Can they get away with that?
The Hill: With just over nine weeks to go before rates hike, Congress seems nowhere close to finding a solution to stop student loan rates doubling from 3.4 percent to 6.8 percent on July 1.
Rep. Joe Courtney (D-Conn.) told The Hill that … any solution to come at the last minute … the United States Student Association (USSA) is pushing for a bill introduced in March by California Democrat Karen Bass that would make the current rate of 3.4 percent permanent. Its prospects in the Republican-controlled House are remote.
President Obama called for a market-based rate proposal in his new budget. House Education and Workforce Committee Chairman John Kline (R-Minn.) (said) “My Republican colleagues and I have long believed returning to a market-based system for determining interest rates just makes sense and will provide more stability for borrowers.
What provides “more stability for borrowers” than a permanent 3.4 percent interest rate? The market, really?