House Passes Bill To Freeze Student Loan Interest Rates For One Year
Washington, D.C. -
The House of Representatives have passed a bill that will freeze federal sudent loan rates at 3.4% in a 373-52 vote today, keeping raites from doubling to 6.8% for another year. The idential bill is expected to pass n the democrat controlled Senate and will then be sent to President Obama for his signature.
The bill is part of a larger package of funding including road and bridge repair and construction. With the bills passage, an estimated 7 million Americans are expected to benefit, though the measure is only for one year.
Obama previously tried to get such a measure passed but congress was stuck in partian squabbling, and more recnetly he made several speeches on the matter while at several colleges, which is what promoted congressional leaders to act.
In the end, Senate leaders negotiated a break to the impasse, agreeing to pay for the item by raising premiums for federal pension insurance.