Lawmakers Close to Deal on Student Loan Rates

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Washington lawmakers are expected to agree soon on a deal that would prevent college loan interest rates from doubling for millions of students.

House Speaker John Boehner, R-Ohio, said a compromise was reached Wednesday between top leaders of both parties.

"We're moving, I think, towards an agreement on a transportation bill that would also include a one-year fix on the student loan rate increase," Boehner told reporters after a meeting behind closed doors with House Republicans.

Still, congressional aides warned that no deal will be finalized until a separate deal is made on the transportation bill the student loan legislation will be attached to.

If Congress approves the student loan deal, interest rates for new subsidized Stafford loans would remain at 3.4 percent for another year. If not, interest rates would double for new loans beginning July 1.

The government estimates more than 7 million students would get such loans over the next year. The higher rate would cost the average student an extra $1,000.

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