Senate reportedly reaches deal on student loans

Rates on certain loans doubled on July 1st due to congressional inaction

Topics: From the Wires, Senate, Harry Reid, Mitch McConnell, student loans, ,

WASHINGTON (AP) — Senators are ready to offer students a better deal on their loans this fall, but future classes could see higher interest rates.

The Senate could vote as early as Thursday on a bipartisan compromise that heads off a costly increase for returning students. The compromise would be a relative deal for students through the 2015 academic year, but then interest rates are expected to climb above where they were when students left campus this spring.

Rates on some loans doubled on July 1 because Congress failed to reach an agreement.

Under the deal, rates would be linked to the financial markets. Rates would increase as the economy improves. Democrats demanded and won a cap on how high those rates could climb.

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