10 things you need to know today: July 18, 2013

Senators reach a compromise on student loans, Mandela's condition improves on his 95th birthday, and more

Thousands of people celebrate the 95th birthday of Nelson Mandela outside the Mediclinic Heart Hospital where he is being treated on July 18 in Pretoria, South Africa.
(Image credit: Christopher Furlong/Getty Images)

1. SENATORS REACH DEAL ON STUDENT LOANS

A bipartisan group of senators reportedly reached a tentative deal late Wednesday to reduce rates on federally subsidized student loans, which doubled on July 1 from 3.4 percent to 6.8 percent. The compromise would peg new loans to 10-year Treasury note interest rates — plus 2.05 percent for undergraduates, with a cap of 8.25 percent. The cap for graduate students would be 9.5 percent. Democrats had proposed simply extending the 3.4 percent rate for a year, but the GOP wanted a long-term fix. [Politico]

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.