Skip to footer

Student loans: White House backs new compromise deal

|
J. Scott Applewhite/AP/File
Heading off a costly rate increase for returning college students, a bipartisan group of senators reached a deal July 17, 2013 to offer students better rates this fall but perhaps assign higher rates in coming years. The White House endorsed the plan on Tuesday.
  • By Associated Press

| WASHINGTON

The White House is urging Congress to pass a bipartisan compromise on student loans that would offer lower interest rates for the next few years.

The White House on Tuesday released a statement urging swift passage of the deal, negotiated over the last few weeks by Democratic Sen. Joe Manchin of West Virginia and Republican Sen. Richard Burr of North Carolina. Under the deal, interest rates would be linked to the financial markets.

Interest rates on subsidized Stafford loans doubled to 6.8 percent on July 1 because Congress did not act. Lawmakers say the rate is unacceptably high but they differ on how best to restore them.

Lawmakers are set to consider the bipartisan fix on Wednesday. It would overhaul the entire federal student lending program.

You've read 3 of 3 free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
What is the Monitor difference? Tackling the tough headlines – with humanity. Listening to sources – with respect. Seeing the story that others are missing by reporting what so often gets overlooked: the values that connect us. That’s Monitor reporting – news that changes how you see the world.
Subscribe
QR Code to Student loans: White House backs new compromise deal
Read this article in
https://www.csmonitor.com/USA/2013/0723/Student-loans-White-House-backs-new-compromise-deal
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe
CSM logo

Why is Christian Science in our name?

Our name is about honesty. The Monitor is owned by The Christian Science Church, and we’ve always been transparent about that.

The Church publishes the Monitor because it sees good journalism as vital to progress in the world. Since 1908, we’ve aimed “to injure no man, but to bless all mankind,” as our founder, Mary Baker Eddy, put it.

Here, you’ll find award-winning journalism not driven by commercial influences – a news organization that takes seriously its mission to uplift the world by seeking solutions and finding reasons for credible hope.

Explore values journalism About us