Despite more partisan gridlock on Capitol Hill, U.S. Senator Dick Durbin says he’s hopeful a deal can come together to keep interest rates on some student loans from doubling this summer.
The rates on those federally-subsidized loans will jump from three-point-four percent to six-point-eight percent on July 1st, unless Congress takes action to keep the lower rates in place.
But two different plans to do that, one from Democrats and the other from Republicans, both stalled in the Senate last week because the two sides couldn’t agree on how to pay for them.
If the rate hike takes effect, the average college student could incur four-thousand dollars in additional debt from interest payments.
