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Student loan deal emerges in Senate

Student loan deal emerges in Senate

POSTED: Thursday, July 11, 2013 - 7:10pm

UPDATED: Wednesday, March 5, 2014 - 10:04am

A deal on student loan interest rates could be inching closer to reality, as a bipartisan group of Senators hammered out a plan today.

Their plan would tie interest rates on government stafford loans to the rates on the 10-year US treasury note.

Students would pay the rate on that note, about 2.6%, and then a certain percentage on top of that, depending on if they're undergraduate or graduate students.

It's similar to a plan the house passed in May.

The big difference is the Senate plan would put a cap on how high the rates could go: 8.25% for undergrads and 9.25% for grad students.

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