It happens too rarely these days, but at least on one issue of great importance to millions of college students, Congress appears ready to accept compromise and overcome its seeming inability to pass a solution that goes beyond the temporary. Assuming all goes as expected, interest rates on one type of federal student loan will fall to about 3.9 percent for the fall term, which is a rate only slightly above where it was before congressional inaction allowed it to double July 1.
Last week the Senate reached a welcome agreement on student loan interest rates and on an 81-18 bipartisan vote passed a bill similar to legislation approved by the House in May. Reacting to last week’s vote in the Democratic-controlled Senate, Republican Speaker John Boehner of Ohio said the House would “act expeditiously” to move the legislation to President Barack Obama for his signature. The Associated Press reported Monday that the two chambers could quickly resolve their differences, as early as Wednesday.
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