Senate expected to vote on student loan rate Wednesday - KMSP-TV

Senate expected to vote on student loan rate Wednesday

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MINNEAPOLIS (KMSP) -

The Senate is expected to vote Wednesday on a bipartisan agreement on student loans that would lower interest rates for the next few years.

This is the latest of attempts to undo a hike that doubled interest rates on subsidized Stafford loans to 6.8 percent on July 1.

The While House released a statement on Tuesday asking for a quick passage of the deal, negotiated over the last few weeks by Democratic Sen. Joe Manchin of West Virginia and Republican Sen. Richard Burr of North Carolina.

Several Democrats argue the proposed rate drop would save students some money in the next few years, but future students would suffer higher rates in years to come.

Many are asking for a larger revision of the federal student loan program instead of a rate change, which could include refinancing existing loans and potentially lowering the overall cost of college.

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