Interest Rates On Student Loans Could Rise

By: KKTV
By: KKTV

Interest rates on student loans may be going up- that's because so far, Congress can't agree on a measure to avoid the hikes.

Senate Democratic Leader Harry Reid said today a bipartisan agreement being offered is not an acceptable deal. That could block efforts to keep loan interest rates from doubling.

The measure would attach student loans' interest rates to the financial markets. The proposal would set higher interest rates in future years if the economy improves as expected.

It would also allow students to avoid a July 1st rate hike on new loans.

A spokesman for Reid says the senator cannot support that proposal.
Senate Republican leader Mitch McConnell's spokesman says they don't understand why Democrats are blocking a compromise.


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