The Common Good

Senators Reach Deal on Student Loan Interest Rates

According to an aide connected to the Democratic Party, bipartisan senators reached a deal Wednesday that would offer undergraduate students a lower interest rate of 3.85 percent on student loans, up until the year 2015. Revealing this information to USA Today prior to the official vote, sources confirmed that both parties are working towards lowering students costs. USA Today reports:

The bipartisan agreement is likely to be the final in a string of efforts that have emerged from near constant work to undo a rate hike that took hold for subsidized Stafford loans on July 1. Rates for new subsidized Stafford loans doubled from 3.4% to 6.8%, adding roughly $2,600 to students' education costs.

Read more here.

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