Senators Reach Deal on Student Loan Interest Rates, Prepare For Vote

By Jenna Johnson

Under pressure from the White House, Senate leaders are quickly moving forward with a plan to change how the government sets federal student loan interest rates, tying them to market rates but imposing caps on how high those rates can go.

Senate Majority Leader Harry Reid (D-Nev.) said Thursday that a vote could come this week, but senators who worked on the proposed legislation said next week is more likely.

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