Senate and House leaders said on Wednesday that Congress is nearing a deal to extend the low 3.4% rates on federal subsidized loans for one more year. The reason why Congress has been pressing the matter is because the interest rates on subsidized loans will double to 6.8% if the extension isn’t granted, this would cost students on average, an extra $1,000. The only roadblock for the extension now is the pending approval of a bill that would fund improvements for highways and other kinds of transportation.
For a while, the biggest debate was and deservedly so is how the bill is going to be paid for, after all the extension would likely cost the U.S. government $6 billion. Congressional aides say lawmakers are still discussing ways to pay for the extension, but they would include changes to the way companies fund pension programs. The plan would also limit how long students can go to school without accruing interest on subsidized student loans.
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