With just two working days left before the U.S.
government doubles a student-loan interest rate, lawmakers are haggling
over what to do about it.
The argument isn't over whether to allow the rate on the
most popular type of federal loan to rise above 3.4 percent, the level
set by law until July 1. It's about how much borrowing costs will
increase.
"The likelihood of students keeping the interest rate
they had for the last two years is diminishing by the hour," said Terry
Hartle, senior vice president at the American Council of Education, the
largest lobbying group for colleges and universities. "The outcome will
be students will pay more than 3.4 percent in the short term," he said
in a telephone interview. (more)
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