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Cuts in student loan interest rates pending

MGN Online

POSTED: Monday, July 8, 2013 - 3:23pm

UPDATED: Monday, July 8, 2013 - 5:14pm

Congress was back in session Monday, and thousands of college students were closely following the action in Washington.

On July 1, interest rates on student loans doubled from 3.4 to 6.8 percent. Lawmakers were now trying to find a way to cut the interest rate, but couldn't seem to get past the issue of whether to create a cap on new loans.

Senate Democrats want a cap in case interest rates spike. That's at odds with proposals from the President and congressional Republicans which link rates to 10-year treasury bond rates.

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