Senate Leaders Reach Tentative Deal To Prevent Student Loan Interest Rate Hike

Senate Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) have reached a deal to prevent a scheduled student loan interest rate hike on July 1, according to The Hill. “We basically have the student loan issue worked out,” Reid told reporters today. Final approval of the deal ultimately depends on House Republicans, according to McConnell, who said he and Reid think the deal “will be acceptable to the House.” The extension is likely to be attached to the transportation funding bill that is currently in a House-Senate conference committee.