Congress Avoids Student-Loan Increase

Debt-addled college students can breathe a sigh of relief: Thanks to a rare moment of congressional compromise, the interest rate on their student loans won’t double on Sunday—instead, they will freeze at 3.4 percent for the next year. The measure was tucked into a larger bill which included bridge and road funding that sailed through the House and Senate earlier today, and it will save more than 7 million students an estimated $1,000 in loan fees over the next year. “This legislation proves that when Republicans decide to work with Democrats, we can do a lot to move our economy forward,” said Senate Majority Leader Harry Reid.