White House backs student loan compromise

WASHINGTON (AP) — The White House is urging Congress to pass a bipartisan compromise on student loans that would offer lower interest rates for the next few years.

The White House on Tuesday released a statement urging swift passage of the deal, negotiated over the last few weeks by Democratic Sen. Joe Manchin of West Virginia and Republican Sen. Richard Burr of North Carolina. Under the deal, interest rates would be linked to the financial markets.

Interest rates on subsidized Stafford loans doubled to 6.8 percent on July 1 because Congress did not act. Lawmakers say the rate is unacceptably high but they differ on how best to restore them.

Lawmakers are set to consider the bipartisan fix on Wednesday. It would overhaul the entire federal student lending program.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s