Senate Passes Student Loan Deal
by KDLT News
July 24, 2013 7:39 PM
The U.S. Senate has voted to move forward on a bipartisan student loan deal.
It passed Wednesday night with an 81 to 18 vote. The plan will fundamentally restructure government student loans and lower rates for students heading to college this fall.
Three weeks after student loan rates doubled, senators from both parties hammered out the deal. The compromise will link interest rates to market prices, which is strongly opposed by some liberal Democrats.
Loan rates are expected to rise as the economy improves.
The house is now expected to consider the bill.