"The compromise reached by a bipartisan group of Senators and led by President Obama is a major victory for college students across the country. If enacted, the plan would cut rates on nearly every single new college loan this year, offering relief to nearly 11 million borrowers.
Statement from U.S. Secretary of Education Arne Duncan on Action to Prevent Student Loan Interest Rates From Doubling
“In his January State of the Union address, President Obama called on Congress to work together to keep student loan interest rates from doubling. Today, I applaud leaders in Congress for answering the President’s call to action and striking a deal that will help make college more affordable for millions of students.