Senators have reached a bipartisan deal to restore lower interest rates on students loans late Wednesday evening, according to multiple reports.
Students participate in a news conference on student loans on Capitol Hill, June 6, 2013 in Washington, DC.
Via: Mark Wilson / Getty Images
WASHINGTON (AP) -- Heading off a costly rate increase for returning college students, a bipartisan group of senators reached a deal Wednesday that would offer students better rates this fall but perhaps assign higher rates in coming years.
The deal would offer students lower interest rates through the 2015 academic year but then rates were expected to climb above where they were when students left campus this spring. Undergraduates could face rates as high as 8.25 percent, while graduate students would see rates as high as 9.5 percent and parents' rates would top out at 10.5 percent.
Source: hosted.ap.org
From NBC News Capitol Hill Correspondent:
