Posted: Jun 27, 2012 11:21 AM by Associated Press
WASHINGTON (AP) - A congressional Republican says the House and Senate have tentatively agreed to prevent interest rates on new college loans from doubling to 6.8 percent this Sunday.
The one-year extension of the existing 3.4 percent rate on subsidized Stafford loans is the same package that Senate Majority Leader Harry Reid, a Nevada Democrat, and Senate GOP leader Mitch McConnell of Kentucky said on Tuesday they had worked out.
Earlier Wednesday, House Speaker John Boehner, an Ohio Republican, said Wednesday that lawmakers were near agreement. The congressional Republican who discussed the tentative deal spoke on condition of anonymity because it had not been announced.
The $6 billion measure would be paid for by curbing companies' tax breaks for pension payments and limiting federal subsidies of student loans.
The deal would affect new loans starting July 1, affecting an estimated 7.4 million students.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Watch Daybreak Web Videos in full
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties