The following is by Celeste Meiffren, field director for Illinois PIRG.
Last week, a divided Congress came together to deliver for the
economy, as well as students and families, by extending the low 3.4
percent interest rate on subsidized Stafford student loans.
The rate was scheduled to double on Saturday, June 30th,
without a new plan from Congress. With the atmosphere in Washington,
DC even more partisan than usual due to the impending election, many
were skeptical that both sides of the aisle could come together to
freeze the low interest rate on these loans. Yet on Friday, Democrats
and Republicans responded to the public by agreeing on a new law
freezing the low rate for one year, and just in the nick of time.
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