Senate reaches deal to freeze student loan rates
By The Week Staff | June 26, 2012
Syracuse University graduates during their commencement: Professor Luigi Zingales says we could extinguish student debt by having venture capitalists "fincance students' education with equity."
Nate Shron/Getty Images
S
enate 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.
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