published Wednesday, July 24th, 2013

Senate approves bill on student loan rates

  • photo
    Prospective students tour Georgetown University's campus in Washington, in this July 10, 2013, file photo.
    Photo by Associated Press /Chattanooga Times Free Press.

WASHINGTON — The Senate has passed a bill that would make it less expensive for college students to borrow money this fall to pay for classes, housing and books. But interest rates could soon start climbing.

The proposal passed on Wednesday would link interest rates on federal student loans to the financial markets. That means student loans for the next few years would have lower interest rates. Higher rates would come in later years if the economy improves as expected.

Liberal Democrats opposed the White House-backed proposal as a bait-and-switch measure that would lure in new borrowers. Republicans supported the measure and helped the bill win passage. The bill is similar to one the House has already passed.

about Associated Press...

The Associated Press

videos »         

photos »         

e-edition »

advertisement
advertisement

Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.