AP sources: Senators reach deal to lower student loan rates, link them to financial markets

  • Article by: PHILIP ELLIOTT , Associated Press
  • Updated: July 17, 2013 - 10:55 PM

WASHINGTON — Heading off a costly increase for returning college students, a bipartisan group of senators reached a deal Wednesday that would offer students better rates on their loans this fall but perhaps assign higher rates in coming years.

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borisbadenovJul. 17, 13 8:11 PM

Remind us again why the federal government took over the student loan business?

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nomedsJul. 17, 13 8:46 PM

So that students wouldn't have to pay usury rates. Leave it up to the banks to skim the students big time, because that is what they would do, because experience speaks for itself.

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infoninjaJul. 17, 13 8:58 PM

This deal is awful and insulting.

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richieJul. 17, 13 8:59 PM

So who did the Republicans make take a hit on this one, I sure it wasn`t any foreign investment compromise.

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sek2undrstndJul. 17, 13 9:07 PM

If students loans have a government guarantee and aren't allowed to be forgiven due to bankruptcy, why a higher interest rate than the Fed Funds rate?

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horsefeatherJul. 17, 13 9:30 PM

Wisconsin Republican Sen. Ron Johnson is 100% RIGHT! Vocational school is the answer to high student loan debt. We all know that high school students that come from poor or middle class families can’t afford these high student loan debts...and their parents should send their children only to vocational schools! And so what If only upper middle class on up can afford to go to college? At least when they graduate they aren’t facing 30 years of debt! You know sometimes you just have to face the facts folks….college just isn’t for everyone!

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buskahJul. 17, 1311:20 PM

The United States will profit $51 Billion on student loans in 2013. Why are the tax payers making a profit on this? An educated populace benefits every American.

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folden1Jul. 18, 13 4:57 AM

$1 trillion in loans and already 11% is in default (90 days past due). I'd say that the horse has left the barn.

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minneg56Jul. 18, 13 6:05 AM

buskah & sek2undrstnd both speak the truth. An educated work force is good for the country and a 'good deal' for the country. An educated work force ends up having higher paying careers and a LIFETIME of long term, higher tax payments over what will amount to 40+ years of work/tax paying for many. Every other country in the world seem to build on their future by educating their youth FREE- many times right here in America- with THE FOREIGN AID we provide them! Time to FORGIVE these loans and quit bailing out private enterprises (like banks) which are in the business of assessing risk & reward- but which no longer have ANY risk because they are bailed out by the citizens of this country everytime they fail!

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rms316Jul. 18, 13 6:12 AM

The federal govt' is involved with college loans because the overwhelming majority of people can't afford it. If we want intelligent , educated people in this country, don't expect banks to help them pay for it. No private donations, or working students can cover the costs these days.

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