Iowa Senator, Tom Harkin, is backing an effort in the Senate aimed at freezing subsidized student loan interest rates for one year at the current level of 3.4 percent.
"By giving a one year extension, we can deal with it in a very comprehensive way rather than piecemealing it and making bad decisions now," reassures Harkin. "That's going to put more debt load and more burden on students in the future."
The cap on subsidized student loan interest rates is set to expire at the end of the day Sunday and would then double to 6.8 percent unless Congress intervenes.
Iowa Radio Network
June 27, 2013