The Senate Deal on Student Loans, By the Numbers
Eight senators have reached a tentative deal on student loan rates, which doubled on July 1 when lawmakers couldn't reach a deal. The rates will now be tied to interest rates on 10-year Treasury bonds,The New York Times' Jonathan Weisman reports. The rates will be lower than they were on July 1, but higher than they were on June 30.
3.4 percent: The old rate on Stafford loans—which go to the poorest students—that expired on July 1.
6.8 percent: What the Stafford rate rose to on July 1.
3.61 percent: What the Stafford rate for undergrad loans drops to if this deal is signed into law, according to the Times.
5.21 percent: What the grad student rate drops to if the deal goes through.
8.25 percent: The new cap on undergrad rates.
9.25 percent: The new cap on grad student rates.
Treasury rate + 1.8 percentage points: The new formula for determining Stafford loan rates.
Treasury rate + 4.5 percentage points: The new formula for determining PLUS, a different loan program.
But the deal is not certain. The House has already passed a bill that would tie student loan rates to rates
