Congress Close to Deal on Interest Rates

June 28, 2012

House Republican leaders have tentatively agreed to a Senate deal to keep the interest rate on federally subsidized student loans at 3.4 percent for another year, the Associated Press reported Wednesday evening. The deal would extend the interest rate rather than let it double on July 1, but pay for the extension in part by cutting eligibility for students who have been enrolled for more than six years for a bachelor's degree or three years for an associate degree.

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