Senate leaders reached a compromise Tuesday that will freeze federally subsidized student loan rates for another year, and Senate Minority Leader Mitch McConnell (R-Ky.) says he expects his GOP colleagues in the House to fall in line, too. The deal will keep rates at 3.4 percent; without congressional action, interest rates would have doubled beginning July 1. More than 7 million students will save money thanks to the arrangement. Talks between Republicans and Democrats had been stalled over disagreement on how to pay for the $6 billion cost of freezing the rates. Exact details are still being worked out, but it's expected that the extensions will be funded by raising premiums for federal pension insurance.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- The real story behind Deliver Us From Evil
- How the South's ugly racial history is haunting ObamaCare
- 43 TV shows to watch in 2014
- If Democrats abandon immigration reform after Tuesday's likely loss, they will turn 2016 into a debacle
- What if Leo Strauss was right?
- Stop making fun of philosophy and read some philosophy
- 6 things the happiest families all have in common
- How science can help you survive scary movies
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- The real story behind The Conjuring and four other horror movies 'based on a true story'
Subscribe to the Week