economy improves in the coming years. They explain:
The deal would offer students lower interest rates through the 2015 academic year but then rates were expected to soar. Undergraduates could face rates as high as 8.25 percent, while graduate students would see rates as high as 9.5 percent and parents' rates would top out at 10.5 percent.
They report that lawmakers could vote on the deal as early as tomorrow. The rate hike didn't apply to existing loans taken out by undergraduate and graduate students, or parents.
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We'll update this post on a developing story with new information as it becomes available.
