Senate close to deal to extend low interest rates on student loans. It's about time don't you think?
(CNN) -- Senate negotiators were closing in on an
agreement Friday to extend for one year lower interests rates on some
student loans, Senate aides from both parties told CNN.
The aides predicted a
deal would be reached and the legislation approved before the July 1
deadline when Stafford loans are set to double from 3.4% to 6.8%.
Democratic and Republican
lawmakers have agreed for weeks to extend the low rates but have
differed on how to off-set the $6 billion in federal subsidies so they
don't increase the deficit.
"Senate Democrats are
finally working with us and a solution is within reach," said Don
Stewart, a spokesman for Sen. Mitch McConnell, the Republican leader.
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