Congress approves new Student Loan rate

English: The western front of the United State...
English: The western front of the United States Capitol. The Neoclassical style building is located in Washington, D.C., on top of Capitol Hill at the east end of the National Mall. The Capitol was designated a National Historic Landmark in 1960. (Photo credit: Wikipedia)

Students across the nation can breathe a little easier.

On Thursday, Congress mended their differences of opinion on student interest loan rates, agreeing to a new long term deal.

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On July 1, student loan rates jumped from 3.4% to 6.8%, after Democrats and Republicans could not agree on terms. The 6.8% rate only lasted one month, as Congress bridged the gap to agree on new rates.

The new rate drops the current 6.8% to 3.9%. Still an increase from the 3.4% earlier in the year, but a much needed drop for students across the nation.

“I am glad that Congress has finally taken this important vote to pass a bipartisan compromise to lower interest rates for student loans,” said Congressman Jared Polis, one of Colorado’s representatives in Washington D.C. “Students and families in Colorado and across the country cannot afford uncertainty when it comes to paying for their higher education. Our student loan system should provide a ladder of opportunity, not close the door to students who are unsure whether their loans will be subject to partisan disagreements and Washington gridlock.”