Senate set to vote on student loan bill

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By Eric Steltzer

NOTRE DAME Ind. — Congress is set to move on the student loan bill as early as Tuesday. On July 1, interest rates doubled on federally subsidized student loans.

And students across the nation and right here in Indiana are saying they are counting on Congress to bring down the cost of student loans.

Students ABC57 talked to said they weren't happy about the increased cost of education.

But at the same time, many said they would continue to pay the higher interest rates because of the value of a higher education.

However, many also said they understand if nothing is done soon, people across the country might not be able to afford college.

As of right now, the law affects millions of students attending college this fall. And over the last month, interest rates jumped from 3.4 percent to 6.8 percent.

The current proposal would reduce the interest rates on all federal loans by tying them to the market rates. 

The problem is that not all Democrats like the proposal and that can cause some problems when the voting starts.

If the Senate passes the bill, it will still need to go through the House before it becomes law.

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