State News
7:04 am
Tue July 2, 2013

U.S. Senator Kirk expects a solution on rising student loan rates

Illinois Republican Mark Kirk says he expects the U.S. Senate to find a solution to rising student loan rates soon.

College students taking out subsidized Stafford loans will see interest rates double for the fall term. The Senate failed to agree on a plan to keep the rates steady before they adjourned last week. But Senator Kirk says he expects a compromise after the July 4th holiday. 

I would say that the Senate is now working pretty well, that we’re knocking stuff out and solving some big problems. You would have never thought that we would be handling as tough as issues in a bipartisan way as we are. 

Lawmakers have known since last year that the July 1 deadline was coming.

Congress’ Joint Economic Committee estimates the increase could cost the average borrower 26-hundred dollars.