Washington (CNNMoney) - The Senate on Wednesday approved a bipartisan deal that ensures lower interest rates on loans for students heading to college this fall.
Senators voted 81 to 18 to lower interest rates for undergraduates taking out government loans this school year to 3.86% - cheaper than the 6.8% interest rate that kicked in on July 1. The new rates would be retroactive and apply to loans taken out after July 1.FULL STORY
Washington (CNN) – A Republican-backed attempt to give local and state governments greater power over their school systems, while reducing federal education funding, passed the U.S. House on Friday, though it was expected to face Democratic resistance in the Senate and President Barack Obama has vowed to reject it.
The measure was the first major attempt to replace the “No Child Left Behind” law that was signed by President George W. Bush in 2002, but later expired and has not been renewed.
Washington (CNNMoney) - A bipartisan deal on student loans announced by a group of senators Thursday will help students, but only in the short-term.
According to the deal, undergraduates taking out loans this fall will pay just 3.86% in interest on new loans for this school year - cheaper than the 6.8% interest rate that kicked in on July 1. The new rates would apply for loans taken out after July 1.FULL STORY
Washington (CNN) - A bipartisan group of senators reached a tentative agreement on a student loans package Wednesday night, multiple aides from each party said.
Sen. Tom Harkin, Democratic chairman of the committee that oversees federal education programs, agreed to the deal, one of those sources close to the negotiations told CNN.FULL STORY
Washington (CNNMoney) – A bipartisan group of senators has reached a tentative deal to help students facing a doubling of interest rates to 6.8% on government-backed student loans.
The deal, which would have to pass a Senate vote, calls for interest rates on all government Stafford loans for students to be pegged to rates on the 10-year U.S. Treasury note, according to multiple sources close to the negotiations.FULL STORY
Washington (CNN) - A Democratic measure to temporarily reverse the doubling of interest rates on millions of government-backed student loans fell short in the U.S. Senate on Wednesday, but there was hope a bipartisan deal would be struck soon to remedy the situation.
"We're trying to find some common ground," said Sen. Richard Durbin of Illinois, the No. 2 Democratic leader who spearheaded fresh talks on the dispute. "We don't have an agreement and I can't say when or if we'll come together."FULL STORY
(CNN) - Rep. Lynn Jenkins, R-Kansas, faulted Senate Democrats on Saturday for this week's hike in student loan interest rates and urged the upper chamber to pass legislation that resolves the issue as soon as the holiday recess ends.
"For too long, politicians have been in charge of setting these rates, and we keep coming back to cliffs and deadlines like this one," Jenkins said in the GOP weekly address. "Paying for college is difficult enough without all this uncertainty. I have two kids in college, I know how hard it can be."
Washington (CNNMoney) - It's crunch time for students who rely on subsidized government loans - interest rates on them double to 6.8% on July 1.
Only Congress can hold the rates down, and so far it's not looking good. Washington lawmakers aren't close to agreeing on any deal to save the 7 million college students who are taking the subsidized Stafford loans this year.FULL STORY
(CNN) – With about a week to go before interest rates jump on certain types of student loans, Republicans are again calling on the White House and Senate Democrats to approve a plan that would avert the spike.
On July 1, rates will almost double on nonsubsidized Stafford loans given to college undergraduates unless Congress works to avoid the jump. Obama has applied pressure on Republicans to adopt his own plan to avoid the rate increase, but Republicans argue Obama basically agrees with their approach, which would tie the student loan rate to economic factors instead of leaving it up to Congress.
(CNN) - A Senate committee voted this week to move forward with a Democratic-backed education plan, but Republicans argue the proposal forces the country's school systems to further rely on the federal government.
"Over the last decade, the United States Department of Education has become so congested with federal mandates that it has actually become, in effect, a national school board," Sen. Lamar Alexander, R-Tennessee, said Saturday in the GOP weekly address.