Democrats Cut Student Loan Interest Rates
House Education and Labor Committee Chairman George Miller, D-Calif., says, "we are down to a handful of issues" and Senate Education Committee Chairman Edward Kennedy, D-Mass., also expressed that a basic agreement had been reached. Kennedy went on to say that a loan auction pilot program was part of the current deal.
The bill will cut interest rates to 3.4% from 6.8% over the course of four years, increase Pell Grants to $5,400 at a cost of $11 billion, cap borrower payments to 15% of income, and expire in six years.
One student loan lender was quoted as saying, "we lost" in a CNNMoney.com article. Great news and thank you democrats for taking a step toward representing your constituency. There is still a long way to go but there is no doubt that our middle class needs help.
Read the full article at CNNMoney.com .
