Students heading back to college this fall will save thousands in interest charges on their loans after they graduate once President Barack Obama signs into law a rare bipartisan compromise.
President Barack Obama is applauding a bipartisan Senate vote to make it less expensive for college students to borrow money for classes, housing and books.
Senate Democrats on Wednesday failed to restore lower interest rates on student loans, again coming up short and perhaps signaling that undergraduates might really face rates twice as high as the ones they enjoyed last year.
Congress returned Monday to potentially incendiary fights over nominations, unresolved disputes over student loans and the farm bill, and the uncertainty of whether lawmakers have the political will to rewrite the nation's immigration laws.
Interest rates on federally subsidized Stafford student loans have doubled, going from 3.4 percent to 6.8 percent, after Congress failed to reach a deal to avoid the increase.