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Senate to Vote on Student Loan Interest Rate

UNDATED (WHTC) -- Senator Debbie Stabenow says that she thinks there’s a chance that the interest rate on federally subsidized student loans can be reduced back to its previous level after doubling last week.  On July 1st, the interest rate changed to six point eight percent, a 100 percent increase from the previous interest rate of three point four percent, after Congress failed to take action to prevent the increase.  Stabenow says that the Senate may vote on a plan to reverse the rate back to the original amount until a comprehensive plan can be adopted.  To avoid a filibuster in the Senate on Wednesday, the plan needs the votes of all Democrats and at least five Republicans.

Story by:  Diane E Coston