No Congressional Deal on Student Loan Rates


By News Department

WASHINGTON, D.C. (CNN) - Seven million college students will likely have to pay more for their loans come July First.

Congress is working on a deal to prevent a 100 percent hike in subsidized student loan interest rates, but a final agreement probably won't come until after lawmakers return from the July Fourth recess.

If so, the plan is expected to apply retroactively so students aren't hurt by the temporary spike.

The House already passed a bill that would prevent the July increase, but it would link student interest rates to the 10-year treasury note, which means they would vary from year to year.

Senate Democrats want a fixed rate.

Add a comment


Comment: 1000 Characters Left

ABC Columbia and its affiliated companies are not responsible for the content of comments posted or for anything arising out of use of the above comments or other interaction among the users. We reserve the right to screen, refuse to post, remove or edit user-generated content at any time and for any or no reason in our absolute and sole discretion without prior notice, although we have no duty to do so or to monitor any Public Forum.

Most Popular

Current: 85°
Partly Cloudy
High: 85°
Low: 73°
Wind: 12 MPH
Pressure: 29.98
Humidity: 55 %

What's on WOLOTV Full Schedule