Interest rates on student loans could soon double if Congress doesn’t act. Student loans could double unless Congress votes to keep the rates as they are. U.S. Sen. Dick Durbin (D-Ill.) proposes keeping interest rates at current levels for another year.
“My belief is that we’ve got to keep these interest rates as low as possible,” Durbin said. “We want to extend the 3.4 percent for a year.”
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On Thursday the Senate failed to advance proposals to keep student loan interest rates from doubling come July 1. Durbin says his colleagues in Washington will continue to work on a compromise ahead of July 1.