Congress Set to End Fixed Student-Loan Rates After Costs Jump
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Congress is poised to enact legislation ensuring that 11 million U.S. students pay 3.86 percent instead of 6.8 percent on their next college loan by creating market-based rates for higher-education financing.
The measure, passed by the Democratic-controlled Senate yesterday 81-18, now goes to the Republican-run House of Representatives. Speaker John Boehner said in a statement that the House would “act expeditiously” and called the Senate measure “a victory for students and parents” that’s “consistent with the House Republican bill passed in May.”