Senate to vote on restoring lower student loan rate

The rate doubled to 6.8 percent on July 1st due to congressional inaction

Topics: From the Wires, Senate, Student Loan Debt, Student loan interest rates, Education, ,

WASHINGTON (AP) — Senate Democrats are trying to restore lower interest rates on student loans.

A procedural vote is scheduled for Wednesday on a Senate measure that would return rates on subsidized Stafford loans to 3.4 percent for one year. An earlier attempt in the Senate to keep rates low came up short and those loans’ rates doubled to 6.8 percent on July 1.

The increase does not affect many students right away. Loan documents are generally signed just before students return to campus, and few students returned to school over the July Fourth holiday. Existing loans have not been affected.

Absent congressional action in the coming weeks, the increase could spell an extra $2,600 for an average student returning to campus.

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