Students applying for financial aid for the upcoming school year to find some consolation doubles and setting interest rates to prevent a single rate per year undergraduates, rich or in the Senate a bipartisan compromise its embryonic poor student loans.
, Which will be tied to the financial markets, interest rates will rise slightly by 3.8% for the year to receive a new Stafford loans subsidized low-income students, but does not double as they plan to do on July 1. Although the rate of increase is still less than 6.8% of the students will be faced with the absence of congressional action. At the current rate is 3.4%.
More affluent students will see a bigger decline in the current market conditions, the new subsidized loan interest rate fell from 6.8% to 3.8%.
All new federal student loan prices will vary each year according to the financial markets. However, once the students get a loan, life will be set this year's lending rates.
Parents and students will also work with the market price.
Draft proposal obtained by The Associated Press on Wednesday.
Congress is working to address student loans, for the second consecutive year, with a finger pointing to the other party to shoulder blame, if interest rates double. House of Representatives passed legislation is also tied to the interest rate market, but the Senate earlier this month rejected two competing proposals.
The latest Senate compromise, in West Virginia Democratic Senator Joe Manchin, Oklahoma State and independent Senator Angus King of Maine Republican Senator Tom Coburn conversation was between the transfer between offices . They do not plan to publicly commit until they hear from the Congressional Budget Office suggested would cost about how much.
A day earlier, Senate Majority Leader Harry Reid told reporters that during the negotiations is expected to reach into an agreement. He mentioned that with Manchin and kings, as well as Democratic Senator Elizabeth Warren, Massachusetts and Rhode Island Jack Reed.
"In the last 24 hours, I spent a couple of hours, senators are interested in the work," Reid said Tuesday.
"We have not yet," he added.
Minister of Education Arne Duncan and senators on Thursday, will have lunch with the White House economic adviser Gene Sperling, Reid said.
Republicans, meanwhile, have been relentless in their criticism of Democrats oppose Obama's student loan proposal, mainly interest rate changes each year to reflect market principles. Republicans said that if no action is taken, the students left, I do not know how much they will pay classes this fall.
"It is not fair that these students and students across the country need to know what kind of borrowing costs will be what interest rates will be unfair," Republican House Speaker John Boehner told reporters.
Last year, Congress voted a fierce presidential campaign of subsidized Stafford student loan interest rates at 3.4%, for a further year. Do not pay attention, worried that interest rates would revert to July 1 before interest, resulting in extra-pocket costs for the student's education advocate.
Six sometimes overlapping versions student loan legislation being considered in the House and Senate. Two bills - Senate Republicans and Senate Democrats' proposal - have failed to win the 60 votes needed in advance last week, seems to indicate that student loans will achieve the double.
Other proposals have wings, their championship between political parties, but only the House of Representatives has passed legislation Relations Student Loan Treasury bill rate. The bill attracted a veto threat from the White House.
, "Boehner said House has completed its work. Time for the Senate to do theirs.
It seems to work behind the scenes progress.
Bipartisan Senate proposal circulated a few days to spare before the rise in interest rates to borrow various pieces of advice.
In a potential compromise, interest rate and 10-year Treasury notes, plus an additional percentage - just like Obama's proposal, and the House of Representatives and the Senate Republicans.
When students sign the loan each year, the interest rate will be locked in for life, this year's loans. For example, students can pay a higher interest rate than their freshman sophomore them, if the economy continues to improve and the 10-year Treasury bill rate increases.
Students from low-income families eligible for subsidized Stafford loans, the government, including interest costs, while they are in college. These loans make up a quarter of all federal student loans around.
At the end of their studies, students can consolidate their loans, and now the case. The current system limit, the interest rate at 8.25% and legislators consider keeping in place.
 



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