This blog used to be about debt. Now it's about a few more things. But really, it all comes back to debt. Trust me.

Wednesday, January 17, 2007

Interest Rates Halved! (for a half a year)

A little known concession in the incredible shrinking student loan bill: when student loan interest rates are finally cut in half after 5 years, they'll go back up to 6.8 percent after only 6 months!!

More from inside higher ed:

As critics (read: lenders) noted that the legislation ( H.R. 5), as written, would let the interest rate zoom back up to the current 6.8 percent in January 2012, after just six months at the low of 3.4 percent, Democratic staffers explained that budget rules and fiscal realities required that compromise. They also said they fully expected to find money in the intervening years to make the cut permanent.
Meanwhile, the White House fully expects to oppose the plan altogether.

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