R.I. Senator Works To Manage Interest Rates On Student Loans
“After interest rates on federal student loans temporarily doubled from 3.4 to 6.8 percent in July, the U.S. House and Senate voted to pass a bipartisan bill tying student loan interest rates to market rates, rejecting a plan proposed by Sen. Jack Reed, D-R.I., that would have frozen the rate at 3.4 percent for another year,” The Brown Daily Herald reports. “A market-tied system also has benefits for students and parents because student loan rates ‘are more predictable and understandable,’ said Megan McClean, director of policy and federal relations at the National Association of Student Financial Aid Administrators.”
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