Tentative deal in works for caps on student loan interest rates

Relief may be on the way for those paying higher student loan interest rates. A tentative deal is making its way through the Senate.

The new bipartisan plan includes caps on loan interest rates. The cap will be 8.2 percent for undergraduates, 9.5 percent for graduate students and 10.5 percent for parent borrowers.

Interest rates on subsidized Stafford loans doubled July 1 after Congress failed to strike a deal to avoid the increase. 

A voting date has not been announced.