A deal that gives college students and their parents lower interest rates for loans is heading toward its final vote.
The House is expected today to take up a bipartisan compromise that links student loan interest rates to the financial markets. Immediately, borrowers would see lower rates for classes this year than last, although the costs are expected to climb in coming years if the economy improves as expected.
Undergraduates this fall would borrow at a 3.9 percent interest rate. Graduate students would have access to loans at 5.4 percent, and parents would borrow at 6.4 percent. The rates would be locked in for that year's loan, but each year's loan could be more expensive than the last.
Copyright 2016 by The Associated Press. All Rights Reserved.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.