Breaking News: Public statement on the rate freeze deal

Without congressional action, the interest rate on subsidized Stafford student loans will double from 3.4 percent to 6.8 percent.   

Senate leaders said Tuesday afternoon that they had agreed to a bipartisan deal to keep the rate at 3.4 percent for another year, with a vote expected before July 1st. The deal would then need to be approved by the House of Representatives before heading to the president for his signature.   

The deal that has been negotiated is good news for Texas students and student loan borrowers, because working families across the state need it.  But Congress needs to complete the final lap, and pass the deal through both chambers and get it to the President’s desk for his signature by July 4.