Great news if you’re borrowing money to go to college in New Jersey or anywhere else.

Senate leaders have reached an agreement that would freeze the student loan interest rate for one year. The move prevents the interest rate from doubling from 3.4 per cent to 6.8 percent on July 1.

The deal was announced Tuesday by Senate Majority Leader Harry Reid (D.,Nev.) and Senate Minority leader Mitch McConnell (R.,Ky.) who told reporters that they had worked out the arrangement but were still discussing how to push it through Congress before the weeklong Fourth of July holiday.