Obama Calls For Swift Passage Of Student Loan Compromise

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WASHINGTON, (UPI) —  The Obama Administration called on Congress Tuesday to swiftly pass a bipartisan compromise to maintain low interest rates on student loans.

In a statement, the White House said the compromise, similar to a plan proposed by President Barack Obama, would cut interest rates on loans, and save undergraduates $1,500 over the life of the loans.

It added over 11 million borrowers would see their interest rates decrease on loans made after July 1, 2013.

The compromise plan also caps the interest rate, the statement said, on student loans at 8.25 percent for undergraduate school loans, 9.25 percent for graduate school loans and 10.25 for PLUS loans, a federal loan program involving a student’s parents.

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