On Tuesday, the Obama Administration issued a statement urging Congress to ?swiftly pass a bipartisan compromise to keep student loan interest rates low this year.?
The deal on the table ? called the Bipartisan Student Loan Certainty Act ? was proposed by Senator Joe Manchin (D-W. Va.), Senator Tom Coburn (R-Okla.), and six other members from both parties on July 18. Like most other long-term proposals for student loan interest rates, the Bipartisan Student Loan Certainty Act would peg the interest rate on newly-issued loans at the rate on the 10-year U.S. Treasury note, plus some additional amount to ?offset costs associated with defaults, collections, deferments, forgiveness, and delinquency.?
Save Time Make Money! A new stock idea each week for less than the cost of a trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW!The proposed addition is 2.05 percentage points on undergraduate loans, and 3.6 percentage points for graduate loans. This would retroactively shift the interest rate on loans taken out after July 1 to 3.86 percent for undergraduates, and 5.41 percent for graduate students. The interest rate would be fixed over the life of the loan. Interest rates would also be capped at 8.25 percent for undergraduates, 9.5 percent for graduates, and 10.5 percent for PLUS borrowers.
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