Track artwork

Sen. Coburn Talks Deal to Avoid Higher Student Loan Interest Rates

The Takeaway on July 24, 2013 14:11

Stats for this track

This Week Total
Plays 24
Comments 1
Favoritings 1

Uploaded by

  • Report copyright infringement

    More tracks by The Takeaway

    About Anita

    The Diagnosis

    Being a Sick Grandmother

    Sharing Her Story

    About Crystal

    View all

    Last week, Senators came to an agreement on a student loan package that would cap interest rates. The deal will be voted on later this week.
    Interest rates will be tied to financial markets, meaning that the rates could climb beyond those currently in place. But they will only be able to rise to certain levels: 8.25 percent for undergraduates and 9.5 percent for graduate students.
    “This is an important starting point," affirmed Education Secretary Arne Duncan, in a conference call with reporters yesterday. "But by no means does this law start to make college in a really substantial way much more affordable for American middle class families, which I think our collective goal has to be.”
    Because of Congressional inaction, student loan interest rates doubled in July from 3.4 to 6.8 percent.
    The deal would drop loan rates to 3.85 percent for undergrads for next year, and then the rate would be tied to the 10-year Treasury note.
    Senator Tom Coburn (R-OK) is part of the bipartisan group of Senators that support the bill. He joins The Takeaway to discuss the details of the bill. 

    For more, go to: http://www.thetakeaway.org/2013/jul/24/senator-ted-coburn-senate-student-loan-deal/

    1 Comment

    1 timed comment and 0 regular comments

    Add a new comment

    You need to be logged in to post a comment. If you're already a member, please or sign up for a free account.

    Share to WordPress.com

    If you are using self-hosted WordPress, please use our standard embed code or install the plugin to use shortcodes.
    Add a comment 0 comments at 0.00
      Click to enter a
      comment at
      0.00