Democratic US Senator Dick Durbin of Illinois says he hopes his chamber votes on a plan to lower student interest rates when lawmakers return after the July 4th holiday. Subsidized Stafford loan interest rates doubled yesterday because the Senate failed to strike a deal to keep them low.
Speaking at Champaign's Parkland College, Durbin says he's not sure an agreement will be reached:
"I mean we really hadn't reached much of an accommodation or compromise before we left, but I think when more members of Congress hear from families and students, there will be a stronger inclination to reach an agreement."
The Republican-led House passed its own measure that links student interest rates to the financial markets. Republican Congressman Rodney Davis of Taylorville says the Senate should take that up, but Durbin says the 8-point-5 percent cap on student interest rates in the plan is too high, and he wants the rate to remain at 3-point-4 percent.
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