Congress poised to prevent doubling of rates on student loans
Christian Science Monitor
College student borrowers can breathe easier for one more year. Late Wednesday, Congress reached an agreement that is expected to prevent the interest rate on federally subsidized loans from doubling on July 1. The bipartisan compromise came on the heels of months of political bickering over how to pay for extending the 3.4 percent rate on newly issued subsidized Stafford loans for the coming school year. President Obama has repeatedly hammered on the loan rate in recent speeches about keeping college affordable for the middle class, saying the extension will save about 7.4 million students an average of $1,000 over the life of the loan.