WASHINGTON — House Republicans are willing to give President Barack Obama a rare victory on college loans.
The GOP-led House Education and Workforce Committee is backing an idea in Obama's budget proposal to link student loan interest rates to market rates. That's according to Chairman John Kline of Minnesota, who tells The Associated Press he'll add a cap to calm fears of runaway interest rates.
Kline says he's "happy" to let Obama win on this one.
Kline's proposal would consolidate subsidized and unsubsidized undergraduate loans into one program, eliminating taxpayer help on interest payments for needy students.
Without congressional action, interest rates on new federally subsidized student loan rates will double on July 1. That would cost the average student an extra $1,000 each year.
- Film about man's crusade against child sex...
- Captain of sunken South Korean ferry, 2 crew...
- Creeping landslide devouring part of Jackson,...
- 13th body pulled from snow in Everest avalanche
- Some countries get Obama, but want his wife, too
- Get married, stay married? No fault divorce...
- Texas seizes FLDS Church's secluded ranch
- Ride-sharing business launches despite...
- Utah, Oklahoma same-sex marriage cases... 47
- The dangers of financially illiterate... 31
- Obama: 8 million signed up for health care 28
- Appeals judges question right to sue in... 27
- Texas seizes FLDS Church's secluded ranch 23
- Police: Student ate more pot than... 19
- Sentenced but never jailed, robber who... 16
- Supreme Court weighs ban on false... 15