Senate Leaders Reach Agreement To Prevent Student Loan Rates From Doubling

After two filibusters by Republicans, it seems that the Senate has finally come to an agreement on freezing student loan rates. Senate Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) are apparently working out the final details on how they will cover the cost of the bill, which will prevent student loans from doubling this month. Methods to pay for it, according to the National Journal, “include Democratic proposals involving pensions. The deal also includes a GOP proposal to cut off subsidized student loans after six years, saving about $1.2 billion a year.”