SPRINGFIELD, Mass. (WWLP) - About a month before college student's return to their campuses, a group of Senators reached a deal to restore lower interest rates on student loans.
The deal would offer students lower interest rates through the 2015 academic year. After that year rates could spike again to where they were this spring.
A vote on the agreement could happen as early as Thursday, but it might be pushed into next week.
Under the deal includes the following:
- All undergraduate students would borrow at 3.85 percent
- Graduate student loans would carry rates of 5.4 percent
- Parents would be able to borrow at a 6.4 percent interest rate