The U.S. Senate on Wednesday approved a bipartisan agreement to millions of new federal student loan interest rates, reversing the recent rise in oil prices.
Now the bill the House of Representatives, hope to ratify the agreement before lawmakers left Washington in early August recess to move.
Senate by 81-18 votes in favor of transactions.
The bill, supported by President Barack Obama, who was involved in the negotiations to compromise, and the Minister of Education Arne Duncan (Arne Duncan) said on Tuesday that the deal would be a win-win situation for students.
However, in the University of Central Missouri on Wednesday in a speech, Obama said, it is not enough to just reduce the cost of student loans, he promised to lay the "aggressive" idea fall rein college costs. "If university costs continue to go up, then there will never have enough money," Obama said.
The new student loan interest rates associated 邦斯塔福德 automatically doubled, reaching 6.8% on July 1 after lawmakers, trapped in partisan debate, failed to reach an alternative trading hours.
Since then, Congress has tried to retroactively fix that will keep the new pay higher borrowers.
After extensive negotiations last week, Senator Democrat Qiaomanqinxi Virginia, North Carolina and independent Angus King of Maine Republican Richard Burr agreed to loans for the upcoming academic year to switch to a market- based interest rate plan.
Rate will be roughly 3.86% this year for undergraduates.
"This is a prudent and responsible proposal, which is a list of all the world's best students, as they get the current low interest rates and a hat, if interest rates continue to rise," said the king, before the vote.
Bipartisan bill certainty student loans all borrowers will also be taken retroactively from July 1, 2013 federal student loan interest rates low.
The Senate passed legislation will complement funding and subsidies undergraduate Stafford loans are 10-year bonds plus 2.05 percentage points, plus 3.6 percentage points, the lending rate for graduates.
This will limit the interest rate at 8.25 percent for undergraduate, graduate, 9.5% and 10.5%, plus parents who borrow money to pay for their children's college loans.
Earlier in the Democratic-led Senate blocked a number of bills, address the partisan divide student loan interest rates.
Democrats in the Senate and House of Representatives have been opposed to a market-based approach because they fear students would not be adequately protected, as the economy recovers from future rate spikes.
They also criticized the Republican plan, will use the proceeds to federal student loans to help pay the national debt.
Ten years, the new student loan agreement will reduce national deficit $ 715 million according to the nonpartisan Congressional Budget Office.
This is just a small part of the other bills, such as market-based program, through the House of Representatives by a $ 40 billion deficit will be reduced by more than a decade.
"We want to come as close as deficit neutral, this is us, and said:" Iowa Sen. Tom Harkin, one of the lead negotiators. "This is the closest we can come to zero, and at the same time there is a hard cover and keep interest rates low."
After the vote, a letter, California, in the House Education and Labor Committee Senior Democratic Congressman George Miller urged House Speaker John Boehner immediately put the bill in the House vote.
Some critics say the transaction, it does not do enough to protect the borrower to pay the high interest rates, when market interest rates rise significantly.
California Democratic Sen. Boxer (Barbara Boxer), said the plan is worse than what would happen under current law, because interest rates may continue to rise 6.8 percent, compared with today's speed.
But MPs to vote against any amendments such as a Democratic Senator Jack Reed of Rhode Island and Massachusetts Elizabeth Warren graduates and parents seeking cap lending rates at 6.8 percent of undergraduates and 7.9.
"This is a permanent, market-based program, so that students loans cheaper, simpler, more certain," said Alexander, U.S. Senate Education Committee's senior Republican. "End of the Game of the Year Congress playing politics with student loan interest rates at the expense of the students plan their futures."
 



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