WASHINGTON (AP) — A bipartisan Senate compromise on student loans is heading to House, where lawmakers already have voted to link interest rates with the financial markets.
If lawmakers can iron out the relatively small differences between the House's student loan bill and the version the Senate passed Wednesday, students and their parents will find interest rates lower than the ones they faced last year.
President Barack Obama is encouraging the House to vote quickly on the legislation so returning students can enjoy lower rates.
The compromise would be a good deal for all students through the 2015 academic year. After that, interest rates are expected to climb above where they were when students left campus in the spring.
The White House says the deal would save the average undergraduate $1,500 in interest.
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