Compromise ends student loan stalemate. Is it the best solution? | Get Schooled | www.ajc.com:
Compromise ends student loan stalemate. Is it the best solution?
Many parents of teens about to start college will be relieved over this news out of Washington.
From the office of Iowa Sen. Tom Harkin:
Today, Senate Health, Education, Labor, and Pensions (HELP) Committee Chairman Tom Harkin (D-IA)—working with U.S. Senators Joe Manchin (D-WV), Richard Burr (R-NC), Angus King (I-ME), Tom Coburn (R-OK), Tom Carper (D-DE), Lamar Alexander (R-TN), and Dick Durbin (D-IL)—introduced a bipartisan compromise, the Bipartisan Student Loan Certainty Act, to lower interest rates for 100% of borrowers who have taken out, or will take out, a new federal student loan after July 1, 2013. As part of the bipartisan compromise, Senator Harkin secured caps on all loans, including an 8.25% cap on all undergraduate loans.
“I am pleased that this student loan compromise includes hard, front-end caps on