Lawmakers Reach Deal To Avert Student Loan Rate Hike: Report

Law360, New York (June 26, 2012, 11:04 PM EDT) -- Washington lawmakers have carved out a tentative last-minute deal to prevent federal Stafford student loan interest rates from doubling to 6.8 percent before Sunday's deadline, and are nearing a deal on the highway transportation bill, according to Tuesday news reports.

Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R.-Ky., announced that they had worked out an agreement on the student loan interest rates that House lawmakers may agree to, the Wall Street Journal reported.

"The president's been largely uninvolved in that, but Senator...
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