A bipartisan group of Senate negotiators has drafted a tentative deal
to restore lower interest rates for student borrowers, a Senate aide
close to the group tells Fox News.The deal, which will likely be announced Thursday, is the latest in a string of attempts to undo a rate hike that doubled the interest rates for subsidized Stafford loans on July 1. It was unclear how much the deal would cost or whether the Senate would agree to it, after at least one previous deal was scuttled due to its high cost.
The deal would offer students lower interest rates through the 2015 academic year but then rates were expected to climb above where they were when students left campus this spring.
The interest rates would be linked to the financial markets but Democrats won a protection for students that rates would never climb higher than 8.25 percent for undergraduate students. Graduate students would not pay rates higher than 9.5 percent and parents' rates would top out at 10.5 percent.
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